ICMA joins eConfirm platform
Kuala Lumpur, 19 March 2024 – The Institute of Cooperative & Management Auditors (‘ICMA’) entered into an agreement with Extol Corporation Sdn Bhd (‘Extol’), which is a wholly owned subsidiary of AppAsia Berhad (‘AppAsia’), to participate in the eConfirm electronic bank confirmation platform through a signing ceremony at AppAsia’s head office on 20th December 2023. The agreement was signed by Tuan Rozahi bin Roslan, Deputy President of ICMA, and Mr Calvert Wong, Executive Director of Extol, as witnessed by Encik Azmi Bin Jaafar, secretary of ICMA. As of March 2024, ICMA member audit firms have begun to utilise the eConfirm electronic bank confirmation platform.
The eConfirm platform is an industry-wide electronic bank confirmation platform that facilitates the audit process for auditors and banks operating in Malaysia as required under the International Standard on Auditing (ISA) 505 External Confirmations.
Through leveraging eConfirm, audit confirmation processes are streamlined, turnaround times reduced, fraud risks reduced, and the security of financial audits are significantly improved. The platform’s automated workflow and real-time reporting capabilities enables audits to be conducted with greater transparency and efficiency. eConfirm has also obtained its SOC2 and SOC3 attestations, providing all organisations and users involved with the confidence in its compliance with security and IT regulations.
(Left to right) ICMA Treasurer, Puan Zalina binti Muhamad Sahir, ICMA Secretary, Encik Azmi bin Jaafar, and Deputy President of ICMA, Encik Rozahi bin Roslan, with AppAsia’s Executive Director, Calvert Wong and the eConfirm team.
About eConfirm.my
The platform was launched on 26 June 2020 in collaboration with the Malaysian Institute of Accountants. As of December 2023, the eConfirm platform has achieved a 93.9% participation rate of all registered Malaysian audit firms with 30 financial institutions onboarded, including all major Malaysian banks; of which some banks have opted to shift to a fully online audit confirmation method via eConfirm. The platform has received positive feedback and praise since its launch, and Extol is hopeful to further expand its reach into international markets as a homegrown Malaysian platform solution for the audit industry.
For more information on the eConfirm.my platform, please visit: www.econfirm.my
About ICMA
The Institute of Cooperative & Management Auditors is the responsible institute for audit of cooperatives in Malaysia, regulated by Suruhanjaya Koperasi Malaysia (SKM). There are currently 34 ICMA member audit firms auditing cooperatives across the country.
About AppAsia Berhad
AppAsia Berhad is a public listed company on the ACE Market of Bursa Malaysia Securities Berhad and is among Malaysia’s leading digital platform provider specialising in electronic confirmation technologies, blockchain technologies, advanced mobile applications, digital content, e-marketplaces, big data and artificial intelligent technologies.
