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LSDefine

Simple English definitions for legal terms

comfort letter

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A quick definition of comfort letter:

A comfort letter is a statement from an auditor that says they reviewed a company's financial information and it is accurate. When companies sell stocks to the public, underwriters ask for comfort letters to protect themselves from being sued for securities fraud. The letter includes information about the auditor's independence, how they checked the financial information, and how confident they are that it is accurate. If the financial information has been audited, the auditor will say they are very sure it is accurate. If it hasn't been audited, they will only say they didn't see any problems.

A more thorough explanation:

A comfort letter is a statement from an auditor that confirms the accuracy of a company's financial data. It is often requested by underwriters in public offerings to establish a due diligence defense against liability for securities fraud. The letter includes information about the auditor's independence, the accuracy of the financial statements, and the procedures used to review them.

For example, if a company is planning to go public and sell shares of stock, the underwriters may request a comfort letter from the company's auditor. The letter would confirm that the financial statements provided by the company are accurate and comply with accounting standards.

Another example is when a company is seeking a loan from a bank. The bank may request a comfort letter from the company's auditor to confirm the accuracy of the financial statements provided by the company.

These examples illustrate how comfort letters are used to provide assurance to third parties about the accuracy of a company's financial data.

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TGM
18:39
@texaslawhopefully: alas, haven’t even gotten an interview (applied around thanksgiving)
18:39
Yeah I would delay as long as you have plausible deniability
TGM
18:40
I actually do have a transcript issue that registrar needs to resolve, should I say that
TGM
18:41
(Course marked as Incomplete that’s supposed to be removed)
TGM
18:41
not sure if I should email them to say that, or just hold off on sending it and not give an excuse
18:41
I think I just wouldn’t reach out and if they ask for them then say that
Dkk
18:41
@tgm Yeah sounds good, say that if they ask
18:47
hey yall
18:47
im premed idk why im here
18:48
we’re like cool and sexy and fun I get it
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true i love ur user
18:49
thank you my little crow friend
Dkk
18:50
Med law easy done
medicine is a scam
join the ethically ambiguous legal field instead
Dkk
18:57
I want to meet an attorney that defends clients who run into flat earth problems. I want an attorney that knows and believes in flat earth theory.
19:05
i want a flat earther for president. i want a guy who posts on 4chan for president. i want someone who mogs for president.
Dkk
19:18
Exactly. My version of that awful poem.
Dkk
19:19
I can accept a president with maybe one or two of the poems traits hut good God, all of them??? No ty.
windyMagician
19:20
president who respects sex is crazy
windyMagician
19:20
we had bill clinton already
Dkk
19:21
Bill Clinton, first and last black president
windyMagician
19:23
I want to go running but my leg feels weird
windyMagician
19:23
it doesn't hurt its just tingly
Dkk
19:26
It needs more alcohol. You tingle when your nerves need watering.
19:27
try stretching it maybe to see what's up
windyMagician
19:27
stretches make me think it's just soreness
windyMagician
19:27
I'm sober lol
Dkk
19:38
Anyone else get the google notification that your LSD password has been compromised lol. LSD got hacked.
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