Confirmation.community | HSBC Bank South Africa Audit Confirmation Instructions

  HSBC Bank South Africa Audit Confirmation Instructions

Published:  10/14/2015


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

 

  Instructions:


HSBC Bank 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
 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.
Current
 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 -
Derivatives
Provides information on foreign exchange contracts and other derivative positions etc. This information is supplied on an entity basis.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 - Derivatives Form


 
 
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