Date/Time:
February 2, 2015
12:00 pm - 1:30 pm ET
Webinar link and instructions will be sent out 3 - 4 days prior to the event.
Speakers:
Darrell Jensen, CPA, CA, Ernst & Young LLP
William Scott, Stikeman Elliott LLP
Don MacDonald, Investors Group
Description:
The Joint Policy Statement on Audit Inquiries (JPS) governs the process by which a client asks its lawyers to assess its evaluation of claims or possible claims (by or against the client) for the purpose of an audit. The JPS, when drafted in 1978, was intended to protect solicitor-client confidentiality and privilege and to keep lawyers from becoming involved in a joint undertaking with the auditor. Although these objectives apply equally today, the JPS is in need of an update to reflect evolving circumstances. The CBA JPS Review Committee has concluded its initial negotiations with the Auditing and Assurance Standards Board (AASB) to update the JPS. Among the changes in the proposed draft is
the express inclusion of in-house counsel in the scope of the JPS. Further, the new JPS will not require lawyers to consider the applicable financial reporting framework when responding to an audit inquiry. Other updates aim to resolve concerns regarding communication protocols with the auditors. The CBA and AASB need your input to finalize the draft. We hope you will attend this free program to learn more about the JPS and the proposed updates, and to provide your comments.
