• iTickmark

What is an audit confirmation?

Audit confirmations are an audit procedure performed by an accountant when conducting a financial statement audit. Audit confirmations are used to verify the audit client’s account balances. Historically, these were paper forms sent through the mail. It could take weeks or months to elicit a response. Today, AuditConfirmations makes this process significantly faster, easier, more secure, and less susceptible to fraud by processing them electronically.

What are the benefits of electronic confirmations?

  • Electronic confirms are faster and easier to complete than traditional paper-based confirmations.
  • Electronic confirms are much more secure and much less susceptible to fraud than traditional paper-based confirmations.
  • Electronic confirm systems provide tools to instantly track the status of outstanding confirmations and follow-up with the confirmation responder.
  • Most electronic confirm systems provide full compliance with GAAP and IFRS authoritative audit guidance.
  • Electronic confirms reduce paper waste.

What are the benefits of AuditConfirmations.com?

  • Confirmations for leading banks are completely automated through direct integration with the bank’s systems.
  • AuditConfirmations uses sophisticated analytical fraud monitoring tools adding an additional control to the confirmation process. If suspicious activity is identified, the auditor will be notified.
  • Reasonable pricing at $6 per confirmation performed.
  • The system can be used for audit confirmations at any bank or customer responder.
  • A PDF version of the standard confirmation form for the audit work papers (not unfamiliar work papers).
  • Every confirmation performed in the system includes a complete audit log.
  • AuditConfirmations provides highly responsive customer support via phone, chat, and email.
  • AuditConfirmations.com is tested for security on a very regular basis.
  • The first confirmation after you sign up is free so you can try the service out.

What are the drawbacks of AuditConfirmations.com?

  • Some banks will only accept paper confirmations meaning a confirmation request through AuditConfirmations.com may be rejected.
  • Some banks have an exclusive relationship with other electronic confirmation service providers meaning a confirmation request through AuditConfirmations.com may be rejected.