Fiducia LLP, one of the top 23 Singapore-based Public Accounting firms, digitally transformed its audit process using Thomson Reuters Confirmation.  The objective for this digital move was to simplify the audit confirmation process and save time whilst navigating evolving skilled resource constraints and regulatory auditing standards across their operational geographies. The firm has offices across Australia and most of the key cities in the Asian continent. Its footprint extends to more than 70 countries as a part of the Integra International network, one of the top 14 accounting associations globally.

Challenges before adopting Confirmation

Fiducia LLP wanted to transform its dated, paper-heavy, and manual audit confirmation process. The firm needed a solution to make the process agile and resource-efficient and reduce the time spent on confirmations from weeks to days. 

Before implementation, Fiducia LLP’s audit confirmation process:

• Needed significant manual effort,
• Took two to three weeks to complete,
• Obligated auditors to interrupt billable activities to create, print, mail, and track confirmation requests.

The difference Confirmation has made since implementation

Confirmation’s user-friendly platform allows Fiducia LLP to:

• Create a streamlined, transparent, and efficient accounting process,
• Reduce the time taken to complete the confirmation process from weeks to days,
• Remove effort duplication,
• Fast track audit confirmations by future-dating requests,
• Leverage a user-friendly and intuitive interface and reduce auditor effort,
• Eliminate the need for confirmation follow-ups with system-generated reminders,
• Drive time savings and information traceability.

Since using Confirmation, auditors have more time to spend on high value, interesting work, helping the firm drive employee retention and create a work culture attractive to a younger generation of auditors. The firm approximates that time and effort efficiencies gained translates to approximately 60% of cost savings.

Why Confirmation?

Confirmation provides an easy, fast, secure way to send more than 100 confirmation types to anyone, anywhere in the world. It reduces the confirmation process to an average of two days and cuts costs in half.  

Over 1.5 million global users, including 16,000 audit firms and 4,000 banks and departments, trust Confirmation.

The platform passes hundreds of security audits each year to ensure services are up to major industry standards. Robust customer support, ongoing training, and an intuitive and user-friendly interface make Confirmation the preferred platform for auditors.