Under the International Standard on Auditing (ISA) 505 External Confirmations, reliable audit evidence can be obtained in documentary form from a third party e.g. a bank, whether on paper, electronically or in another medium.
Many bank confirmation request letters are sent to banks annually by auditors for confirmation of their clients’ bank balances and arrangements. Presently, electronic confirmations are used in a limited manner in Malaysia.
To keep abreast of the latest market developments, MIA championed an industry-wide Electronic Bank Confirmation Platform.
Extol Corporation Sdn Bhd (Extol) was selected to develop an industry-wide electronic bank confirmation platform, with a very economical usage fee compared to the current fee charged by an international service provider.
The Platform has went live on 5 May 2020 and the official launch date is on 26 June 2020.
Virtual briefings and trainings sessions have been rolled out nation-wide since March 2020.
Auditors are encouraged to register their audit firm as the user of the Platform. For registration, auditors are required to download Audit Firm Participation Agreement & Registration Form below and perform the following steps:
Step 1: Read and understand the terms contained in the audit firm participation agreement in the document.
Step 2: Complete and submit the Audit Firm Registration Form to support@econfirm.my to begin the activation process.
Download: Audit Firm Participation Agreement & Registration Form
The Platform registration is free until 31 March 2021. Thereafter, a one-off registration fee will be charged. There is, however, no annual renewal fee for your subscription to eConfirm.my.
