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Grace Corporation Confirmation of Bank Balances DECEMBER 31, 20X1

1. The bank confirmation letter from PCI Bank to Grace Corporation confirms the company's bank account balances as of December 31, 20X1. 2. The regular checking account had a balance of $14,267,272 according to the bank, but the company's records showed $4,079,230, a difference of $9,588,042. 3. A time deposit of $6,500,000 is also noted, with no exceptions.

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222 views2 pages

Grace Corporation Confirmation of Bank Balances DECEMBER 31, 20X1

1. The bank confirmation letter from PCI Bank to Grace Corporation confirms the company's bank account balances as of December 31, 20X1. 2. The regular checking account had a balance of $14,267,272 according to the bank, but the company's records showed $4,079,230, a difference of $9,588,042. 3. A time deposit of $6,500,000 is also noted, with no exceptions.

Uploaded by

Joshua Comeros
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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GRACE CORPORATION

CONFIRMATION OF BANK BALANCES

DECEMBER 31, 20X1

Audit Objectives:

1. To determine whether cash exist at year-end and cash-related transactions occur within a year.

2. To ensure that all cash balances of the client are reflected on the balance sheet at year-end.

Assertions Affected:

Existence

Rights and Obligation

Audit Procedures:

1. Obtain a complete list of bank accounts.

2. Prepare a bank confirmation.

3. Obtain bank confirmations for all major depository and disbursement accounts, and bank accounts close appropriate.

Findings:

Account Name Account Number Per Book Per Bank Difference

Regular Checking 775 4,079 230.00 14,267,272.00 (9,588,042.00)


Account

Time Deposit - 6,500,000.00 (6,500,000.00)

Conclusion:

No exceptions noted.
Bank Confirmation

December 31, 20X1

GRACE CORPORATION

PCI Bank

15 Ninoy Aquino Avenue, Paranaque City

We have provided to our accountants the following information as of the close of business on December 31, 20X1,
regarding the clients deposit and loan balances. Please confirm the accuracy of the information, not exceptions to the
information provided. If the balances have been left intact, please complete this form by furnishing the valance in the
appropriate space below. Although we do not request nor expect you to conduct a comprehensive search of your
records, if during the process of completing this confirmation additional information about the other deposit and loan
we may have with you comes to your attention, please disclose such information below. Please use the enclosed
envelope to return the form directly to our auditors.

1. We hereby report that at the close of the business on December 31, 20X1, our records showed the following
balances to the credit of the abovementioned client.

AMOUNT DESCRIPTION ACCOUNT INTEREST RESTRICTION AND WITHDRAWAL OF


NUMBER ACCOUNT AND OTHER REMARKS
RATE PAID UP
(P.A) TO

14,267,272.00 Regular Checking 775 1yr


Account

Saving Account

6,500,000.00 Time Deposit 18% Maturity Due date: XX/XX/XX

2. We further report that the above-mentioned was directly liable to us by ways of overdrafts, loan, etc at the close
of business on that dates as follows:

AMOUNT DESCRIPTION DATE DUE INTEREST DESCRIPTION OF COLLATERALS,


OF LIABILITY GRANTED DATE LIENS, ENDORSERS, ETC. OTHER
RATE PAID UP
REMARKS
(P. A) TO

20X1 20X1 20X1

10,000,000.00 Loans 12.28 12.28 21% 12.28 Land

Except as stated above, according to our records, said client had no other account with us at the abovementioned date.

*No exceptions noted.

Date filed in: XX/XX/XX Truly yours,

Bank: PCI BANK

By: xxxxxxxxxxxx

Prepared by: JC 03/07/21

Reviewed by:

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