Comfort Letters & Other Verification Documents Risks & Professional Requirements
It is not uncommon for practitioners to receive request from clients, lenders, loan brokers, health insurance providers, adoption agencies, regulators, and a variety of other agencies to confirm client information.
Published on May 08, 2013
Lender Requests for Comfort Letters
Over the past few weeks, several of our Plain-English Accounting team members have asked questions related to the acceptability of providing comfort letters for use by lenders associated with certain loans
Published on April 15, 2010
AU-C Section 920 Letters for Underwriters
In implementing the clarified auditing technical literature guidance, auditors will notice some new requirements and guidance associated with circumstances where they are engaged to issue comfort letters
Published on March 13, 2013
AU-C SECTION 920 Amendment Letters for Underwriters and Certain Other Requesting Parties
The Auditing Standards Board [ASB] voted to issue a final standard that amends AU-C section 920, Letters for Underwriters and Certain Other Requesting Parties. The amendment is a result of requests for revisions to the guidance
Published on May 19, 2014
Lender Comfort Letters Confirmation of Client Information
Since no-documentation and low-documentation loans continue in popularity within the lending community, especially when loans are being made to self-employed persons, it is not uncommon for practitioners to receive requests from their clients, lenders, or loan brokers to confirm client information related to the pending loan application.
Published on August 15, 2012
Compilation & Review Alert Addressing Some Current Issues
Each year, the AICPA publishes a compilation and review alert that is intended to provide practitioners with an update on recent practice issues and professional standards that affect compilation and review engagements
Published on April 10, 2013
SSARS No. 19 Answering Some Implementation Questions
Given the upcoming effective date of SSARS No. 19, many practitioners now are addressing how the guidance needs to be appropriately-implemented, and several questions have been raised related to the new guidance.
Published on October 27, 2010
Compilation & Review Engagement Guide Implementation Issues
Until the April 2010 issuance of the AICPA Guide, there had been no Accounting and Auditing Guide that existed in order to help practitioners implement compilation and review guidance in the SSARSs technical literature. Now, that practical implementation guidance is available, and it needs to be utilized as authoritative guidance
Published on July 21, 2010
Performing Review Engagements A Reminder About Some Practice Issues
It sometimes is noticed that practitioners face greater challenges in complying with review engagement technical literature when compared to compilation and audit engagement technical literature requirements.
Published on August 14, 2013