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News

Confirmation.com Joins with British Bankers Association to Offer BBA Confirmations

Germain Boer

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.