Pls guide me when should we make Confirmation of Accounts and who will send to whom and also the how to send , any format for it or how many copies need to get .
1 Replies
CA CMA CS Ram Pavan Kumar Melam
(CA)
(6980 Points)
Replied 12 June 2013
Balance confirmation may be obtained periodically i.e. montly, quarterly, semi-annually, annually etc. This excercise may be done atleast once in a year for prompt settlement of transactions. Confirmation may be obtained from all debtors, creditors, banks (for all accounts including current, loan, term deposits, EEFC, escrow, etc), borrowers, other lendors, etc.
The format is enclosed. You modify the same to suit your requirements.
Attached File : 319883 1185836 balance confirmation.doc downloaded: 445 times
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