As a condition for a public offering of securities by your largest and most important audit client, the underwriter requires a comfort letter containing the following items.

1. An unequivocal statement that you are independent with respect to your client within the meaning of the Securities Act of 1933.

2. Negative assurance regarding the audited financial statements included in the registration statement.

3. Negative assurance about decreases in certain financial statement items during a period subsequent to the date of the latest financial statements in the registration statement.

4. Negative assurance about certain financial information in the text section of the registration statement, including the percentage of capacity at which the client's plant operated during the year.

A meeting is to be held for the underwriter, your client, and you to review the procedures for the public offering. Before the meeting gets under way, the underwriter shows you a copy of a comfort letter issued by another office of your firm in connection with a previous public offering that exactly conforms with the underwriter's requirements, and the client states that the comfort letter is so standard that it is not worth discussing at this meeting. What matters, if any, would you wish to discuss concerning the comfort letter?