British Bankers’ Association (BBA) joins forces with Confirmation.com to speed up auditing for hundreds of thousands of businesses
London, UK and Brentwood, Tenn. – December 8, 2014 – Banks, auditors and hundreds of thousands of businesses, charities and other organisations will be able to harness a new online service, BBA Confirmations, to make auditing safer, faster, more secure and less stressful in the New Year. This new service should cut response times by up to 90% savings hundreds of thousands of businesses valuable time.
Whenever a company or other body wants to file their accounts their auditors must send an audit confirmation letter to the entity’s banks – to check that the financial statements’ figures are accurate.
Until now this process has been conducted using the postal service, often posing serious difficulties for the organisation filing its accounts:
· 40% of auditors say they have had to delay signing an audit opinion due to missing confirmations.
· 66% of clients have had to contact their bank due to a missing confirmation.
· The current system costs European organisations more than £250 million a year, auditors say.