The Audit Balance Confirmation Letter is a crucial document in the UAE external audit process, used to obtain independent verification of a company's financial position from its banking institutions. This document, governed by UAE Federal Law No. 12 of 2014 and aligned with International Standards on Auditing, particularly ISA 505, is typically issued during the annual audit cycle or for special purpose audits. The letter requests confirmation of account balances, outstanding loans, guarantees, and other banking arrangements as of a specific date. It forms part of the audit evidence required under UAE regulations and international professional standards, helping auditors verify the accuracy of financial statements and identify any undisclosed banking relationships or commitments.
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1. Letterhead and Date: Auditor's firm letterhead and current date
2. Recipient Details: Full name and address of the confirming party (typically a bank or financial institution)
3. Reference Line: Client name, account numbers, and audit reference
4. Purpose Statement: Clear statement of the purpose of the confirmation request
5. Balance Details: Specific account balances and dates requiring confirmation
6. Response Instructions: Clear instructions on how and where to send the confirmation
7. Authorization: Client's authorization for the bank to release information
8. Signature Block: Space for signatures of both auditor and client representative
1. Additional Account Information Request: Used when requiring information about additional banking facilities, loans, or other financial arrangements
2. Foreign Currency Accounts: Include when the client maintains accounts in multiple currencies
3. Contingent Liabilities: When confirmation of guarantees, bonds, or letters of credit is needed
4. Security and Collateral: When confirmation of any charges, liens, or encumbrances is required
5. Electronic Response Option: Include when offering digital confirmation platforms as response method
1. Schedule A - Account Details: Detailed list of all account numbers and types requiring confirmation
2. Schedule B - Balance Summary: Summary of balances as per client records for verification
3. Schedule C - Authorized Signatories: List of authorized signatories for the accounts being confirmed
4. Appendix 1 - Response Form: Standardized form for the bank to complete and return
5. Appendix 2 - Authorization Letter: Client's formal authorization letter to the bank
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking & Financial Services
Manufacturing
Retail
Real Estate & Construction
Healthcare
Technology
Energy & Utilities
Telecommunications
Hospitality & Tourism
Trading & Distribution
Professional Services
Education
Transportation & Logistics
Relevant Teams
Finance
Accounting
Treasury
External Audit
Internal Audit
Compliance
Legal
Corporate Governance
Financial Reporting
Risk Management
Relevant Roles
External Auditor
Audit Manager
Audit Partner
Financial Controller
Chief Financial Officer
Finance Manager
Accounts Manager
Treasury Manager
Compliance Officer
Internal Audit Manager
Bank Relationship Manager
Company Secretary
Finance Director
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