Confirmation.com - ABSA Private, Wealth and Retail Banking South Africa Audit Confirmation Instructions

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ABSA Private, Wealth and Retail Banking South Africa Audit Confirmation Instructions

Published:  24/04/2024


ABSA Private, Wealth and Retail Banking South Africa Form Setup Instructions

Please note that we have seen forms for one specific client being split between ABSA Private, ABSA  and ABSA Business. The forms should either be sent to one of the departments. Kindly refer to the prior year's confirmation for the department that completed the forms before initiating your requests.

Depending on how information can be extracted from the bank systems, a form can be set up in 2 ways:
 
  • Individual account basis
    The bank can only extract form details on an individual account basis. Auditors will therefore need to set up each account number as a separate form of the form type.
  • Entity wide basis
    The bank can extract form details on an entity-wide basis. Auditors can therefore send a single form of the form type using a main account number. As information is supplied on an entity-wide basis all other account numbers do NOT need to be supplied.
 
Form
Type
Form
Description
Setup
Instructions
       Accepted
       Accounts
ZA -
Asset
Provides information on balances, Interest, collateral/security/facilities. 

Note: The bank will provide overdraft information and treasury on the ZA - Asset form. Should the you have the treasury account, please state on the comments when you initiate this form.
 
An asset account is typically a current; cheque; deposit; saving; or investment etc.
Individual account basis 

A separate ZA-Asset form needs to be set up per account number.
  • Current
  • Call deposit
  • Investment
  • CFC
  • Treasury
 Click here for a detailed explanation of the ZA - Asset Form 
ZA -
Liability
Provides information on balances, Interest, borrowing agreements, covenant details, collateral/security/facilities.

NB!!! The bank will provide overdraft information on the ZA - Asset form. Only send a ZA - Asset form and not a ZA - Liability form for an account number that has an overdraft attached.

A liability account is typically loans; advances etc.
Individual account basis

A separate ZA-Liability form needs to be set up per account number.
  • Current
  • Fleet
  • VAF
 Click here for a detailed explanation of the ZA - Liability Form 
ZA - Contingent Liabilities & GuaranteesProvides information on written guarantees and other contingent liabilities.Entity wide basis

Only need to set up one form, with a main account number.
  • Current
  • Loan
  • Bond
 Click here for a detailed explanation of the ZA - Contingent Liabilities & Guarantees Form
ZA - SignatoriesProvides a list of authorised signatories on the client account and documentation with regard to the power of attorney.Individual account basis

A separate ZA - Signatories form needs to be set up per account number.
  • Current
  • Cheque
  • Savings
  • Call deposit
  • Investments
 Click here for a detailed explanation of the ZA - Signatories Form
ZA -
Letter of Credit
Asks questions in relation to a letter issued by a bank to another bank to serve as a guarantee for payments made to a specified person under specified conditions.Entity wide basis

Only need to set up one form, with a main account number.
  • Current
 Click here for a detailed explanation of the ZA - Letter of Credit Form
ZA -
Derivatives
Provides information on foreign exchange contracts and other derivative positions etc. This information is supplied on an entity basis.

NB!!! For all FEC’s and Forward positions, set up the form with, preferably, the main MIDAS number (Please do not supply trade numbers). If you do not have the Midas/Deal number, use the main transacting account number
Entity wide basis

Only need to set up one form, with a main account number.
  • FEC
 Click here for a detailed explanation of the ZA - Derivatives Form
Note: Authorisation is required from only one client signer

 

  Instructions:


The below guide highlights ABSA Private, Wealth and Retail Banking South Africa's specific instructions on accepted form types and how to set up the different form types for relevant bank accounts.
 

ABSA Private, Wealth and Retail Banking South Africa Clients

ABSA Private, Wealth, and Retail Banking clients are generally individuals.
 

ABSA Private, Wealth, and Retail Banking South Africa Departments Not Available on Confirmation.com


ABSA Private, Wealth, and Retail Banking South Africa can be facilitated through Confirmation.com. There are however a few departments that are in the process of being onboarded and have thus not launched on Confirmation.com as of yet. Should an auditor want confirmation from any of these departments, they would need to contact the department directly. Confirmation.com is constantly adding bank departments to the system and will notify auditors once these additional departments have launched. Please refer below to a list of email addresses that can be used to send a manual paper request to the bank.

Department Name Email Address
Credit Cardpurchasecard@absa.co.za


ABSA Private, Wealth and Retail Banking​ South Africa Accounts

 
Account NameAccount DigitsAccount Structure
CurrentConsist of 10 digits(max)XXX XXX XXXX (Can include a 0 before)
Call DepositConsist of 10 digits(max)XXX XXX XXXX (Can include a 0 before)
Investment Consist of 10 digits(max) XXX XXX XXXX (Can include a 0 before) 
CFCConsist of 9 digits 
Forward Exchange Contracts (FEC)Consist of 6 digitsRequires a Midas/Deal numbers
Unit TrustConsist of 10 digits(max) 
FleetConsist of 16 digits 
Vehicle and Asset FinanceConsist of 9 digits 
TreasuryConsist of 12 digits 
ABSA Investment and Management Services (AIMS)Consist of 10 digits(max) 
 

 
 
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