How do I address the completeness assertion for my bank confirmations?

  Answer:

• The auditor must no longer rely on the financial institution to address completeness of client account details; this assertion needs to be addressed by the auditor. Therefore, an auditor should not send a single client account number associated with the client on Confirmation and expect the financial institution to list all client accounts/facilities for this client profile.
• The financial institution will only respond to the accounts listed/forms sent (SAAPS 6 Par 7 & 14-16).
• SAAPS 6 gives guidance through illustrative procedures that may be performed to address the risk of completeness of financial statement account balances. (SAAPS 6 Appendix A)

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