The Committee coordinates Section effort to address lawyer response to auditors issues, particularly in the new regulatory and liability environment. As an inter-disciplinary group, we deal effectively with issues on the Section's behalf by providing guidance and interacting with outside groups. Our focus deals with issues of implementing the "treaty" reached with accountants in the ABA Statement of Policy regarding audit responses and SAS No. 12. Our activities include:
- Clearing house on treaty issues, departures, and implementation guidance
- Deal with new requests and issues as auditors pass more responsibility to lawyers
- Coordinate with regulators, accounting and auditing standards setters and accounting profession on continued viability of the treaty in the face of changes in accounting standards.
- Address SEC Rule 13b2-2 application regarding improper audit influence that implements the Sarbanes-Oxley Act's Section 303
- Consider lawyer exposure as violator under the Newby holding from audit participation
- Evaluate how audit response participation plays into SEC Part 205 rules under the Sarbanes-Oxley Act's Section 307 that regulates lawyer conduct.
