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Audit Cash Confirmation

Audit Cash Confirmation Template for Singapore

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Key Requirements PROMPT example:

Audit Cash Confirmation

"Need an Audit Cash Confirmation for our Singapore subsidiary's multiple bank accounts (3 local banks, 2 foreign banks) for the fiscal year ending March 31, 2025, including confirmation of any restricted accounts and foreign currency holdings."

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What is a Audit Cash Confirmation?

The Audit Cash Confirmation is a crucial audit evidence document used in Singapore's regulatory environment. It is required when conducting external audits to verify the existence, ownership, and accuracy of reported cash balances. This document type follows specific requirements under Singapore Standards on Auditing (SSA 505) and is designed to obtain independent confirmation from banks regarding an audit client's cash positions, restrictions, and other banking relationships. The Audit Cash Confirmation helps ensure compliance with Singapore's stringent audit requirements and supports the overall integrity of financial statements.

What sections should be included in a Audit Cash Confirmation?

1. Bank Details: Full details of the bank account(s) being confirmed, including account numbers and types

2. Date of Confirmation: Specific date for which the cash balance is being confirmed

3. Balance Confirmation: Explicit statement of the cash balance(s) being confirmed

4. Authorization: Client's authorization for the bank to release information to auditors

5. Bank Officer Declaration: Statement from authorized bank personnel confirming the accuracy of information

What sections are optional to include in a Audit Cash Confirmation?

1. Restricted Accounts: Details of any restrictions on accounts, including liens or holds on the accounts

2. Other Banking Relationships: Information about other banking services or facilities when client has multiple banking relationships

3. Foreign Currency Accounts: Details of foreign currency balances and applicable exchange rates for foreign currency accounts

What schedules should be included in a Audit Cash Confirmation?

1. Schedule A - Account Listings: Detailed list of all accounts being confirmed

2. Schedule B - Authorized Signatories: List of persons authorized to operate the accounts

3. Appendix 1 - Terms and Conditions: Standard terms and conditions for the confirmation process

4. Appendix 2 - Supporting Documents: Copies of relevant bank statements or other supporting documentation

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

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alex.den.21@genieai.co
Industries

Companies Act (Cap. 50): Primary legislation governing corporate entities in Singapore, including requirements for financial reporting and auditing

Accountants Act (Cap. 2): Legislation regulating the accounting profession and establishing requirements for public accountants and auditors in Singapore

Banking Act (Cap. 19): Key legislation governing banking operations and includes provisions on banking secrecy and financial reporting requirements

Securities and Futures Act (Cap. 289): Legislation governing financial market activities and related reporting requirements

SSA 505: External Confirmations: Singapore Standard on Auditing providing guidance on external confirmation procedures including bank confirmations

SSA 500: Audit Evidence: Singapore Standard on Auditing defining requirements for obtaining sufficient appropriate audit evidence

SSA 200: Overall Objectives: Singapore Standard on Auditing establishing overall objectives and requirements for conducting an audit

MAS Guidelines: Regulatory guidelines issued by the Monetary Authority of Singapore affecting financial institutions and reporting

ACRA Requirements: Regulatory requirements set by the Accounting and Corporate Regulatory Authority for corporate reporting and auditing

ISCA Guidelines: Professional guidelines issued by the Institute of Singapore Chartered Accountants for audit practices

Personal Data Protection Act 2012: Legislation governing the collection, use, and disclosure of personal data in Singapore

AML/CFT Regulations: Anti-Money Laundering and Countering the Financing of Terrorism regulations affecting financial confirmations and reporting

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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