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ARTICLE · 15 FEBRUARY 2017

The Joint Policy Statement: Managing Risk and Maintaining Confidentiality

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Welcome to 2017! This Newsletter highlights some of the transactions our Business Law Group was involved with in 2016, providing you with an idea of the depth and breadth of experience our Group has.

CanadaLaw Practice Management
Ian Shewan
Ian Shewan
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As part of the preparation of audited financial statements, auditors are obliged to make inquiries to legal counsel about claims or possible claims by or against the client.

The accounting and legal professions developed a Joint Policy Statement on how this would occur. This Joint Policy Statement remained unchanged from 1978 until December 1, 2016, when a new Joint Policy Statement was introduced.

Protecting the confidentiality associated with solicitor-client privilege is a major theme of the Joint Policy Statement. The law firm receives the inquiry letter directly from the client. If the law firm does not agree with management's evaluation of the claim or the possible claims, the law firm is to discuss the situation with management and agree upon a revised evaluation. If the law firm identifies possible claims that have not been included in the inquiry letter, the law firm is obliged to discuss the situation with management to ensure it is aware of

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