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Overview
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.
Faculty will discuss practice pointers that can help in understanding and reviewing comfort letters.
Topics will include:
- Comfort letter basics: What, why and when? (10 minutes)
- Auditing Standards No. 6101: Form and contents of a comfort letter (15 minutes)
- Understanding the different levels of comfort (20 minutes)
- Additional practice tips (15 minutes)
Who Should Attend: In-house counsel, outside attorneys, accountants, finance and other allied professionals interested in gaining a better understanding of comfort letters and their use in a securities offering
Program Level: Basic
Prerequisites: None
Advanced Preparation: None
Faculty:
Ryan Castillo
Mayer Brown LLP
Phyllis G. Korff
Mayer Brown LLP