RBS/Natwest bank audit letters
RBS & NatWest have been experiencing problems with a systems update which started on the 19th of June 2012. This affected a limited number of accounts over the 30th of June - a year end date for some of its customers. The bank has decided, after advice from ACCA, to continue to issue bank audit letters with the information that was actually held on customers’ accounts on that date.
For most auditors this will be sufficient. For the majority of accounts there will be no effect and this will reflect the actual balance for 30th June. However, auditors will need to review the post year end cut-off work undertaken by the client. If considered necessary, the auditor can seek clarification from RBS & NatWest in respect of transactions recorded through the account during that period.
SRA Accountant's Report
Reporting Accountants will need to establish if the solicitors accounting records have been impacted by the systems update. This will apply to periods that include June/July2012.
Solicitor customers of RBS/Natwest have account managers. They are the first contact point to establish if the solicitor has been impacted by the systems update.
Following the enquiry the reporting accountant will need to consider if the examination of accounting records and other relevant documentation in the period requires any additional work when preparing the accountant’s report.
For further information on this area and comment on the impact on Solicitors Reports under SAR, please click here.