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.
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