South African audit firms will now be able to receive online audit confirmation solutions after software company CQS Technology Holdings and audit confirmation service provider Confirmation.com entered into a new partnership
The alliance will attempt to replace the currently popular system of responding to audit requests manually. CQS will be able to provide financial institutions with a more streamlined and efficient process for responding to audit requests with this alliance.
Chief executive officer of CQS Ashley Cohen said, “Confirmation.com automates the entire process from the initial request, validation, and authorisation by the client. It also receives the final confirmation from the bank on audit requests. This saves tremendous time, and more importantly brings greater integrity to the process.
“As a technology provider to audit firms, we find it astonishing as to how disruptive paper-based audit confirmations can be to an auditor’s workflow. These paper and manual processes are inefficient not only for auditors, but also for the banks and companies that respond to audit confirmation requests too,” she added.
President and chief executive officer of Confirmation.com Chris Schellhorn said, “Growing our existing international footprint is extremely important to us because we have a significant number of auditors throughout the world who want to use Confirmation.com globally instead of for only US-based banks.”
