AuditConfirmations offers an electronic bank confirmation (deposit and loan accounts) process targeted specifically to tax and accounting firms. AuditConfirmations allows firms to electronically submit bank confirmations to any bank using the bank’s contact name and email address.
The process works by having the auditor create an audit confirmation request, which is then sent to the client. The client will fill out the pertinent information for the accounts that need to be confirmed. Once this information is completed by the client, the bank will be notified via email that the account is ready to be confirmed. The electronic confirmation is filled out by the bank, and the auditor receives a standard bank confirmation just as before. The auditor maintains control of the environment every step of the process.
AuditConfirmation’s process allows the auditor to save hours related
to the audit confirmation process but still delivers the same quality audit
documentation as with the paper-based process. The company also released automated
bank confirmations and accounts receivables confirmations this year.