Bank confirmation is a central element of the audit process, where with permission of audit client the banker / financial institution confirms the existence and the balance (Dr. or Cr.) in audit client’s bank account to auditor at a certain date.
These confirmations are mandated for an audit by Standard on Auditing (SA) issued by The Institute of Chartered Accountants of India. Namely SA 500: Audit Evidence and SA 505: External Confirmations. At Confirmfast, these confirmations are done online to make the process quicker and simpler.