Intercompany balances

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Athar (Querist)
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11 July 2012 Can any one pls tell me why do we take Balance confirmation from our InterCompany . I mean importance & need of it. also Balance confirmation from Vendors & Customers.

CA. SUDHARSAN K G

CA. SUDHARSAN K G (Expert)
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11 July 2012 It is a duty of auditor to report that Financial Statements are free from material misstatements and reflects the true and fair view.

A balance confirmation is an external evidence for auditor to verify balances on your balance sheet.

The purpose is to lend credibility to the numbers/balances on a company's financial statements. In the process of the audit, the Auditor will send out balance confirmation letters to vendors, customers, lenders, etc. to verify that the account balances on the financial statements are accurate.

Athar

Athar (Querist)
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14 July 2012 Thank u SKG.

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