Why is the completeness assertion not addressed by the banks?

Published: 18/07/2023

Answer:

Due to the nature of the banks environment in consideration of the complexity, number of bank systems and departments, the banks are unable to give a complete view of a client’s profile without performing a lengthy forensic search throughout the bank. Also auditors’ usually send confirmations to banks they are aware of, that their clients have facilities with, and not to all banks globally. For guidance on how to address the completeness assertion has therefore been addressed in SAAPS 6 illustrative procedures (SAAPS 6 Appendix A)

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