Field notes
Bank Confirmations Still Matter in a Paperless Close
Cloud ledgers do not replace external bank confirmations. Auditors still write to banks (or use approved confirmation platforms) to corroborate cash, loans, and guarantees that sit outside management’s reporting system.
Authorisation letters must match bank mandates. Delays often come from outdated signatory lists, not from the auditor’s request itself. Update mandates before year-end week.
Sweep accounts and group cash pools need clear mapping. Confirmations that return “nil” for an account you believe is active are a signal to investigate dormant codes and intercompany clearing accounts.
Keep a tracker of confirmation status during fieldwork. Open items here frequently sit on the critical path to signing.