Members are reporting a rise in requests from 3rd parties for some sort of assurance on client accounting and tax information, or financial condition. In the past, requests mostly came from bankers and mortgage companies, often in the form of a "comfort letter". But times have changed and that comfort letter may really be a 3rd party verification request from not only bankers and mortgage companies, but from government agencies, insurance companies, investors and more. What can CPAs provide? What Can't CPAs provide? Are the rules different for an audit client vs. a tax-only client? What does the AICPA Code of Conduct allow? Are there ethical rules to consider? Join us as we explore these issues and answer these questions. Plus, we will share new resources available to help our members navigation this challenge area.
Understand the implication of 3rd party requests for verification of client information.