Confirmation, now part of Thomson Reuters, is the digital platform and global network trusted by audit firms, banks, and law firms to quickly and securely verify financial data.
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Confirmation invented electronic confirmations nearly 20 years ago, reshaping the audit confirmation process.
Today, Confirmation helps 1.5 million users across 170 countries confirm more than $1 trillion in financial data every year.
Learn how we can help you at confirmation.com
Confirmation at Virtually Live
At ICAEW Virtually Live, Confirmation ran a session examining how technology can help auditors detect fraud in the context of COVID-19.
We’ve witnessed how COVID-19 turned a medical emergency into a global macroeconomic crisis, causing market volatility and markets to suffer losses unseen since the 2008 financial crisis.
Meanwhile, we're beginning to witness an increase of fraud. Economic booms help fraudsters paper over cracks in their accounts, from fictitious investment returns to exaggerated sales. Slowdowns rip the covering off leaving financial institutions and other stakeholders to suffer the consequences.
As a result, COVID-19 has become a great teacher and given us an opportunity to step back and rethink and reconsider best practice principles of auditing processes.
This session takes a deep dive into the ripple effect to review the recent prolific confirmation fraud cases we’ve seen unravel, exploring:
- How this economic crisis may lead to an increase in financial crime, including occupational or financial statement fraud.
- Recent high-profile fraud cases.
- The risks of traditional Confirmation communication processes and the benefits innovating in this area.
- The role of technology in detecting and preventing financial crime.
Watch the session: Quality audits: Getting the job done and doing it right. How technology can help auditors detect and overcome confirmation fraud challenges
