As a key adviser during the IPO process we would be responsible for the preparation of certain documents that will be relied upon by the Nomad and potential investors.
These documents include:
Accountants’ report: the Admission Document will include financial information covering a three year period (and possibly interim financial information, depending on the number of months since the last set of audited accounts). The financial information must be prepared under IFRS (or certain other local accounting standards, such as US GAAP). Our role is to perform an audit of and issue an opinion on the truth and fairness of the financial information (the accountants’ report). Our accountants’ report will form part of the Admission Document.
Long form report: to assist the Nomad in confirming the company’s readiness for listing, we will perform due diligence and issue a private report for the Nomad and the company’s directors. Our report would seek to identify potential issues in respect of the company’s trading performance, the key management team and corporate governance, financial reporting procedures and taxation matters.
Working capital report: we will perform a review of the company’s forecasts, typically covering a period of at least 18 months from the date of listing, and report our findings in a private report to the Nomad and company’s directors. The purpose of our review is to confirm the appropriateness of the directors’ assertion that the company will have sufficient working capital for a period of 12 months post listing; this assertion is required by the listing regulations.
Pro forma financial information: sometimes pro forma financial information is included in the Admission Document in order to provide readers with an illustration of the company’s net assets (and sometimes, results and cash flows) after taking account of large transactions, such as the listing proceeds. As reporting accountant we will review the pro forma financial information and provide a public opinion on the accuracy of its preparation.
Consent and comfort letters: we will issue confirmations to the Nomad and company that our work has been performed in accordance with applicable standards and that we consent to the use of our accountants’ report in the public documents.
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