In the recording, 'Olivia' is referred to as 'the receptionist' - a job title she says she did not hold and says she felt 'disgusted' when she heard the clips.
"It's been 25 minutes since he showed his willy to a lady," co-presenter Morgan says, to which Brand laughs and responds "Very easy to judge! Very easy to judge!"
"The receptionist," Morgan adds as Brand continues laughing and says, "Look."
"He got told off for ringing a bell, minutes later he's showing his willy," Morgan says.
"I feel ashamed, but more so I wonder had something been done, perhaps there would have been fewer women he would have done horrible things to, which we're reading about in the papers now."
'Olivia' did not submit a complaint at the time but says she had hoped that someone working for the BBC would reach out to her upon hearing the episode, but it didn't happen.
When the investigation by The Sunday Times, The Times and Channel 4's Dispatches programme was published, she went in search of the recording from the Radio 2 show and admitted she did not think she would be taking seriously if she flagged the incident officially as she is 'blonde' and 'accented' and says she had concerns about how the accusation would impact her family.
Brand's former co-presenter, Matt Morgan, in a statement sent to the BBC via his legal team, has said:
"I was not aware until now of the nature of this encounter.
"I have expressed my regret now looking back at the impact of the show, and this is a further example. The recent coverage has been very distressing to read and I reiterate my absolute condemnation of any form of mistreatment of women.
"I thought to myself, Oh, that's a bit strange nobody has come to say sorry to me, for his behaviour. So I thought perhaps that particular audio - because it was so graphic - had been cut out, which is probably why I never pursued it."