Third Party Verification (Comfort) Requests- What Are Options for Responding and How to Determine Which Professional Standards to Apply?

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