Overview
Frequently, third parties may request certain financial and nonfinancial information to be verified by the external accountant (often referred to as ";comfort letters"). This course will provide insight into how to respond to requests for comfort in a way that will minimize professional liability risk.
Objectives
- Describe the various nonattest and attest options available for appropriately responding to third party verification requests
- Explain how to select the most appropriate type of engagement to meet the client's needs
- Discuss how to meet the needs of your client and satisfy third parties, without putting your practice at risk
Highlights
- Common third party verification requests
- Differentiating the allowable options for responding to requests for comfort, including SSARS, SAS and SSAE engagements
- Critical elements of professional standards that may apply to nonattest and attest services performed
- Establishing an understanding with the client regarding the nature and scope of services
