Worthwhile or wasteful: understanding the value of external confirmation
Join Confirmation.com’s International President, Dave Malone, and UK Account Manager, Kyle Gibbons, as they shed light on the above questions, discuss best practices for an independent confirmation process, and argue for the continued value of audit evidence obtained through robust, third-party confirmations.
As an auditor, do you find yourself asking questions such as:
- Why should I bother confirming financials with a third party source when my client has given me all their records and bank statements?
- If my client uses online banking, shouldn’t I be able to depend on that data to substantiate their financials, eliminating the need for a third party confirmation?
- Why would I put my client at risk by passing sensitive information to third parties through unsecure channels like email, post or fax?
Given the development of digital tools that allow for paperless processes, the widespread use of online banking, and auditors’ adoption of data analysis tools, have you begun to wonder whether third-party, independent audit confirmations have had their day?