General Questions
What does it cost to use the service?
Each standard electronic confirmation costs $6 and automated confirmations cost $6 per account/loan discovered and added to the confirmation. There are no other hidden fees. The first confirmation is free, however a credit card is required to sign-up (this is for security purposes). You can however completely delete your account, with zero hassle, at any time.
In general, what should I expect?
The auditconfirmations.com system simply automates the standard, paper-based confirmation process. It uses email to notify responders of requests and the secure website to obtain the responses. In the background, it adds strong fraud monitoring controls that are not present in the paper-based process. It produces PDF versions of the standard bank confirmation form or a typical A/R confirmation request form to include in the audit work papers.
