Cloud-based, end-to-end audit solutions play a critical role in fostering growth for companies by accelerating the audit process and ensuring secure access to audit data. The most competitive firms are now incorporating Application Programming Interfaces (APIs) into their audit technology strategies to reduce reliance on manual processes and free up time for auditors to provide higher value services for clients.  

One of the largest accounting service providers in China, Pan-China Certified Public Accountants LLP (Pan-China), advanced their digital transformation journey with the help of Thomson Reuters® Confirmation API suite. Since implementation, Confirmation APIs have enabled Pan-China to consistently and securely deliver faster and more accurate data to their global clients. 

Remarkable Efficiencies Within Hours 

Working together with the Confirmation team, Pan-China successfully implemented and launched the Confirmation API suite.  

On Friday, 1^st December, 2023, Pan-China initiated their first API enhanced client authorisation process for confirmations. Within two hours of launch, Pan-China’s first API enhanced client authorisation was securely obtained. By the following Monday, Pan-China had seamlessly navigated a global confirmation by initiating a confirmation request to a bank in Malaysia. By Tuesday, the Malaysian bank had responded with remarkable promptness, confirming the request.  

The entire process, from initiation to confirmation, unfurled in less than 6 hours, driving transformative efficiencies to Pan-China’s audit confirmation process. 

Confirmation APIs: Catalysts for Driving Transformation 

Mr. Lian Tan, Partner of Pan-China, was enthusiastic about the impact, “The seamless integration of the Confirmation API not only streamlines our confirmation procedures and boosts efficiency but also strengthens our end-to-end control over the confirmation process, thereby elevating the security, confidentiality, and reliability of our data to new heights.”

Automating key audit processes with Confirmation APIs has made it easier for Pan-China to: 

• Minimise manual work 

Confirmation APIs enable greater visibility into confirmation statuses and enhance the connection with Pan-China’s systems. With features like Single Sign-On (SSO) for simplified access control, a custom dashboard providing real-time status updates, and the ability to effortlessly save completed confirmations and associated files directly into Pan-China’s preferred software, APIs streamline the audit workflow for optimal efficiency and convenience. 

• Access secure data, fast 

Confirmation APIs provide secure and immediate access to critical audit data. Pan-China now has greater visibility and oversight of confirmation status updates and can monitor in real-time together with the firm’s IT department, electronic confirmation processes. 

• Increase information accuracy, reliability, and security 

Navigating the labyrinth of client authorisation information collection has been simplified by automating the maintenance of client and company signatory information. Auditors no longer rely on manual data entry, increasing data accuracy, security, and reliability.   

• Build a flexible and scalable automation ecosystem  

Confirmation APIs are flexible and adaptable tools that can grow with your organisation. With advanced customisation features, Pan-China has tailored Confirmation APIs to precisely locate and maintain client bank account information, further enhancing audit efficiency with a personalised touch. 

A Significant Achievement Reshaping the Future of Audit 

This success isn’t merely a footnote in Pan-China history, it’s a chapter that signifies a transformative leap into the digital age. By implementing Confirmation APIs to deliver automated electronic confirmations, Pan-China has set a new benchmark for delivering audit quality and excellence. As more firms embrace new digital technologies, Confirmation APIs present unlimited opportunities to realise efficiencies and reshape the future of audit.  

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