A Shield For Accounting Firm Docs Under PCAOB Inspection
October 29, 2012, 2:42 PM EDT
Law360, New York (October 29, 2012, 2:42 PM EDT) -- It has been seven years since the Public Company Accounting Oversight Board began to inspect accounting firms. From the start, private plaintiffs — those suing accounting firms or public companies — saw these inspections as a potential source of ammunition for their own lawsuits. So these plaintiffs have repeatedly tried to compel accounting firms to produce documents that the firms created for PCAOB inspections.
Accounting firms have resisted, mostly by citing a statutory privilege that protects certain inspection-related documents. In response, private plaintiffs have argued that...