One for the auditors...

One for the auditors...

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For the purpose of signing off the Accountant's Report for Solicitors' client account audit, if the Bank letter (confirming the balances) has not arrived yet, can the Auditor sign off the report based on the Bank statements? IE would the original hard copy bank statements be acceptable evidence of the bank balances?

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By Roland195
11th Sep 2012 14:49

Yes but should you?

In the real world, bank audit letters are so poorly done by most of the major banks the assurance they provide is marginal at best.

However, that said, this does not apply to the world your Quality Review Team from your institute inhabits, where bank audit reports are timely, completely accurate and no client would think about opening different accounts with different banks (some of whom may be even based abroad and won't reply even if you can find an address to write to). Lack of a letter will not be looked upon well and is a very easy strike for them to find.

Generally you have a month from signing off to get the letter on file but the rules may be different for Solictior's Audits.

 

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