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Abstract: 

Independent outside counsel play a critical role in assisting audit committees in internal investigations, while reinforcing their core missions of independence and oversight. In this article, we provide practical guidance on the value of engaging outside counsel in corporate investigations, including the legal requirements applicable to audit and special committees, the important roles that outside counsel play in internal investigations, and the serious risks that companies may face by conducting internal investigations without the use of independent outside counsel.

Keywords: White-Collar Enforcement; Legal Requirements for Audit Committees; Engaging Outside Counsel; Protecting Legal Privilege; Credibility of Response

Affiliations:  1: Reed Smith LLP; 2: Reed Smith LLP.