By Tony Ventura, Regional Director, Asia and Emerging Markets at Confirmation

Australian auditors need robust technology solutions to navigate complex regulatory demands and elevate audit quality. The need for powerful solutions that help audit firms get control of all the touchpoints, ensure the reliability and integrity of information, and provide a clear data trail has become critical for audit quality, fraud detection, and regulatory compliance.  

Confirmation, a comprehensive audit confirmation platform from Thomson Reuters, is the market leader around the globe and in Australia that’s helping auditors manage the complexities of the audit landscape, improve evidence reliability, and prevent fraud—all while meeting the quality objectives of ASQM (Australian Standard on Quality Management). 

The Use of Confirmation in Australia 
Traditional confirmation methods, like fax, email, and the post, do not provide auditors complete control over the process. Validation of the responding party at a bank, for instance, can be skipped easily in traditional processes, thereby compromising the quality of the audit.  

Given the potentially large number of confirmations that auditors manage, an audit confirmation platform must ensure data confidentiality, provide an appropriate framework for evaluation, and allow auditors to manage all confirmations from a single platform. 

In addition, the platform should mitigate audit confirmation risk; make the process streamlined, transparent, and reliable; and allow auditors to control the delivery of the audit inquiry and response Confirmation meets these needs and is a powerful arsenal in the auditor's toolkit. The platform also provides specific capabilities to meet the evolving needs of the regulatory ecosystem and allow auditors to deliver high-quality audits each time. Here are some of those capabilities: 

●       Global Validated Network and Internal Controls 

Given the sensitive information and data privacy requirements of an audit, Confirmation offers a globally comprehensive, validated network of banks across the region.  

Confirmation has the largest networks of banks and departments in Australia, and also around the world, that have been validated through a stringent process.  

The platform also offers internal controls and procedures to ensure user authenticity, prevent fraud, and maintain the integrity of the information provided. 

●       Functionalities for Efficiency Gains  

Locally based, dedicated account managers and automated follow-up with in-network banks on the auditor’s behalf makes for faster responses—usually in days instead of weeks. 

Technology platforms with API integrations (which Confirmation has many) deliver greater efficiency gains as they improve response times, reduce errors through intelligent automation, and save time at both audit firms and banks. 

●       Compliance and Security Standards 

Auditors need their technology ecosystem to capably navigate legislative and regulatory changes. Ensuring complete alignment with ISQM quality objectives, for example, is essential for a confirmation platform. 

Confirmation undergoes SOC 1 and SOC 2 examinations annually and is ISO 27001 certified on the Confirmation.com service. These certifications specify the requirements for establishing, implementing, operating, monitoring, maintaining, and improving a documented ISMS within the context of an organisation's overall business risks are essential.  

The digital audit confirmation service is essential as it gives auditors control through operational standard privacy and security practices and comprehensive information security management systems (ISMS).  

●       Audits, Vulnerability Assessment, and Penetration Testing 

Confirmation also completes annual security audits, timely disaster recovery plan testing, continuous external and internal vulnerability testing, external penetration testing by independent parties such as Big 4 firms and top global banks, and compiled source code scans (OWASP top 10/SANS top 25).  

Stronger fraud detection capabilities, Open Banking solutions, and strong implementation experience across organisations, including the Big 4, are even more strengths that Confirmation offers.  

Connect with us to see how Confirmation helps auditors validate data, identify fraud, and manage all their confirmations from one secure digital platform.