Answering audit inquiries is a part of almost every lawyer’s routine. The CBA, in collaboration with the Auditing and Assurance Standards Board (AASB), has recently made much-needed updates to the Joint Policy Statement on Audit Inquiries (JPS), effective December 1, 2016. 

The JPS establishes communication protocols when the auditor of a corporate client asks for information from its lawyers (whether in-house or external counsel) about claims and possible claims by or against the client. These protocols are intended to balance the need for sufficient audit evidence with the imperative of protecting confidentiality and privilege.

Topics discussed include: 

• Why was the JPS changed
• What are the key changes
• Privilege and audit inquiry letters

Presenters:

Jeff Galway, Partner, Blake, Cassels & Graydon LLP (Toronto) 

Donald MacDonald, Vice-President and Counsel, Investors Group Financial Services Inc. 

William A. Scott, Partner,  Stikeman Elliot LLP (Toronto)