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SAS 72 Comfort Letters for first quarter 2019 capital markets deals

From 12 November, H1 2018 interim financial statements of issuers with calendar year ends went ‘stale’ for purposes of receiving negative assurance in a SAS 72 letter. If your offering has been delayed due to ongoing market turbulence, or for other reasons you are targeting a first quarter 2019 launch, an auditor’s review of financial statements for a period ending prior to 135 days of your contemplated completion date (eg the nine months to 30 September) can extend the negative assurance period. For more information see the alert below.