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[Deleted User] · 2020-04-29 15:56:25

ACCA have issued guidance to accountants on providing letters to their clients for the purposes of securing mortgages, business loan etc. I've noticed that increasingly the assertions that banks and brokers were requesting from accountants were impossible to give. This has escalated since COVID-19 with some clients…

29-04-2020 3:56pm

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ACCA have issued guidance to accountants on providing letters to their clients for the purposes of securing mortgages, business loan etc. I've noticed that increasingly the assertions that banks and brokers were requesting from accountants were impossible to give. This has escalated since COVID-19 with some clients requesting letters to confirm that their business is a going concern (forever) and we had a case where a finance provider wanted a letter to confirm what the clients bank balance would be in three months time!

Also, I believe that banks and finance providers are going to start asking for a copy of the accountants professional indemnity insurance before accepting these letters.

Interesting time ahead.

Copy of the ACCA guidance is here:http://accaireland.newsweaver.ie/gtmonls267/1ez3blmbkav1p0wzn98fu9?email=true&lang=en&a=1&p=56910830&t=30789510

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