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Audit Cash Confirmation

Audit Cash Confirmation Template for Malaysia

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Key Requirements PROMPT example:

Audit Cash Confirmation

"I need an Audit Cash Confirmation letter for Malaysia-based TechGrowth Sdn Bhd's annual audit, covering five local bank accounts with CIMB Bank and Maybank, to be completed by March 15, 2025."

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Document background
The Audit Cash Confirmation is a fundamental audit document used in Malaysia's financial reporting ecosystem. It is required whenever an external audit is conducted under Malaysian audit standards, serving as a primary form of external evidence for verifying a company's cash and banking positions. The document is specifically designed to comply with Malaysian regulatory requirements, including those set by Bank Negara Malaysia and the Malaysian Institute of Accountants. Audit Cash Confirmations are typically issued during the audit fieldwork phase and must be responded to directly by the banking institution to the auditors. The document includes detailed requests for information about all banking relationships, including account balances, restrictions, loans, collateral, and other banking arrangements. This confirmation process is crucial for ensuring the accuracy of financial statements and meeting Malaysian statutory audit requirements.
Suggested Sections

1. Letterhead and Date: Auditor's firm letterhead and current date

2. Bank Information: Full name and address of the bank branch where the confirmation is being sent

3. Reference Number: Unique reference number for the confirmation request

4. Client Authorization: Statement of authorization from the client company permitting the bank to release information

5. Account Holder Details: Full legal name and address of the client company whose accounts are being confirmed

6. Confirmation Request Period: Specific date or period for which the confirmation is requested

7. Account Information Request: Detailed request for balances and other information for all accounts held by the client

8. Bank Response Section: Designated area for the bank to provide the requested information and confirmations

9. Authorization Signatures: Space for required signatures from authorized client personnel

Optional Sections

1. Foreign Currency Accounts: Additional section for confirming foreign currency account balances when the client holds such accounts

2. Restricted/Escrow Accounts: Section for confirming details of any restricted or escrow accounts when applicable

3. Credit Facilities: Section requesting confirmation of any credit facilities or loan arrangements when relevant

4. Off-Balance Sheet Items: Section for confirming any off-balance sheet items like guarantees or letters of credit if applicable

5. Electronic Banking Arrangements: Section for confirming details of electronic banking services when relevant

Suggested Schedules

1. Schedule A - Account Listings: Detailed list of all accounts requiring confirmation, including account numbers and types

2. Schedule B - Authorized Signatories: List of authorized signatories for each account with specimen signatures

3. Schedule C - Special Instructions: Any special instructions or specific requirements for the confirmation process

4. Appendix 1 - Supporting Documents: Copies of relevant documentation such as board resolutions authorizing the confirmation request

5. Appendix 2 - Bank Response Template: Standardized template for the bank to provide their confirmation response

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant Industries

Banking & Financial Services

Manufacturing

Retail

Technology

Healthcare

Construction

Energy

Transportation & Logistics

Real Estate

Professional Services

Education

Telecommunications

Mining & Resources

Agriculture

Hospitality

Relevant Teams

Audit

Finance

Accounting

Treasury

Compliance

Risk Management

Corporate Secretarial

Banking Operations

Financial Reporting

Internal Control

Relevant Roles

External Auditor

Audit Partner

Audit Manager

Audit Senior

Financial Controller

Chief Financial Officer

Finance Manager

Account Manager

Bank Branch Manager

Compliance Officer

Company Secretary

Treasury Manager

Internal Auditor

Finance Director

Accounting Manager

Industries
Accountants Act 1967: Establishes the regulatory framework for the accounting profession in Malaysia, including requirements for statutory audits and professional standards for auditors
Financial Services Act 2013: Provides the regulatory framework for financial institutions in Malaysia, including requirements for financial reporting and confirmations
Anti-Money Laundering, Anti-Terrorism Financing and Proceeds of Unlawful Activities Act 2001: Sets requirements for verification of cash transactions and reporting of suspicious transactions, which must be considered during audit confirmations
Companies Act 2016: Establishes requirements for corporate financial reporting, auditing, and maintenance of proper accounting records
Bank Negara Malaysia Guidelines on External Auditor: Provides specific guidelines for external auditors when conducting audits of financial institutions, including procedures for cash confirmations
Malaysian Approved Standards on Auditing (ISA 505): Specific standards for external confirmations in audit procedures, including requirements for cash confirmation processes
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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