The Balance Confirmation Letter is a crucial document in Pakistani business practice, used primarily during audit processes, financial year-end closing, and for maintaining accurate financial records. It serves as an independent verification tool for confirming account balances, loans, deposits, or other financial obligations between parties. Under Pakistani law, particularly the Banking Companies Ordinance 1962 and Companies Act 2017, such confirmations form an important part of financial documentation and can serve as evidence in legal proceedings. The document is commonly used by businesses, banks, and auditors to ensure accuracy in financial reporting and compliance with regulatory requirements. Balance Confirmation Letters are particularly important during external audits, internal financial reviews, and when establishing clear records of financial positions between business partners.
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1. Letter Header: Company letterhead, date, reference number, and recipient's address details
2. Subject Line: Clear indication that this is a Balance Confirmation Letter with relevant period/date
3. Account Details: Specific account numbers, types, and banking relationship details
4. Balance Statement: Clear statement of the balance amount(s) as of specific date, both in figures and words
5. Request for Confirmation: Formal request for the recipient to confirm the stated balance
6. Response Instructions: Clear instructions on how to respond, including where to send the confirmation
7. Signature Block: Authorized signatory details and space for signature
1. Multiple Currency Balances: Additional section for cases where balances in multiple currencies need to be confirmed
2. Related Party Transactions: Section to include when confirming balances involving related party transactions
3. Contingent Liabilities: Optional section for confirming any contingent liabilities or off-balance sheet items
4. Dispute Declaration: Section to include when there's a need to provide space for declaring any disputes with the stated balance
5. Bank Stamp Requirement: Additional authentication section when required by specific banks or for certain types of confirmations
1. Account Statement: Detailed statement of account showing transactions leading to the confirmed balance
2. Transaction List: List of significant transactions or reconciliation items if relevant
3. Authorization Letter: Copy of authorization letter/board resolution authorizing the signatory (if required)
Authors
Relevant legal definitions
Clauses
Relevant Industries
Banking and Financial Services
Manufacturing
Retail
Professional Services
Technology
Construction
Healthcare
Energy
Telecommunications
Import/Export
Real Estate
Logistics
Agriculture
Relevant Teams
Finance
Accounting
Audit
Treasury
Legal
Compliance
Credit Control
Accounts Receivable
Accounts Payable
Financial Planning and Analysis
Corporate Governance
Relevant Roles
Chief Financial Officer
Finance Manager
Accounts Manager
Audit Manager
Financial Controller
Accountant
Treasury Manager
Credit Controller
Company Secretary
Financial Analyst
Accounts Receivable Manager
Accounts Payable Manager
Internal Auditor
External Auditor
Banking Relationship Manager
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