About eConfirm Global
eConfirm Global is an industry-wide Electronic Bank Confirmation Platform to facilitate the audit process for the auditors and banks as required under the International Standard on Auditing (ISA) 505 External Confirmations.
Under ISA 505, reliable audit evidence can be obtained in documentary form from a third party e.g. a bank, whether on paper, electronically or in another medium. Many bank confirmation request letters are sent to banks annually by auditors for confirmation of their clients’ bank balances and arrangements.
Traditionally, the confirmation documents are sent via normal mails or registered postage with an expensive cost. However, the auditors always experience big delays due to human errors or missing parcels. With the growing postage cost and potential risk of frauds, eConfirm Global provides an effective solution to solve these problems for the clients, auditors and banks.
Extol Corporation Sdn Bhd (Extol), was appointed to develop the Platform with a very economical usage fee compared to the current fee charged by an international service provider. Extol is an established IT Security company since more than 25 years ago. It is a fully owned subsidiary of AppAsia Berhad, which is a main IT solution company listed on Bursa Malaysia ACE Market.
Paper-based bank confirmations (Traditional)
Manual bank confirmations are inefficient and time consuming, with an average turnaround time of 4 to 8 weeks. Any delays affect clearance by auditors and could impact the timely approval of financial statements by the Board of Directors. The management of audit clients can conceal fraud by compromising the manual confirmation processes, making it difficult for even the most experienced auditors to detect financial fraud.
Electronic bank confirmation (eConfirm Global)
Today, there is a far more efficient and secure way to request bank confirmations without the risk of fraud going undetected, i.e. through electronic confirmation. This electronic platform enhances the security of the bank confirmation process through verifies organisations and users, ensures confirmations are only sent and received by registered auditors and banks, reduces risks of fraud related to the bank confirmation process, enhances efficiency in the bank confirmation process, saves valuable time and effort that can be diverted to other higher value-added work.
Why use eConfirm Global?
Enhance Security
Several fraud cases have revealed the inherent weaknesses in paper-based confirmations, which can be prevented using eConfirm Global.
Reduce Fraud Risk
Highly secure communication channel between the auditor and the responder protects the transfer of information through controls
Minimise Human Error
By using eConfirm Global, the possibility of human error will be much minimalised.
Time Saving
Reduce time and effort for printing, mailing and following up. The confirmations that take weeks now only take days with eConfirm Global.
Cost Saving
Traditional bank confirmations are costly because physical confirmations need to be posted using courier. eConfirm Global will very much eliminate this process.
Secure & Reliable
eConfirm Global guarantees a smooth and successful annual audit without potential problems arising from bank confirmation fraud. It also provides real-time tracking on the confirmation status.
| eConfirm Global | Manual | |
|---|---|---|
| Fraud Risks | Very Low (Encryption and audit trail enabled) |
Very Low (Information hijacked, interception, no trail) |
| Lost of documents during delivery | Never | Often |
| Bank Officers’ Authentication | Verified (Each audit user is authenticated) | Unknown |
| Processing Time | A Few Days | Weeks |
| Postage and Logistic Cost | No | Yes and increasing |
| Printing and Paper Cost | Almost Nil | Yes and wastage |
| Communication with Banks | Easy and Quick Response (Online) | Difficult and Slow (Fax/Post/Tel/Email) |
| Human Cost and Error | Significantly Reduced | High |
| Audit Trails | Available and Reliable | Not Available |
| Consolidated reports | Available | Not Available |
Get started in minutes
If you are a certified auditor, you can register your Audit Firm in just a few simple steps.
1. Registration
2. Activation
3. Start the Platform
Contact us for further inquiries