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Template:M gen 2002 ISDA 3(d): Difference between revisions
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Template:M gen 2002 ISDA 3(d) (view source)
Revision as of 06:10, 21 February 2020
, 21 February 2020no edit summary
Amwelladmin (talk | contribs) (Created page with "Note that the {{isdaprov|3(d)}} representation, in the ISDA {{isdaprov|documents for delivery}} table in the {{isdaprov|Schedule}}, therefore covers only the accuracy, complet...") Tags: Mobile edit Mobile web edit |
Amwelladmin (talk | contribs) No edit summary Tags: Mobile edit Mobile web edit |
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This is predicated on the following reasoning: “In publishing the audit, the auditor itself is not making any greater representation than that the statements are a fair representation of the financial conditions. I’m no accountant. I didn’t even write the stupid audit. How am I supposed to know? Why should I give any a stronger representation than the expert?” | This is predicated on the following reasoning: “In publishing the audit, the auditor itself is not making any greater representation than that the statements are a fair representation of the financial conditions. I’m no accountant. I didn’t even write the stupid audit. How am I supposed to know? Why should I give any a stronger representation than the expert?” | ||
Fair questions, but they misapprehend what is being asked.The riposte is this: | Fair questions, but they misapprehend what is being asked. The riposte is this: | ||
The {{isdaprov|Part 3}} information you must supply is “Party B’s annual [[audited financial statements]].” So the [[Representations - ISDA Provision|representation]] we are after is that you have handed over ''a fair, accurate and complete copy of those audited statements'', not that the statements ''themselves'', as prepared by the auditor are necessarily fair, accurate and complete. To get that comfort, we have the auditor’s own representation of the company’s financial condition, and we don’t need yours. | The {{isdaprov|Part 3}} information you must supply is “Party B’s annual [[audited financial statements]].” So the [[Representations - ISDA Provision|representation]] we are after is that you have handed over ''a fair, accurate and complete copy of those audited statements'', not that the statements ''themselves'', as prepared by the auditor are necessarily fair, accurate and complete. To get that comfort, we have the auditor’s own representation of the company’s financial condition, and we don’t need yours. | ||