Electronic Bank Confirmation Platform

Malaysia’s First and Only
Industry-wide Electronic Bank Confirmation Platform

eConfirm.my is the latest digital platform developed and owned by AppAsia’s fully owned subsidiary – Extol Corporation Sdn Bhd, in collaboration with Malaysian Institute of Accountants (“MIA”). This is a 12 years collaboration project with MIA to develop and promote Malaysia’s first and only industry-wide Electronic Bank Confirmation Platform to facilitate the audit process for the auditors and banks operating in Malaysia as required under the International Standard on Auditing (ISA) 505 External Confirmations.

Under ISA 505, reliable audit evidence can be obtained in documentary form from a third party e.g. a bank, whether on paper, electronically or in another medium. Many bank confirmation request letters are sent to banks annually by auditors for confirmation of their clients’ bank balances and arrangements.

Traditionally, the confirmation documents are sent via normal mails or registered postage with an expensive cost. Moreover, the auditors always experience big delays due to human errors or missing parcels. With the growing postage cost and potential risk of frauds, eConfirm.my platform provides an effective solution to solve these problems for the clients, auditors and banks.

eConfirm.my is targeted to be eventually used by all the auditors and banks operating in Malaysia to process the annual bank audit confirmations for 1.3 million companies as registered with Companies Commission of Malaysia (“CCM”) as on 31st Dec 2019. The Platform charges only RM15 per successful confirmation.

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Why eConfirm.my?

Enhance Security

Several fraud cases have revealed the inherent weaknesses in paper-based confirmations, which can be prevented using eConfirm.my.

Reduce Fraud Risk

Highly secure communication channel between the auditor and the responder protects the transfer of information through controls

Minimise Human Error

By using eConfirm.my, the possibility of human error will be much minimalised.

Time Saving

Reduce time and effort for printing, mailing and following up. The confirmations that take weeks now only take days with eConfirm.my.

Cost Saving

Traditional bank confirmations are costly because physical confirmations need to be posted using courier. eConfirm.my will very much eliminate this process.

Guaranteed Delivery

eConfirm.my guarantees a smooth and successful annual audit without potential problems arising from bank confirmation fraud. It also provides real-time tracking on the confirmation status.

Comparison between eConfirm.my and Manual Method

  eConfirm.my Platform Manual
Processing time A Few Days Weeks
Postage cost Zero/Nil RM5 to RM10 per reply
Lost of documents during delivery Guaranteed Delivery Likely
Printing cost Reduced Yes
Auditor’s authentication Verified Unknown
Communication between auditors and banks Easy – Online Platform Slow – Fax/Post/Tel/Email
Time costs in following up the confirmations Minimal High
Human error Unlikely Likely
Traceable logs Available Real-time Difficult
Risks of fraud Unlikely
(Secured with end-to-end encryption technology and full audit trail)
Possible
(Information hijacked, interception, no trail)
Consolidated reports Available Not Available

Latest Participation Statistic

415

Auditors

9

Banks

Register for Audit Firm

Contact us for enquiries!

Phone: +603-2181 3666   |   Email: [email protected]