08-06-2004, 04:16 AM
No zubair,
All banks are not writing these kind of statements, I have seen only one bank, and the interesting thing is that, i have got the confirmations of same bank from two different branches, one branch is writing that statement, but the other is not,
In my opinion, there is no impact on liability of the bank by writing such a general
statement, the bank charges an amount for providing such information to the auditors,
hence, the information is not volantary and if bank makes any misstatement
then it will be held liable, bcaz auditor may qualify his opinion on basis of information
provided by the bank.
I have seen many cases in which bank confirmed the qualification matters to the
auditors, (afterwards bank issued revised i.e. correct confirmations).
SMR
All banks are not writing these kind of statements, I have seen only one bank, and the interesting thing is that, i have got the confirmations of same bank from two different branches, one branch is writing that statement, but the other is not,
In my opinion, there is no impact on liability of the bank by writing such a general
statement, the bank charges an amount for providing such information to the auditors,
hence, the information is not volantary and if bank makes any misstatement
then it will be held liable, bcaz auditor may qualify his opinion on basis of information
provided by the bank.
I have seen many cases in which bank confirmed the qualification matters to the
auditors, (afterwards bank issued revised i.e. correct confirmations).
SMR
