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Confirmation.com helps Chartered Accountants simplify the audit confirmation process with its safe, speedy online solution.
Technology is a major disruptor in all markets and industries, and audit is no exception. A recent Forbes survey showed that technology will have the biggest impact on audit over the next three to five years. In its Audit 2025 report, Forbes highlighted the critical need for organisations to significantly enhance their approach to audit by embracing technology to keep up with their clients' changing expectations. For example, cutting edge concepts such as online audit confirmations, audit data analytics (ADA) and cognitive technology form part of this new approach which clients want to see in their auditor.
Enhanced efficiency
There was a time when manually matching paper-based invoices, delivery notes and purchase orders was the only option. Indeed, the practice of visiting countries to conduct an audit was also essential before remote access became simpler, while postal audit confirmations were the norm before the arrival of internet banking and online audit confirmations.
As internet business banking spread, banks changed their practices around confirmations and some now specify that they prefer online requests. Accounting firms also see the potential of online confirmations and are harnessing emerging technologies offered by Confirmation.com to automate what is a routine but laborious task. Innovations like Confirmation.com's online audit confirmation solution assist in making the audit confirmation process faster for both the auditor and the client. According to Sandeep Shrestha, Account Manager for Confirmation.com's Ireland and UK clients, "Sending...