With busy season upon us, the creation, sending and chasing of confirmation requests begins for your audit teams. A key piece of audit evidence but one that can become time consuming with the chasing of banks, resolving issues with signatories and missing accounts, and more generally the internal management and tracking.
This year we’ve also seen how the risk remains extremely high with the €3.5 billion Wirecard Fraud, adding to the ramifications for audit following the Brydon report and the failures at Patisserie Valerie and BHS. Unfortunately, the pandemic has added complexity to traditional methods of postal requests or having clients sign paper and wet ink authorisations. Banks themselves are under increasing strain, having to adapt and change their internal processing methods with remote working.
An option now deployed by almost half of the UK top 100 is a standardised digital approach to creating and sending confirmations requests. This can reduce overall resource requirements and provide greater control & oversight for a more efficient process. Audit teams can also rely on verified end points, rather than having to manually check addresses and emails each year. Circit’s secure cloud-based platform was designed for exactly this purpose for auditors, backed by a verified bank network and regulated to the standards of the FCA.