Standardize your firm’s audit confirmation process, reduce exposure to fraud & increase efficiency
Tuesday, June 08, 2010
Posted by: Boomer Consulting, Inc.
- Confirmation.com is a paperless web-based solution that makes it easy for your firm to initiate and receive confirmations in 24 to 48 hours, not 4 to 6 weeks.
- Save 50% of your staff’s auditing time
- Get 100% guaranteed response rate*
19th century technology doesn’t work for a 21st century audit.
Manual workflow processes are outdated, and less secure every year. If your firm still relies on the mail to deliver your confirmation requests, there’s a chance it could end up in the wrong hands and expose your firm to fraud. In fact, your firm’s own auditors can be held legally liable for these mishaps.Confirmation.com uses secure technology to minimize fraud.
Designed to make audit confirmations more efficient and less risky, Confirmation.com utilizes multiple layers of authentication and security to validate the responding company and verify the authorized signer. A record of activity on every confirmation provides a traceable path of accountability to each individual involved in the confirmation process.Current paper workflow challenges solved by Confirmation.com:
- Is the responding entity a legitimate organization?
- Is the correct person receiving the request?
- Is the responder authorized to respond?
- Who has access to the data being exchanged?
- Did the vendor really sign the confirmation?
"It is very important to us that we are reducing our exposure (to fraud) using the solution. In the past we had relied on manual confirmations to get both bank account balances and loan balances. That involved a lot a time on our part to get the numbers. We're very pleased with the solution. Using it, we've cut our time spent doing confirmations in half. The solution helped us to improve efficiency and accuracy."
George Smith, CPA
Smith, Turner & Reeves
Learn More at Confirmation.com
Download the Boomer Advantage Guide to Electronic Confirmations - FREE!