Wiley Practitioner's Guide to GAAS 2013: Covering all SASs, SSAEs, SSARSs, and Interpretations

AU 634: Letters for Underwriters and Certain Other Requesting Parties1

AU-C 920: Letters for Underwriters and Certain Other Requesting Parties

AU EFFECTIVE DATE AND APPLICABILITY

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.)

AU-C EFFECTIVE DATE AND SUMMARY OF CHANGES

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.

APPLICABILITY

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:

1. Foreign offerings, including Regulation S, Eurodollar, and other offshore offerings

2. Transactions exempt from the registration requirements of Section 5 of the Act, including those pursuant to Regulation A, Regulation ...