Letters for underwriters;

              Letters for Underwriters
1. The services of independent accountants include examina-tion of financial statements and supplemental schedules con-tained in registration statements under the Securities Act of 1933 and in registration statements or applications and annual reports under the Securities Exchange Act of 1934, as well as other Acts administered by the Securities and Exchange Com-mission. In connection with these services, independent ac-countants often are called upon to advise and consult with clients, underwriters, and counsel concerning the accounting and auditing requirements of the SEC and to perform other services. One of these other services is the issuance of letters for underwriters in connection with the distribution of securities. This Statement indicates guides which, in the opinion of the committee, should have the careful consideration of independent accountants as they prepare letters for underwriters, commonly referred to as "comfort letters." Comfort letters are not required under the Acts administered by the Securities and Exchange Commission, and copies of the letters are not filed with the Commission. (See paragraphs 10 through 16, chapter 1, State-ments on Auditing Procedure No. 33 for a discussion of certain
Issued by the Committee on Auditing Procedure American Institute of Certified Public Accountants
COPYRIGHT 1965 BY THE AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS, INC. 666 FIFTH AVENUE, NEW YORK, N.Y. 10019
STATEMENT ON AUDITING PROCEDURE
NOVEMBER 1965
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