Confirmation.community | Nedbank Corporate South Africa Audit Confirmation Instructions

  Nedbank Corporate South Africa Audit Confirmation Instructions

Published:  08/20/2015


The below guide highlights Nedbank Corporate South Africa's specific instructions on accepted form types and how to setup the different form types for relevant bank accounts.
 

Nedbank South Africa Additional Client Authorisation Letter


In addition to Confirmation.com's client authorisation process Nedbank South Africa requires the client to sign a once off Nedbank approved letter. All Nedbank clients will receive this letter from their Nedbank client relationship manager and will need to have this letter returned to Nedbank as signed before any confirmation can be processed on Confirmation.com.

Auditors should consult with their clients before initiating confirmations on Confirmation.com as to whether this letter has been signed and if not should request the client to contact Nedbank for this letter.
 

Nedbank Corporate South Africa Clients


Nedbank Corporate South Africa clients have turnover of over R700 million.  
 

Nedbank South Africa Departments Not Available on Confirmation.com


Nedbank Corporate and Nedbank Capital confirmations can be facilitated through Confirmation.com. There are however a few departments that are in the process of being on boarded and have thus not launched on Confirmation.com as of yet. Should an auditor want a confirmation from any of these departments, they would need to contact the department directly. Confirmation.com is constantly adding bank departments onto the system and will notify auditors once these additional departments have launched. Please refer below to a list of email addresses that can be used to send a manual paper request to the bank.

Note: Nedbank Business and Commercial clients are not available on Confirmation.com and a manual confirmation request will need to be sent directly to a Nedbank Business/Commercial Client Relationship Manager for completion. Nedbank Business and Commercial clients are clients with turnover below R700 million.
 

Department Name AccountsEmail Address
Nedbank RetailFor clients with turnover under R700mSend to client Nedbank RM
Nedbank Commercial For clients with turnover under R700mSend to client Nedbank RM
Nedbank BusinessFor clients with turnover under R700mSend to client Nedbank RM
Nedbank Property Finance3XXXXXXX (Starts with 3. 8 digits)pfcorporate@nedbank.co.za
Nedbank Corporate Saver90XXXXXXXX (Starts with 90. 10 digits)corporatesaveradministrationgauteng@nedbank.co.za
Nedbank Script Accounts8XXXXXXXXX (Starts with 8. 10 digits)nisclientservices1@nedbank.co.za
Nedbank Unit Trust(Starts with 4/5/8. 5-8 digits)clientservices@nedgroupinvestments.co.za
Nedbank Credit Card(Starts with 3/4/5. 16 digits)corporatecarddirect@nedbank.co.za


Nedbank South Africa Accounts

 
Account NameAccount DigitsAccount Structure
CurrentConsist of 10 digits1XXXXXXXXX (Starts with a 1)
CallConsist of 12 digits + 6 Investor numbers037881XXXXXX - YYYYYY (Starts with 037881)
Savings Consist of 10 digits 2XXXXXXXXX (Starts with a 2) (Nedbank Retail only
Term LoanConsist of 12 digits + 6 Investor numbers057831XXXXXX - YYYYYY (Starts with 057831)
CFCConsist of 10 digits7XXXXXXXXX (Starts with a 7)
 

 

  Instructions:


Nedbank Corporate​ South Africa Form Setup Instructions


Depending on how information can be extracted from the bank systems, a form can be set up in 2 ways:
 
  • Individual account basis
    The bank can only extract form details on an individual account basis. Auditors will therefore need to set up each account number as a separate form of the form type.
  • Entity wide basis
    The bank can extract form details on an entity wide basis. Auditors can therefore send a single form of the form type using a main account number. As information is supplied on an entity wide basis all other account numbers do NOT need to be supplied.
 
Form
Type
Form
Description
Setup
Instructions
       Accepted
       Accounts
ZA -
Asset
Provides information on balances, Interest, collateral/security/facilities. 

Note: The bank will provide overdraft information on the ZA - Asset form. 
 
An asset account is typically a current; cheque; deposit; saving; or investment etc.
Individual account basis 

A separate ZA-Asset form needs to be set up per account number.
  • Current
  • Call
 Click here for a detailed explanation of the ZA - Asset Form 
ZA -
Liability
Provides information on balances, Interest, borrowing agreements, covenant details, collateral/security/facilities.

Note: The bank will provide overdraft information on the ZA - Asset form. Only send a ZA - Asset form and not a ZA - Liability form for an account number that has an overdraft attached.

A liability account is typically loans; advances etc.
Individual account basis

A separate ZA-Liability form needs to be set up per account number.
 
  • Term Loan
 Click here for a detailed explanation of the ZA - Liability Form 
ZA - Contingent Liabilities & GuaranteesProvides information on written guarantees and other contingent liabilities.Entity wide basis

Only need to set up one form, with a main account number.
  • Current
 Click here for a detailed explanation of the ZA - Contingent Liabilities & Guarantees Form
ZA - SignatoriesProvides a list of authorised signatories on the client account and documentation with regards to the power of attorney.Individual account basis

A separate ZA - Signatories form needs to be set up per account number.
  • Current
 Click here for a detailed explanation of the ZA - Signatories Form
ZA -
Letter of Credit
Asks questions in relation to a letter issued by a bank to another bank to serve as a guarantee for payments made to a specified person under specified conditions.Entity wide basis

Only need to set up one form, with a main account number.
  • Current
 Click here for a detailed explanation of the ZA - Letter of Credit Form
ZA -
Cash Management System
Provides the list of linked accounts, in a system, at a financial institution where the balances are swept to a main account to accrue a higher interest return. 

Note: Account Balances are not provided; for balances use ZA - Asset / ZA - Liability form.
Entity wide basis

Only need to set up one form, with a main account number.
  • Current
 Click here for a detailed explanation of the ZA - Cash Management System Form
Note: Derivatives can be confirmed by sending the ZA-Derivative form to Nedbank Capital. These forms will need to be set up on a individual account basis. This means that a separate ZA-Derivative form needs to be set up per account number.
 
 
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