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The e-Guide to Electronic Confirmations

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Paper-based confirmations have been with us since the beginning of the audit profession 130 years ago.  Through numerous changes in technology, business practices and auditing rules and regulations, the paper and mail system for making direct contact with third parties has endured.  In the process, it has become increasingly outdated, less efficient and less secure every year.

In 2007, those who set auditing standards approved the use of electronic confirmations as a much-needed replacement to the traditional paper and mail-based process.  In order to preserve the integrity of the confirmation process, they carefully defined what is and is not an electronic confirmation as well as the steps auditors must take to ensure a confirmation is reliable audit evidence.

There’s good reason why stewards of the profession want to encourage the use of electronic confirmations.  You can’t do a 21st century audit using 19th century technology.

Academic research shows that electronic confirmations produce a much lower error rate than the paper alternative.  Similar research reveals that replacing paper-based confirmations with electronic confirmations leads to tremendous audit efficiencies.
Some in the profession have declared the adoption of electronic confirmations to be a "foregone conclusion,” and with leading banks now requiring auditors to use electronic confirmations, we expect the rate of adoption to continue its rapid increase.

In this publication you’ll learn why and how to make the switch.
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