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Capital Confirmation Expands Confirmation.com by Adding New Types of Audit Confirmations

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Last Updated: 09/30/2010 NASHVILLE, TN – September 30, 2010 – Capital Confirmation, Inc., the creator and leading provider of secure audit confirmation services, announces the capability to process 17 new types of audit confirmations with the latest product release of its award-winning solution Confirmation.com.  Organizations that respond to auditors’ confirmation requests can now use Confirmation.com to respond to the following types of account confirmations:
  • Alternative Investment
  • Canadian Asset
  • Canadian Liability  
  • Commercial Real Estate
  • Compensating Balance
  • Contingent Liability
  • Derivatives
  • Letter of Credit
  • Money Market Fund
  • Mortgage Debt
  • Obligation to Lessor
  • Pension Plan Assets
  • Register – Capital Stock
  • Safe Deposit
  • Time Deposit
  • Transfer Agent – Capital Stock
  • Treasury (Federal Reserve)
Confirmation.com simplifies the manual tasks associated with paper- and mail-based audit confirmations.  This paperless solution allows companies including financial institutions that respond to confirmation requests to streamline confirmation workflow, archive responses electronically and control the audit confirmation response process end-to-end.  At the same time auditors experience greater efficiencies because the responses are returned quickly. “As the market leader of online audit confirmations, we felt it was important to expand Confirmation.com so that auditors and companies that respond to confirmation requests can use it for more than just bank confirmations,” said Chris Schellhorn, CEO of Capital Confirmation, Inc.  “Financial institutions appreciate the efficiencies and cost savings gained by responding to audit confirmation requests using Confirmation.com. Now Safe Keeping, Investment, Corporate Trust and other departments can take advantage of a simpler audit confirmation response process, one that improves productivity and reduces costs.” Standards-setting organizations also recognize that audit confirmations play an important role in the audit process.  As such, The Public Company Accounting Oversight Board (PCAOB) recently proposed a new standard that if approved will require auditors to perform confirmation procedures for cash and other relationships with financial institutions such as lines of credit, compensating balance and contingent liabilities.  This new product release of Confirmation.com brings the number of available confirmation types to 28. It also aligns with the proposed new standard and gives those responding entities, which will see an increase in the number of audit confirmation requests, a better way to respond.