confirmation

  

Definitions (3)

2. Auditing: Letter sent by the auditors of a firm's to its debtors and creditors, requesting verification of the amounts of receivables and payables balances shown under their names in the firm's books. A positive confirmation asks for a reply whether the balance is correct or not; a negative confirmation asks for a reply only if an error is found.
3. Trading: Third-party guaranty by a financial intermediary (such as a confirming house or a bank) to a seller (or exporter) that that a named buyer's (or importer's) letter of credit will be paid (honored) if all conditions specified in it are met. Also called confirming.

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