Circle-Up

Definition:

The process in which an underwriter’s counsel identifies to auditors the financial figures they wish the auditors to provide comfort on, as well as the Level of Comfort for each figure. This entails circling and identifying (“ticking”) financial information in the offering document with a letter or symbol that corresponds to certain Levels of Comfort in the accountant’s Comfort Letter. Generally, the Circle-Up will cover all financial information that can be sourced from the company’s accounts and may include some operational information.

See also Tick and Tie.

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