At Hanrick Curran we strive for process efficiency when undertaking an audit engagement, be it on Self-Managed Superannuation Funds through to ASX listed companies. In doing so, we use technology to enable efficient completion of our various audit tasks, including preparing fully electronic audit files using industry leading software such as CaseWare and TeamMate Analytics. Since January 2016 our audit team have been progressively using a secure, cloud based software portal called Confirmations.com to manage the connection between banks, customers and auditors.
As a result of using the platform we have seen a significant improvement in turn-around time from the banks when responding to confirmation requests.
Some of Australia’s largest banks have obviously seen the benefits as well and informed auditors that they will no longer accept submission of paper forms requesting audit confirmations. This change means all auditors must submit requests for audit confirmations through Confirmation.com, an encrypted, secure, online portal environment.
Hanrick Curran have embraced the change by banks adopting the electronic confirmation process for all audits from June 2016.
The process commences with auditors establishing an account on the website and setting up client accounts for authorisation.
Our clients will continue to retain control of their banking data, and will be requested to give permission to the bank to provide the balance confirmation requested by the auditor.
The new process for audit clients
When we prepare an audit confirmation request going forward, we will send you an e-mail so that you can establish your Confirmation.com profile and provide your bank with authority to send us your confirmation details.
Under the old approach the bank would have charged the bank confirmation costs directly to your account, that cost was usually $50 per confirmation. The new approach requires the costs be charged to the client by Confirmation.com through the auditor. This means the auditor will now on-charge the costs to you by way of a disbursement charge.
The new costs for these confirmations has increased to a maximum cost of $132 per bank for each client that requests audit confirmations.
The benefits of the new system are that the confirmations are all held online in a secure portal that is accessible 24 hours a day, turn-around times are significantly improved and the entire confirmation process significantly faster and easier for our clients.
If you have any queries in relation to these changes please contact your usual Hanrick Curran advisor or Audit Partner, Matthew Green on 07 3218 3900.
Please note that this publication is intended to provide a general summary and should not be relied upon as a substitute for personal advice.