Malaysia’s First and Only Industry-wide Electronic Bank Confirmation Platform

eConfirm.my is the latest digital platform developed and owned by AppAsia’s fully owned subsidiary – Extol Corporation Sdn Bhd, in collaboration with Malaysian Institute of Accountants (“MIA”). This is a 12 years collaboration project with MIA to develop and promote Malaysia’s first and only industry-wide Electronic Bank Confirmation Platform to facilitate the audit process for the auditors and banks operating in Malaysia as required under the International Standard on Auditing (ISA) 505 External Confirmations.

Under ISA 505, 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.

Traditionally, the confirmation documents are sent via normal mails or registered postage with an expensive cost. Moreover, the auditors always experience big delays due to human errors or missing parcels. With the growing postage cost and potential risk of frauds, eConfirm.my platform provides an effective solution to solve these problems for the clients, auditors and banks.

eConfirm.my is targeted to be eventually used by all the auditors and banks operating in Malaysia to process the annual bank audit confirmations for 1.3 million companies as registered with Companies Commission of Malaysia (“CCM”) as on 31st Dec 2019. The Platform charges only RM15 per successful confirmation.