An Introduction to Auditor Comfort Letters

A comfort letter is an important document delivered by an issuer's independent accountants to underwriters or initial purchasers that provides certain assurances with respect to financial information included in the prospectus or offering memorandum used in a securities offering. Underwriting agreements and purchase agreements typically require a comfort letter be provided as a condition at pricing and closing. Comfort letters also assist underwriters in establishing a due diligence defense under the securities laws.

Topics will include:

• Comfort letter basics: What, why and when?
• Auditing Standards No. 6101: Form and contents of a comfort letter
• Understanding the different levels of comfort
• Additional practice tips

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