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Confirmation.com streamlines audit confirmations

27 Jul 2015

Alicia ScholtzDelays in finalising audits due to outstanding bank confirmations are over. Described as an online audit confirmation solution, Confirmation.com brings efficiency to the confirmation process.

Auditors require bank confirmations as part of their audit processes. However, as banks demand 21 working days to process requests for confirmations (i.e. without allowing time for mistakes), it has proven a major challenge to auditors and their clients.

Confirmation.com addresses this challenge while aligning the request process with SAAPS 6, the most recent standard regulating the manner in which auditors obtain external confirmations from financial institutions. Some of the benefits of using Confirmation.com are:

  • Instead of a lengthy 18-page document comprising 9 sections, the entire confirmation request has been divided into 9 forms.
  • Depending on the risk of the client, only certain forms need to be completed.
  • The average turnaround time of a request is 7 to 10 days.
  • The process is entirely paperless.
  • The requirements of individual banks have been combined and streamlined into one.

How does it work?

The process is managed by an auditor and generally includes the following steps:

  1. An auditor contacts a client, informing the client of Confirmation.com.
  2. Having created a profile for him/herself on Confirmation.com, the auditor then loads the client information (bank, bank account number, type of account, authorised signatory, etc.) on his/her profile.
  3. The auditor clicks the “request client authorisation” button and an automated e-mail is sent to the authorised signatory of the client requesting his/her authorisation.
  4. The authorised signatory receives an e-mail containing a secure link. The authorisation occurs by means of clicking the link.
  5. The auditor receives e-mail confirmation that the client has authorised the request.
  6. The auditor clicks the “initiate confirmation” button and the request is submitted to the applicable bank.

ABSA, FNB, Standard Bank, Investec, Sasfin and Nedbank Corporate all subscribe to Confirmation.com.

How much does it cost?

The requests are charged at R213 per form and accumulate to a maximum of 5 forms per bank per year-end, regardless of how many forms have been requested. The maximum amount that can be charged by any one bank per year-end is therefore R1 065, e.g. should you have 3 bank accounts at ABSA and require 3 forms for each bank account (i.e. a total of 9 forms), the cost will be R1 065 (5 forms at R213 each and 4 forms at no cost).

As the request is submitted via the auditor’s profile, the cost is generally charged to the auditor, who bills the client as part of disbursements for the audit.

By embracing this process and cooperating with their auditors, clients will help ensure efficient audits.

For more information please contact Alicia Scholtz on 021 852 0382

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