Guide
Preparing Bank Confirmations Without Delaying Fieldwork
External confirmations remain a cornerstone of cash and loan testing. In Taiwan, each bank branch may follow its own form and turnaround. Starting the process during planning—not after fieldwork begins—protects your reporting calendar.
List every account, facility, letter of credit, and guarantee. Include dormant accounts; auditors still need evidence they are inactive. Provide authorized signatory details and the exact legal entity name as registered with each bank.
If you use online banking portals that restrict third-party requests, tell the engagement team early. Alternative procedures such as subsequent statements and reconciliations can be planned instead of discovered mid-week.
Keep a simple tracker: request date, bank contact, and status. When a confirmation is outstanding at draft-report stage, the team must either obtain it, perform alternatives, or—rarely—modify the report wording. None of those options is pleasant under board pressure.