35 years: Capital markets
In the second part of this two-part video series, Kate continues the discussion around comfort letters. Kate begins by talking about engagement letters, another way underwriters can potentially protect themselves against liability. Then she discusses certain issues with comfort letters, such as what happens when there is no comfort letter provided, and key things to watch out for when requesting a comfort letter.
In the second part of this two-part video series, Kate continues the discussion around comfort letters. Kate begins by talking about engagement letters, another way underwriters can potentially protect themselves against liability. Then she discusses certain issues with comfort letters, such as what happens when there is no comfort letter provided, and key things to watch out for when requesting a comfort letter.
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7 mins 51 secs
Comfort letters are challenging and can be tricky to negotiate. While there are steps you can take to try to smooth the process, you should also be aware that this will not always be possible. Auditors are skilful at cherry-picking the elements that they like from different markets – always striving to reduce their perceived liability.
Key learning objectives:
What is an engagement letter?
What due diligence procedures can underwriters carry out to address limited comfort or any issues flagged in the comfort letter?
What are some key things to watch out for to ensure the process goes smoothly?
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Where the auditing firm will seek to include provisions that may limit its liability, for example, up to a specified amount, or to limit liability to the office of the firm that is issuing the comfort letter, or to carve out liability for indirect or consequential losses. Other provisions in the document may include,
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