158 paragraphs found
A legal counsel’s letter indicating that a requesting party may be deemed to be an underwriter or has a liability substantially equivalent to that of an underwriter under the applicable law would ordinarily not meet this requirement. (Ref: Para. 14(e)(v) …
What is substantially consistent may vary from situation to situation and may not be the same as that done in a registered offering of the same securities for the same issuer. Whether the procedures being, or to be, followed will be substantially …
The responsible party of the entity who signs the engagement letter ordinarily is the ultimate responsible party of the entity, or an authorised representative/officer thereof, recognising that, in certain circumstances, the directors of the entity (being …
A factor in considering whether to accept the engagement is whether the period between the cut-off date and the date of the comfort letter provides sufficient time to allow the auditor to perform the procedures and prepare the comfort letter. (Ref: Para. …
The underwriting agreement ordinarily outlines either the expected form or content of the comfort letter (including the specific matters to be addressed in the comfort letter), or that such form and content are to be determined by the requesting parties …
When financial information in an offering document has not been audited in accordance with Australian Auditing Standards and, accordingly, is not covered by an auditor’s opinion, the nature of the comments that the auditor can make in the comfort letter …
The assistance that the auditor can provide by way of a comfort letter is subject to limitations. One limitation is that auditors can properly comment in their professional capacity only on matters to which their professional expertise is relevant. …
Appendix 1 contains an illustrative auditor’s engagement letter . (Ref: Para. 16(h) ) …
Acknowledgement by the responsible party of the entity and the requesting parties in writing of their acceptance of the engagement letter provides evidence that the entity and the requesting parties accept their engagement responsibilities and establishes …
By providing a draft comfort letter early in the process, the auditor has the opportunity to clearly show the requesting parties what they may expect to receive from the auditor. The requesting parties therefore also have the opportunity to discuss …