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Can the attorney‐client and work‐product privileges survive the annual audit?
Author(s) -
Sonnier Blaise M.,
Lassar Sharon S.
Publication year - 2009
Publication title -
journal of corporate accounting and finance
Language(s) - English
Resource type - Journals
eISSN - 1097-0053
pISSN - 1044-8136
DOI - 10.1002/jcaf.20494
Subject(s) - accrual , business , legal advice , audit , accounting , work (physics) , product (mathematics) , law , public relations , political science , engineering , mechanical engineering , geometry , mathematics , earnings
The IRS has been aggressively pursuing tax accrual workpapers in court. If the IRS prevails, corporate executives who rely on the legal advice of attorneys in making decisions may be providing litigation road maps to those who sue their companies. This potential exposure of tax accrual workpapers is a wake‐up call for executives. They must review their procedures for seeking and securing legal advice. The authors reveal the vital steps management must take to protect privileged documents. © 2009 Wiley Periodicals, Inc.