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Intercompany Balance Confirmation Letter for Pakistan

Intercompany Balance Confirmation Letter Template for Pakistan

A formal document used in Pakistani corporate practice to confirm and document intercompany account balances between related entities within a corporate group. The letter serves as an official record for audit purposes and complies with Pakistani Companies Act 2017 and relevant accounting standards. It details the outstanding balances, transactions, and financial positions between related companies, providing a crucial tool for financial reporting, audit trails, and regulatory compliance. The document typically includes detailed transaction summaries and requires authorized signatures from both parties to validate the confirmed balances.

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What is a Intercompany Balance Confirmation Letter?

The Intercompany Balance Confirmation Letter is an essential document in Pakistani corporate practice, used to verify and document financial positions between related entities within a corporate group. It is typically prepared at regular intervals (monthly, quarterly, or annually) or when required for audit purposes. The document serves multiple purposes: it ensures accuracy in financial reporting, provides documentation for auditors, helps comply with tax authorities' requirements, and maintains transparent financial relationships between related entities. Under Pakistani law, particularly the Companies Act 2017 and SECP regulations, companies must maintain accurate records of intercompany transactions and balances. This letter helps fulfill these obligations while also serving as evidence for external auditors and regulatory compliance. It includes detailed balance information, transaction summaries, and requires formal acknowledgment from authorized representatives of both parties.

What sections should be included in a Intercompany Balance Confirmation Letter?

1. Letter Header: Company letterhead, date, reference number, and addressee details

2. Subject Line: Clear indication that this is an Intercompany Balance Confirmation Letter with the relevant period

3. Opening Paragraph: Introduction identifying both companies and the purpose of the confirmation

4. Balance Statement: Clear statement of the intercompany balance amount as of the specified date

5. Balance Details: Breakdown of the main components of the balance (receivables, payables, loans, etc.)

6. Confirmation Request: Request for the recipient to confirm the stated balance and instructions for responding

7. Response Section: Space for the recipient to indicate agreement or disagreement with the stated balance

8. Authorized Signatories: Signature blocks for authorized representatives of both companies

What sections are optional to include in a Intercompany Balance Confirmation Letter?

1. Currency Statement: Required when balances are maintained in multiple currencies, specifying exchange rates used

2. Dispute Resolution: Include when there's a history of disagreements or for high-value balances

3. Balance Reconciliation Process: Add when there are complex transactions requiring explanation of how the balance was calculated

4. Compliance Statement: Include when specific regulatory or group policy compliance needs to be acknowledged

5. Confidentiality Clause: Add when sensitive financial information is included in the details

What schedules should be included in a Intercompany Balance Confirmation Letter?

1. Detailed Transaction List: Chronological list of all intercompany transactions for the period

2. Account Reconciliation Statement: Detailed reconciliation showing how the balance was derived

3. Supporting Documents: Copies of relevant invoices, payment receipts, or journal entries

4. Previous Period Balances: Historical balance information for reference and comparison

5. Currency Translation Schedule: When multiple currencies are involved, showing conversion calculations

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

Jurisdiction

Pakistan

Publisher

Genie AI

Document Type

Confirmation Letter

Sector

Sales

Cost

Free to use
Relevant legal definitions



















Clauses















Relevant Industries

Manufacturing

Financial Services

Technology

Retail

Energy

Healthcare

Telecommunications

Construction

Professional Services

Mining

Real Estate

Transportation and Logistics

Conglomerates

Relevant Teams

Finance

Accounting

Treasury

Financial Control

Internal Audit

Compliance

Legal

Corporate Secretariat

Financial Reporting

Tax

Relevant Roles

Chief Financial Officer

Financial Controller

Account Manager

Finance Manager

Corporate Accountant

Treasury Manager

Financial Analyst

Audit Manager

Company Secretary

Group Financial Controller

Financial Reporting Manager

Compliance Officer

Finance Director

Group Accountant

Industries






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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