Which document serves as an acknowledgement of a third party's reliance on the audited financial reports for decisions?

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A privity letter is a document provided by the auditor to a third party to acknowledge their reliance on the audited financial reports for decision-making purposes. This letter is used to establish a legal relationship between the auditor and the third party, despite the lack of direct contractual relationship between them. A management representation letter is a document provided by the client's management to the auditor, confirming the accuracy and completeness of the financial information provided. An audit engagement letter is a document provided by the auditor to the client's management, outlining the scope and terms of the audit engagement. A letter from the client's legal counsel may be relevant in the context of legal disputes, but it is not directly related to the assurance provided by the auditor.

Which Document Serves as an Acknowledgement of a Third Party's