KUALA LUMPUR, May 5 (Bernama) — The Malaysian Institute of Accountants (MIA) announced today that eConfirm.my, the first Industry-wide Electronic Bank Confirmation Platform in Malaysia, is scheduled to go live on a staggered basis throughout the month of May 2020, beginning on 5 May 2020.
Under the International Standard on Auditing (ISA) 505 External Confirmations, external confirmations are used for obtaining audit evidence in relation to account balances and related details. Confirmations are best used when confirming bank balances and other information from bankers because they provide independent evidence regarding the reliability of the client’s records. A bank confirmation request typically involves an auditor sending a request to a bank, the audit client giving authorisation to the banker to disclose the information to the auditor, and the bank responding to the auditor’s request. Presently, the bank confirmation process is manually done in Malaysia.