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    Grace Corporation Confirmation of Bank Balances DECEMBER 31, 20X1

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    Joshua Comeros
    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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    Grace Corporation Confirmation of Bank Balances DECEMBER 31, 20X1

    Uploaded by

    Joshua Comeros
    96 views2 pages
    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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    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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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    96 views2 pages

    Grace Corporation Confirmation of Bank Balances DECEMBER 31, 20X1

    Uploaded by

    Joshua Comeros
    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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    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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