Written Authority Flashcards
1
Q
What do banks require?
A
Written authority from their customers to disclose the information requested by the auditors in a bank confirmation letter
2
Q
What form does written authority often take?
A
An ongoing standing authority rather than a separate authority each time information is requested
3
Q
What must auditors’ request refer to
A
Client’s letter of authority and the date given in it
4
Q
Alternative of client’s letter
A
May be countersigned by client or it may be accompanied by a specific letter of authority
5
Q
What happens in the case of joint bank accounts?
A
Letters of auithority signed by all parties will be necessary
