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November 20, 2012
ABA Professional Liability Litigation Newsletter
[T]he privilege does not extend to documents from the underlying transaction or work that is the subject of the investigation as such documents are not prepared for the Board. When those underlying documents are given to the Board, the fact they were delivered is privileged, but the documents themselves are not.
Bennett also held that the PCAOB privilege attaches to materials in the possession of the audit firm, not just the PCAOB, and that merely notifying an audit client that the audits of its financial statements will be inspected does not waive the privilege.
Keywords: professional liability litigation, PCAOB, PCAOB privilege
— Amelia Toy Rudolph, Sutherland Asbill & Brennan LLP, Atlanta, GA