Loss Prevention tips.

• Position: CAMICO News - Brief article

CPAs are exposed to liability when providing written assurances that are beyond the scope of the services rendered to the client--assurances that are, in effect, attest letters based on nonattest work.

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CAMICO strongly recommends not providing assurances on information that you have not verified by performing the procedures for that level of assurance. Don't fall for "the loan is dependent on your confirmation!"

Before tailoring your own CPA response letters, remember the following:

* Lender requests always should be in writing. Do not respond to phone requests.

* Receive written consent from your client before you begin to respond to the request of the lender/mortgage broker.

* Keep the language of your CPA letter simple and clear.

* Only document the facts. Refrain from speculation or comments regarding future events, such as forecast future...