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4720 Contingent upon future underwriting agreement
us SEC - Financial Reporting Manual
(Last updated: 6/30/2010)
An auditor may conclude that it is appropriate to include an explanatory paragraph about the registrant's ability to continue as a going concern in the auditor's report. The auditor may believe that upon the receipt of the proceeds from the offering that the explanatory paragraph could be removed. As the receipt of the proceeds occurs upon closing - not at effectiveness — the auditor's report should include the explanatory paragraph that the auditor believed was appropriate at the time of effectiveness. It would not be appropriate for the report to indicate that the explanatory paragraph would be removed at closing as that event takes place after effectiveness.
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