Responding to Pressure to Provide CPA-to-Lender ‘Comfort’ Letters
By Suzanne M. Holl, CPA
CPAs at times come under fire from banks and other lenders pressuring them to provide assurances regarding their clients’ financial strength. Many CPAs have shared their frustrations and concerns with CAMICO regarding veiled threats from aggressive brokers and lenders alleging that their clients will not qualify for a loan without receiving a letter from the CPA supporting the client’s loan qualifications. Some brokers have even suggested that the client should seek a “more cooperative” CPA.
Tempting as it may be for CPAs to comply with such requests, providing the requested assurances could put CPAs and their licenses at significant risk.