|Original Pronouncements||Statements on Auditing Standards (SASs) 72, 76, and 86.|
|Effective Date||These statements currently are effective.|
|Applicability||Engagements to issue comfort letters for underwriters and certain other requesting parties in connection with financial statements and financial statement schedules contained in registration statements filed with the Securities and Exchange Commission (SEC) under the Securities Act of 1933 (the Act) and certain other securities offerings. (See “Applicability” section for additional discussion.)|
SAS No. 122, Codification of Auditing Standards and Procedures, is effective for comfort letters issued after December 15, 2012.
AU-C 920 does not change extant requirements in any significant way.
In addition to issuing a comfort letter to an underwriter, accountants may also issue a comfort letter to a broker-dealer or other financial intermediary, acting as principal or agent in an offering or a placement of securities in connection with the following types of securities offerings: