Here are templates of assurance of bank account balances for the purpose of closing bank accounts. Please let us know in the comments if you need new or custom templates.
[Your Name] [Your Title] [Your Address] [City, Postal Code] [Date]
[Client’s Name] [Client’s Title] [Client’s Company] [Address] [City, Postal Code]
Subject: Management Letter – Assurance of Bank Account Balances
Dear [Client’s Name],
We have completed our audit of the financial statements of [Client’s Company] for the period ended [Date]. Based on our audit procedures, we provide assurance that the bank account balances presented in the financial statements accurately reflect the true and fair view of the business’s financial position.
Our procedures included verifying the existence, accuracy, and completeness of the bank account balances through bank confirmations, reconciliations, and transaction reviews. We have no reservations or qualifications regarding the accuracy and completeness of the bank account balances.
Should you require further clarification, please feel free to contact us.
Yours sincerely,
[Your Name] [Your Title] [Your Audit Firm’s Name]
[Your Name] [Your Title] [Your Address] [City, Postal Code] [Date]
[Client’s Name] [Client’s Title] [Client’s Company] [Address] [City, Postal Code]
Subject: Management Letter – Assurance of Bank Account Balances
Dear [Client’s Name],
We have completed our audit of the financial statements of [Client’s Company] for the period ended [Date], and we are pleased to present our findings and observations in this management letter. The purpose of this letter is to provide you with an assurance that the bank account balances presented in the financial statements reflect a true and fair view of the business’s financial position.
Our audit procedures related to the bank accounts focused on verifying the existence and accuracy of the balances reported. We conducted various tests and obtained sufficient evidence to support our conclusions. Based on our work, we are pleased to provide the following assurance regarding the bank account balances:
- Existence of Bank Accounts: We have verified the existence of the bank accounts listed in the financial statements by obtaining bank confirmation letters directly from the respective financial institutions. These confirmations have been reconciled to the general ledger balances, and any discrepancies or exceptions were investigated and resolved.
- Accuracy of Bank Account Balances: We performed substantive testing to confirm the accuracy of the bank account balances as of the balance sheet date. This involved comparing the closing balances reported in the financial statements with the reconciled bank statements, including reviewing significant transactions and ensuring proper cut-off procedures were followed. Based on our procedures, we are satisfied that the bank account balances have been accurately presented.
- Completeness of Bank Transactions: To ensure the completeness of bank transactions, we reviewed the bank statements for the period under audit and traced significant transactions to the general ledger. We also obtained bank reconciliations prepared by the management and performed independent reconciliations to identify any discrepancies. We found the recorded transactions to be complete and properly accounted for.
We would like to highlight that our audit procedures are designed to provide reasonable assurance and are not intended to detect all errors, irregularities, or fraudulent activities. Therefore, it is important for the management to maintain strong internal controls and review bank reconciliations on a regular basis to ensure the accuracy and completeness of the financial information.
In conclusion, based on the procedures performed during our audit, we are satisfied that the bank account balances presented in the financial statements of [Client’s Company] as of [Date] provide a true and fair view of the business’s financial position. We have no reservations or qualifications regarding the accuracy and completeness of the bank account balances.
Should you require any further clarification or assistance, please do not hesitate to contact us. We would be pleased to discuss any concerns or questions you may have.
Yours sincerely,
[Your Name] [Your Title] [Your Audit Firm’s Name]