UK COURT RULES AUDIT DOCUMENTS ARE NOT LEGALLY PRIVILEGED

On 22 June, an article from Out-Law reported that the High Court has found that a set of corporate documents, including meeting minutes and a risk register, are not covered by legal advice privilege and can be handed to the Financial Reporting Council (FRC) for its investigation into the auditors of a retail company. The judge did say that legal advice privilege could extend to documents, such as internal company communications, which reproduce advice given in a legal context. However, he found that the 5 documents in question in this case were not covered by legal advice privilege. It is said that the result is a valuable reminder to businesses and their in-house legal teams about when internal communications will and will not be privileged.

https://www.pinsentmasons.com/out-law/news/uk-court-rules-audit-documents-not-legally-privileged

 

 

 

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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