The Benefits of Online Audit Confirmations for Banks

Getting bank confirmation responses is a central element of the audit process.

Do you know if your department is maximizing efficiencies by completing all confirmation requests electronically? It’s important to take some time prior to “busy season” to determine if paper requests are slowing you down.

We’ve narrowed down the many benefits of exclusively responding to audit confirmations electronically to what we think are the top three.

So what are the top three benefits of online audit confirmations?

1. Saves time: Creates a more efficient process and eliminates the duplication of work (i.e. responding to requests multiple times via fax, mail, or email).
2. No paper trail to manage: All records are stored in one central location for 10 years. No more paper files to store.
3. Reduces fraud: Greatly reduce your risk of audit confirmation fraud by only responding through Confirmation’s secure platform. All requests are initiated by validated accounting firms unlike mail or fax where you may not be able to authenticate the requester.