The Audit Balance Confirmation Letter is a crucial document in the external audit process, used when auditors need independent verification of a client's financial positions and balances from third parties, primarily financial institutions. This document, regulated under Qatar's legal framework, particularly Law No. 30 of 2004 organizing the Auditing Profession and Qatar Central Bank Law No. 13 of 2012, forms part of the standard audit evidence collection process. It requests confirmation of various financial information including account balances, loans, investments, and other financial arrangements. The letter must be prepared in accordance with Qatar's regulatory requirements, often requiring both English and Arabic versions, and needs to follow specific formatting and content guidelines established by local authorities and international auditing standards.
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1. Letterhead and Date: Audit firm's letterhead, current date, and reference number
2. Recipient Details: Full name and address of the recipient bank/financial institution
3. Client Authorization: Statement of authorization from the audit client permitting the release of information
4. Account Information: Specific account details including account numbers and account holder name
5. Balance Confirmation Request: Clear statement of the balances and date for which confirmation is sought
6. Response Instructions: Clear instructions on how and where to send the confirmation response
7. Confidentiality Statement: Statement regarding the confidential nature of the request and response
8. Signature Block: Space for authorized signatures from both the audit firm and the client
1. Additional Information Request: Optional section requesting information about liens, encumbrances, or restrictions on the account - used when there are specific concerns or requirements
2. Electronic Response Option: Section providing instructions for electronic submission of confirmation - used when electronic confirmation is acceptable
3. Language Translation: Parallel text in Arabic - used when dealing with Arabic-speaking institutions or when required by local regulations
4. Negative Confirmation Notice: Statement indicating that response is required only if information is incorrect - used for negative confirmation requests
5. Special Instructions: Any specific requirements or instructions unique to the engagement or client circumstances
1. Schedule A - Account Details: Detailed listing of all accounts and their respective balances being confirmed
2. Schedule B - Transaction Summary: Summary of significant transactions during the period, if transaction confirmation is required
3. Schedule C - Terms and Conditions: Any specific terms or conditions related to the accounts being confirmed
4. Appendix 1 - Authorization Letter: Copy of client's authorization letter permitting the bank to release information
5. Appendix 2 - Response Form: Standardized form for the bank to complete and return with the confirmation
Authors
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Relevant Industries
Banking & Financial Services
Manufacturing
Real Estate
Retail
Healthcare
Technology
Energy & Resources
Construction
Hospitality
Trading & Distribution
Professional Services
Transportation & Logistics
Education
Telecommunications
Relevant Teams
Audit
Finance
Treasury
Compliance
Legal
Internal Audit
Financial Reporting
Corporate Governance
Risk Management
Banking Relations
Relevant Roles
External Auditor
Audit Partner
Audit Manager
Senior Auditor
Financial Controller
Chief Financial Officer
Treasury Manager
Finance Director
Compliance Officer
Internal Audit Manager
Account Manager
Bank Relationship Manager
Financial Reporting Manager
Corporate Secretary
Legal Counsel
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