Bank guarantees
This query is : Resolved
20 November 2015
what is bank guarantee? how it can be verified during concurrent audit? how to calculate interest?
25 November 2015
Dear Guruprasad,
Bank Guarantee is basically a letter issued by bank on request and by paying appropriate commission to bank.
Bank guarantee are of 2 types : Financial guarantee and performance guarantee.
As part of audit procedures once can verify the bank guarantee by taking confirmation on its validity from the issuing bank.
Hope this clarifies.
Thanks,
Bank Guarantee is basically a letter issued by bank on request and by paying appropriate commission to bank.
Bank guarantee are of 2 types : Financial guarantee and performance guarantee.
As part of audit procedures once can verify the bank guarantee by taking confirmation on its validity from the issuing bank.
Hope this clarifies.
Thanks,
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