First of all, if you're not a CPA, you can't audit a financial statement.  If you are a CPA, then you have to follow the strict auditing rules of the AICPA.  Here's a good concise AICPA position paper on the subject:

https://www.aicpa.org/content/dam/aicpa/interestareas/frc/downloadabledocuments/third-party-verifica...

So basically the lender doesn't get what they want but they get a piece of paper to stick in the file and that's usually enough to keep the ball rolling.

I haven't seen one in a while, sorry to see these requests rearing their ugly head again.  AFAIK the 2014 language is still relevant and isn't exactly CPA specific (but read through it and see if something needs to be tweaked.)

Rick