75 paragraphs found
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 …
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 …
In competitive bidding situations in which legal counsel for the requesting parties acts as the requesting parties’ representative prior to opening and acceptance of the bid, the auditor shall carry out the discussions and other communications required by …
The auditor shall comment only on the occurrence of subsequent changes in the change period financial information that are not disclosed in the offering document. Accordingly, the auditor shall include the statement “except for changes, increases, or …
The auditor shall identify in the comfort letter the dates as of which, and periods for which, data at the cut-off date and data for the change period are to be compared. (Ref: Para. A40 - A42 …
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 …
If the requesting parties request the use of an earlier change period or change periods other than that defined in paragraph 10(f) of this ASRS, the auditor shall explain to the requesting parties the implications of using an earlier date. If the …
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. …
In commenting on subsequent changes, the auditor may use terms such as ‘change’, ‘increase’, or ‘decrease’. Terms such as ‘adverse’ are not clearly understood and may cause the comments on subsequent changes to be ambiguous and hence are not used. (Ref: …
The requesting parties may request the auditor to issue an updated comfort letter, ordinarily referred to as a bring down comfort letter, at the offering pricing, closing of the offering document and/or subsequent dates depending on the offering …