Audit

Purpose of Bank Confirmation

Bank confirmation serves as a critical document used in the audit. The purpose of bank confirmation is to independently verify and confirm the accuracy of financial information related to a company’s bank accounts.

This confirmation is requested by auditors to directly obtain information from a bank regarding a company’s bank balances, loans, hire purchases and other relevant details. The purpose is to ensure that the financial records held by the company align accurately with the bank’s records.

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