During the session "Dealing with Unasserted Claims, Investigations and “Threats” in No-Litigation Opinions and Audit Response Letters; Other Current Issues in Audit Response Letters," Co-Chairs Tom White and W. Eugene Magee with Reporter Sharon A. Kroupa address recurrent questions in audit letters and no-litigation opinions about disclosure of claims that have not matured into actual litigation. These include:
- When should a client consider disclosure of an unasserted claim, especially a government investigation?
- Is there a clear trigger for disclosure of government investigations, such as a target letter, “Wells notice,” or other staff action?
- What is a “threat” for purposes of audit letter responses or no-litigation opinions?
The session will also review other developments from the most recent audit letter season, including novel auditor requests and implementation of a new electronic audit letter platform.