any pending threatened litigation with which the attorney

A list prepared by management (or a request by management that the lawyer prepare a list) that describes and evaluates pending or threatened litigation, claims, and assessments with respect to which the lawyer has been engaged and to which he has devoted substantive attention on behalf of the company in the form of legal consultation or representation.

Full Answer

How do I request a reconsideration from a client lawyer?

No Threatened or Pending Litigation On the Closing Date, no suit, action or other proceeding, or injunction or final judgment relating thereto, shall be threatened or be pending before any court or governmental or regulatory official, body or authority in which it is sought to restrain or prohibit or to obtain damages or other relief in connection with this Agreement or the consummation of …

When is an attorney aware of a violation of a patent?

and evaluation of pending or threatened litigation, claims, and assessments and (2) management has identified and specified for comment in the audit in-quiry letter unasserted claims or assessments that are probable of assertion and that, if asserted, would have at least a reasonable possibility of an un-favorable outcome.

When evaluating the likelihood of losing the lawsuit the client's attorney?

An attorney is responding to an independent auditor as a result of the client's letter of inquiry. The attorney may appropriately limit the response to: A) asserted claims and litigation. B) asserted, overtly threatened, or pending claims and litigation. C) items which have an extremely high probability of being resolved to the client's detriment.

Why would an attorney refuse to respond to a patent claim?

• A list and evaluation of any pending or threatened litigation to which the attorney has devoted substantial attention. The client may provide the list. • A listing of unasserted claims and assessments considered by management to be probable of assertion and reasonably possible of unfavorable outcome. • A description and evaluation of the outcome of each pending or …

What information does the auditor ask the attorney to provide on pending or threatened litigation?

The auditor requests that the attorney provide the following information on pending or threatened litigation: A list and evaluation of any pending or threatened litigation to which the attorney has devoted substantial attention. The client may provide the list.

What is one of the main reasons an attorney may refuse to provide auditors with complete information about contingent liabilities?

5) What is one of the main reasons an attorney may refuse to provide auditors with complete information about contingent liabilities? The attorneys refuse to disclose information they consider confidential. The attorneys refuse to respond due to a lack of knowledge about matters involving contingent liabilities.

How do you audit litigation?

Audit Procedures Get written assurances from management as to the completeness of the accounting for and disclosure of litigation, claims, and assessments in the financial statements. Examine invoices from lawyers and the legal expenses ledger account during and after the period being audited.Aug 27, 2020

What should be included in the letter from client's legal counsel?

[Ordinarily the information would include the following: (1) the nature of the litigation, (2) the progress of the case to date, (3) how management is responding or intends to respond to the litigation (for example, to contest the case vigorously or to seek an out-of-court settlement), and (4) an evaluation of the ...

Why do auditors send legal confirmations?

A legal confirmation or legal representation letter is an inquiry sent by an auditor (with their client's approval) to a law firm engaged by the client for the purpose of determining the status of litigation, claims and assessments pertaining to the audited client.Oct 1, 2019

What is the auditor's primary concern in the audit of liabilities?

For liabilities, auditors are concerned with their possible understatement and with assets, auditors are concerned with their possible overstatement. Additionally, during an audit, auditors with regard to liabilities are primarily concerned with completeness and existence.

What is pending threatened litigation?

For purposes of this section, litigation is material if a final finding of liability against the Contractor or its Affiliate(s), would create a substantial likelihood that the Contractor's ability to perform its obligations under this Contract would be significantly impaired. ...

What is litigation claims and assessments?

Definition. The term pending litigation, claims, and assessments refers to a potential near-term liability due to possible, threatened, or pending assertions, lawsuits, or monetary charges.

What is the primary source of information about litigation claims and assessments What is the primary source of corroborative evidence in this regard?

One important primary source of evidence concerning loss contingencies is the client's management; a primary source of corroborative evidence concerning contingencies is the client's legal counsel, which provides the management representation letter. 14-7.

What letters go after an attorney's name?

The following are the most common lawyer initials:J.D. J.D. stands for "juris doctor” and is the degree received when an attorney graduates from law school. It's a graduate degree and is required to practice law in the United States.LL. M. ... J.S.D. ... LL. ... Combined initials.Jun 27, 2018

What is an attorney's letter?

An attorney's letter is a formal business letter sent by a certified public accountant (CPA) to a client's attorney. The attorney's letter verifies the information sent by the management of a company pertaining to pending litigation of the company.

How do you give legal advice to a client?

5 Tips for Client Consultation for LawyersHave good web presence: In a tech-savvy age, it has become primary for lawyers to have good online visibility for clients to reach them.Understand the Client's Issue: It is imperative to understand the client's dispute and pinpoint the exact legal issue involved.More items...

What should an auditor be aware of?

If the auditor does not apply the auditing guidance included in an applicable auditing interpretation, the auditor should be prepared to explain how he or she complied with the provisions of the auditing standard addressed by such auditing guidance.

What is AS 2505.05 C?

.08 Question —AS 2505.05 c, states: "Examine documents in the client's possession concerning litigation, claims, and assessments, including correspondence and invoices from lawyers." Would this include a review of documents at the client's location considered by the lawyer and the client to be subject to the lawyer-client privilege?

What is the purpose of a.31 question?

.31 Question —In order to emphasize the preservation of the attorney-client privilege with respect to unasserted possible claims or assessments , some lawyers include the following or substantially similar language in their responses to audit inquiry letters: