Numerous confirmation letters are sent to banks at least on an annual basis by auditors to request for information on their clients’ bank balances and arrangements.
COVID-19 has helped organisations around the world to achieve in a short period what might have taken years in a non-pandemic world: accelerate their adoption of digital solutions and processes.
Early adopters recommend that their peer audit firms adopt this electronic bank confirmation platform, as the pros outweigh the cons.
The industry-wide Electronic Bank Confirmation (EBC) Platform (eConfirm.my) was officially launched on 26 June 2020 by the Malaysian Institute of Accountants (MIA) and Extol Corporation Sdn Bhd (Extol), a wholly-owned subsidiary of AppAsia Berhad, at an e-ceremony attended by various stakeholders, including auditors, audit clients, bankers and regulators.
eConfirm.my Integral to MIA’s Strategy to Advocate Audit Digitisation