The Purposes And Content Of Bank Confirmation Letter In An Audit Work
Append below the Purposes and Content Of Bank Confirmation Letter:
Purposes Of A Bank Confirmation Letter
Contents In A Bank Confirmation Letter
The content of the confirmation letter should be in accordance with the format agreed with the clearing banks and should include the following: · Details regarding the client’s permission to approach the bank; · Requests for details of all bank balances, together with details of accounts closed during the year; · Request for details of any interest or charges accrued but not charged; · Request for details of any loans, overdraft and facilities, together with the limits and if applicable dates of repayments; · Request for details of any assets held by the bank on the customer’s behalf and of any assets charged to the bank · Request for details of any contingent liabilities of which the bank may be aware · Details of the existence of any other banking relationships with the company of which the recipient bank may be aware. |
Comments are closed now.