A bank confirmation is a document required by your company auditor in order to complete your statutory audit. The purpose of this document is to validate the balance of your account and to match it with the information provided in your accounting literature.
This request, to be sent to your bank, requires the director’s signature. The auditor will prepare this document for each bank in which your company has a bank account and will send it to you. You will have to sign it and send it to your banks.
Around a month later, the bank will send the required info to the auditor in order for him to complete the statutory audit. If the bank confirmation is not obtained, the auditor will have to include a “qualified opinion” in the audit report. The opinion might trigger an audit from the Inland Revenue Department.
This is why, it is usually advised to start the accounting and audit process, with your accountant, 3-4 months before PTR submission deadline.