Advancing technology means audit has the potential to become faster and more accurate than ever before.
However, many auditors still spend a significant amount of time relying on email and postal communication with banks to check specific transactions. Often, those emails and letters simply get lost, leaving auditors to waste vital time chasing responses. This ongoing manual intervention leaves room for human error or, worse, manipulation and fraud.
Thomson Reuters Confirmation solves those problems. It’s quick, accurate and fully digital, enabling auditors to receive responses in days rather than weeks. Meanwhile, other available options offer slow response times, no guaranteed follow-ups, and rely on manual steps in the process.
The world’s largest validated network
Confirmation also offers the largest globally validated network, with internal controls and procedures to ensure everybody is who they say they are.
More than 4,000 financial institutions around the world use the platform, enabling Confirmation to guarantee responses with automated follow-up on the auditor’s behalf, saving time and effort. For comparison, other solutions offer just eight or nine validated bank responders.
Confirmation is not only reliable but also respected. It’s used by more than 16,000 businesses, including all Big Four professional services firms. Backed by the global presence of Thomson Reuters, Confirmation can serve companies with exposure to international markets as well as those looking to expand in the future.
And with the world’s regulators increasingly focused on audit quality, Confirmation enables auditors to demonstrate compliance to regulators, clients, investors and other stakeholders.
No long, complicated contracts: pay as you go
Our solutions speak for themselves. Using the Confirmation platform doesn’t mean signing year-long contracts plus renewals. We charge customers per transaction, and can offer new prospects a free trial, so you can test our solutions before making a decision.
After all, auditors need to be flexible, so why shouldn’t audit technology be the same? We believe keeping costs down with our pay-as-you-go structure is critical for fast-growing and fast-moving organisations that must respond to evolving client needs.
Meeting your needs, wherever you are
Thomson Reuters is continuously investing in its suite of audit technology, helping audit firms deliver high-quality services to their clients.
Starting with Confirmation, the next generation version of the platform that’s being developed will improve the user interface, remove steps in the workflow and further simplify the confirmation process, all in line with feedback from customers in the audit sector.
Confirmation solutions are scalable, too, adapting to the size and needs of your firm and its existing level of digitalisation.
Our technical integrations combine our data-verification services with your firm’s infrastructure and processes, making it easier for your team to manage audit confirmations. Our integrations range from automating user access to reconciling the expenses associated with audit confirmation requests.
Auditors face increased pressure every day to deliver high-quality audits in a timely and cost-effective manner, coupled with the regulatory environment being in a state of constant flux, making it imperative for auditors to meet the evolving standards. The sheer volume of data that requires meticulous examination grows exponentially, adding to the complexity of the auditing process.
To tackle these challenges head-on, Thomson Reuters has developed Cloud Audit Suite, a comprehensive auditing solution tailored specifically for the UK audit profession. Cloud Audit Suite leverages cloud technology to enable you access audit data online. This innovative tool is designed to streamline the audit process and ensure compliance with evolving regulations and standards, with a methodology built specifically to cater to the needs of the UK market. In addition, Cloud Audit Suite is fully integrated with the Confirmation platform.
