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Program Audio Collection

NOCLAR: What to Make of the PCAOB’s Proposal and What to Do Now

Alan J Wilson, Daniel Lee Goelzer, Thomas W White, Lisa Kohl, and Ed Chiosso

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This session will include an overview of the PCAOB’s proposed amendments to its auditing standards related to an auditor’s consideration of a company’s noncompliance with laws and regulations (NOCLAR) in the performance of an audit, including the history leading up to the latest proposed amendments and the path for next steps. The proposed amendments could significantly affect the relationship between lawyers and auditors during an audit. The panel will highlight potential areas of concern from a legal perspective, including those outlined in the Business Law Section’s comment letter on the proposal, as well as practical challenges that could be presented if the proposed amendments are adopted as proposed. The discussion will also touch on potential items for companies and their counsels to begin considering now.

The content of this program does not meet requirements for continuing legal education (CLE) accreditation. You will not receive CLE credit for participating.