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Bullion Audits - BullionStar Employs 5 Methods of Auditing
1) Live Audit Report
With the Live Audit Report, BullionStar customers can conduct an audit of their bullion held in BullionStar storage via verifying their own holdings directly in BullionStar's reporting system. The Live Audit reflects bullion held in all storage jurisdictions.
The Live Audit lists all customer owned bullion stored with BullionStar as storage provider in all storage jurisdictions and reconciles all customer owned bullion per bullion product type and vault account number. The Live Audit Report is identical to BullionStar's internal reconciliation system except that the Live Audit Report is anonymous.
The Live Audit Report works by detailing all holdings based on vault account number and is therefore fully transparent while still keeping customer details undisclosed. By locating your own vault account number in the Live Audit Report, you can verify the existence of your bullion in BullionStar's system. Using the same report, all other customers can do likewise and verify the existence of their bullion based on their vault account numbers.
Note that the Live Audit Report is updated in real time when bullion is processed into or out of the BullionStar vault and is therefore a highly reliable report.
As such, the Live Audit Report is used by BullionStar for internal audits as well as by the 3rd party LBMA-approved auditor, Bureau Veritas, when it conducts independent audits to verify the physical existence, serial numbers and weights of customer owned bullion in BullionStar's vault.
2) LBMA-approved Third Party Audits
BullionStar retains bullion industry expert auditor, Bureau Veritas, to conduct twice yearly full audits of all customer owned bullion in BullionStar's vault. Bureau Veritas is an approved service provider of the London Bullion Market Association (LBMA) and is a leading auditor in the global bullion industry for physical precious metals audits.
Bureau Veritas audits include the following:
- Physical existence of all customer owned precious metals held by BullionStar on behalf of its storage customers as vault storage provider.
- Serial numbers of randomly selected bullion bars are checked against the serial numbers as listed in the BullionStar Live Audit Report.
- Weight of randomly selected bullion bars is checked against the product description of the product.
The inspection protocols issued by Bureau Veritas are available here.
3) Physical Customer Audits
In addition to the Live Audit Report and the external third party physical bullion audits conducted by Bureau Veritas, BullionStar customers can walk in to BullionStar's shop and showroom at 45 New Bridge Road, Singapore 059398 and conduct their own physical audits of their stored precious metals in Singapore without prior notification. This allows you to see and inspect your own bullion and gives ultimate peace of mind. No other precious metals storage provider that we are aware of allows customers to do an on the spot physical bullion audit without any prior notification.
For bullion stored in New Zealand, you can also physically audit your metal by contacting BullionStar to arrange with the audit. The audit must be ordered and the audit fee, as specified in the Schedule of Service Fees, must be paid in full at a minimum of one (1) business day prior to the audit.
If you would like to do a physical on site bullion audit of your bullion holdings, please bring identification matching the name on your account when you visit the BullionStar premises. There is an audit charge of SGD 99 for each physical audit request.
4) Internal Handling & Auditing
Before your bullion is processed into vault storage, two BullionStar vault officers check and double sign the bullion order confirmation with their initials to confirm that the correct bullion items have been prepared for vault storage. All vault orders are prepared under high resolution camera surveillance.
A photo is then taken of each customer order confirmation together with the actual bullion and is uploaded to your account. These images enable you to view and identify your specific bullion items. Serial numbers will be visible on all bullion that has such serial numbers.
BullionStar also conducts frequent internal enumeration audits using a blind count feature within BullionStar's in-house enumeration module. The process requires the vault officer to perform a hands-on count of the stock inventory without access to the quantities recorded in the enumeration module. All internal enumeration audits are saved in the enumeration module. The enumeration report in the enumeration system highlights any discrepancies to the company management.
5) Financial Audit/Stock Inventory Enumeration Audit
BullionStar is fully audited by a Singapore licensed auditor in accordance with Singaporean law. BullionStar's auditor conducts a physical stock enumeration audit as part of this auditing process. The result of this audit is published in the Auditor's report attached to BullionStar's Annual Report.
At BullionStar, our objective is to provide the most secure, most user-friendly, and most cost-effective storage solution for your bullion. By employing five different auditing methods, you can verify in multiple ways that BullionStar provides the most secure safekeeping possible for your bullion.