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Practice Tools

Best Practices: Responding to U.S. Audit Inquiries

  • September 07, 2016

Canadian lawyers who represent businesses are often asked to respond to audit inquiries from their cross-border clients, and in particular, their U.S. clients. The frequency of U.S. audit inquiries is increasing with the globalization of business and accounting standards. However, the revised Joint Policy Statement on responding to audit inquiries deals only with Canadian lawyers’ responses to Canadian audit inquiries.

Basis for Conclusions Joint Policy Statement

  • March 10, 2016

Joint Policy Statement Concerning Communications with Law Firms Regarding Claims and Possible Claims in Connection with the Preparation and Audit of Financial Statements

Frequently Asked Questions about the JPS

  • March 10, 2016

We have prepared these brief questions and answers to help clarify for the legal profession the most significant features of the updated Joint Policy Statement on Audit Inquiries and their practical impact. Please always refer to the Joint Policy Statement itself when determining your responsibilities in the context of an audit inquiry.

Joint Policy Statement on Audit Inquiries (1978)

Memorandum to Lawyers with regard to the joint policy statement on the preparation and audit of financial statements of the Canadian Institute of Chartered Accountants and the Canadian Bar Association.