Document background
The Balance Confirmation Letter is a critical document in the U.S. financial and audit landscape, designed to provide independent verification of financial account balances and related information. It is primarily used during annual audits, due diligence processes, or when independent verification of financial positions is required. The document follows U.S. banking regulations and Generally Accepted Auditing Standards (GAAS), serving as a crucial tool for auditors to confirm the accuracy of financial statements. Balance Confirmation Letters are typically requested by external auditors but may also be required for internal audits, regulatory compliance, or special investigations. They can cover various types of accounts including deposit accounts, loans, investments, and other financial instruments, providing a snapshot of financial positions as of a specific date.
