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BullionStar employs no less than 5 different audit schemes to verify the existence and correctness of your stored bullion with us as your storage provider.
1) Live Audit Report
The Live Audit Report lists all customer owned bullion stored with BullionStar as storage provider. The Live Audit Report is available under the "My Vault Overview tab" under "My Vault Storage®" when you are logged in to your account.
The Live Audit report lists all customer owned bullion per bullion product type and vault account number. By locating your vault account number in the Live Audit Report, you can thus verify the existence of your bullion in the vault. All other customers can likewise verify the existence of their bullion in the vault with the report. The Live Audit Report is updated in real time when bullion is processed into or out of the vault.
The Live Audit Report is furthermore used by the third party LBMA-approved auditor, Bureau Veritas, to audit the physical existence, serial numbers and weights of the physical bullion stock.
2) LBMA-approved Third Party Auditor
BullionStar engages the LBMA-approved auditor, Bureau Veritas to conduct bi-annual full audits of all customer owned bullion. The audits are conducted in April and October each year. The audit protocols are available for logged in users here.
Bureau Veritas audits the:
- Physical existence of all customer owned precious metals held by BullionStar as storage provider.
- Weight of randomly selected bullion bars against the product description of the product.
The inspection protocol from each audit is available under the My Vault Overview tab under My Vault Storage® when you are logged in to your account.
3) Customer Audits
There is nothing better than seeing and inspecting your own bullion. BullionStar is therefore allowing customers to walk in to BullionStar's retail venue at 45 New Bridge Road, Singapore 059398 to audit their own metal. There is an audit charge of SGD 99 per audit instance.
If you can't do a physical local onsite audit, you can still view pictures of your bullion as we photograph all customer stored bullion and upload the picture to your account. The picture depicts the serial numbers of the bullion bars.
You can also check the existence of your bullion continuously as listed in the Live Audit Report.
4) Internal Inventory Audits
BullionStar is conducting frequent internal inventory audits. BullionStar has developed a proprietary system for 'blind' auditing meaning that the administration officer conducting the inventory isn't aware of the correct physical quantity of each product ensuring that inventory reports can't be forged.
5) Financial Audit/Stock Inventory Audit
BullionStar is audited financially by a Singapore licensed auditor in accordance with Singaporean law. BullionStar's auditor does a physical stock inventory audit as part of the auditing process. The result of the audit is published in the auditor's report attached to BullionStar's annual report.
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