The American Institute of Certified Public Accountants (“AICPA”) recently issued guidance to its’ members regarding Certified Public Accountant (“CPA”) services related to calculations and documentation gathering on behalf of borrowers and lenders as it relates to PPP loans. The AICPA has identified situations wherein CPA(s) or CPA Firms can provide the following levels of services to borrowers and lenders:
- CPA performing a transaction advisory (consulting) engagement; or
- CPA performing an Agreed‐Upon Procedures (AUP), in accordance with AT‐C Section 215, engagement.
In the video above, Josh Shilts explains updates to PPP Loan Forgiveness and discusses how Shilts CPA can help.
Shilts CPA, PLLC has provided guidance throughout the pandemic covering various components of the CARES Act. This has provided the professionals at Shilts CPA with unique insight and knowledge into CARES and PPP Loans. For example, our president, Josh Shilts, chaired the AICPA’s Business Valuation Committee’s task force on the CARES Act. Also, over the past few months our professionals have provided guidance to community groups and professional organizations throughout the state.
We are writing this article to make you aware of these services and the levels of assurance each can provide for either lenders or borrowers. If you are interested in either learning more about the differences of service and assurance levels or retaining Shilts CPA, PLLC please feel free to contact us by clicking here or calling us at (844) 850‐6166 to schedule a consultation.
Any advice contained in this article, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion. If desired, we would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.