The American Institute of CPAs’ Auditing Standards Board has amended its standards for providing so-called “comfort letters” to underwriters and other parties requesting such letters.

The ASB has issued Statement on Auditing Standards No. 129, “Amendment to SAS No. 122 Section 920, Letters for Underwriters and Certain Other Requesting Parties, as Amended,” to address implementation issues and avoid unintended changes to previous practice. Section 920 addresses the auditor’s responsibilities when engaged to issue CPA comfort letters to requesting parties in connection with a nonissuer’s financial statements that are included in a registration statement or other securities offerings.

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