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In recent months, lenders through out the United States have made it a practice to request “comfort letters” and “solvency opinions.” These requests can impose tremendous professional responsibilities on practicing CPAs, as well as expose them to the risk of malpractice lawsuits.
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The CPA is clearly at a disadvantage in regard to extending his or her practice into areas concerning legal matters, with the exception of entity creation services. CPAs should exercise caution and keep to our roles as trusted advisors, discussing options but referring the legal work to a qualified law firm.
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CPA’s retention of client records has long been a hot topic for the New Jersey Society of CPAs Professional Conduct Committee and an area of confusion for CPAs.
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When the FBI is pounding on your front door, and there's a message on your voicemail from Nightline, you know they're not there to congratulate you on the great job you've been doing. Yet, that was precisely the situation faced by Patrick Kuhse, an ambitious young stockbroker with a wife and two young children, an idyllic life in southern California, and the prospects of a long and successful career ahead of him.