Transcription of The ABA Statement on Audit Responses: A Framework that …
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The ABA Statement on Audit Responses: A Framework that Has Stood the Test of TimeBy Alan J. Wilson, Stanley Keller, Randall D. McClanahan, Noe l J. Para, James , and Thomas W. White, Audit Responses Committee, ABA BusinessLaw Section*This article summarizes key developments in the preparation of Audit response lettersconcerning loss contingencies since the American Bar Association Statement of Policy Re-garding lawyers Responses to Auditors Requests for Information was published in developments illustrate both the utility of the Framework set forth in the ABA State-ment and the responsiveness of the American Bar Association through the Business LawSection Audit Responses Committee (and predecessor committees) to issues arising underthe ABA Statement and changes in accounting and auditing standards and practice.
Jul 01, 2020 · 6. Lawyer’s Professional Responsibility 7. Limitation on Use of Response 8. General Though lawyers are not obligated to follow the approach set forth in the ABA Statement,12 the ABA Statement has become the governing framework for attor-neys preparing audit response letters, with lawyers commonly including a state-
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