DBS stated that this digital process would shorten the turnaround time for audit confirmation requests to less than 24 hours, as compared to the industry standard of at least seven days.
Tricia Ang, DigitalCFOAsia | 28 January 2021
DBS has launched the industry’s first digital audit confirmation solution, DBS Audit Confirmation, on its online corporate banking website, DBS IDEAL.
The solution helps DBS corporate and small and medium-sized enterprise (SME) clients to remotely validate their financial positions and balances, with confirmations submitted to their auditors as part of statutory corporate reporting criteria.
In a press release on Monday, DBS stated that this digital process would shorten the turnaround time for audit confirmation requests to less than 24 hours, as compared to the industry standard of at least seven days.
The digital solution is expected to save some 30,000 of the bank’s corporate and SME clients the “onerous” task of manual submissions and expedite the closure of their annual financial statements, added DBS.
With DBS Audit Confirmation, clients will be able to monitor the status of their requests instantaneously through DBS IDEAL rather than inquiring personally over a call. The lender said this addresses the industry’s pressure point of banks having to cope with high call volumes, particularly between January and March, when more companies close their books.
Audit confirmation is used by auditors to determine the nature and/or completeness of the assets and liabilities of the company. This is required as part of the audit procedure for the financial statements.
DBS said it receives more than 30,000 of such audit confirmation requests per year.
Tan Su Shan, DBS’s group head of institutional banking, said: “While audit confirmation is a fact of life for many businesses, we don’t believe it has to be a painful, long-drawn process. With the annual financial book closure peak season starting, we are bringing to bear our innovation and digital capabilities to offer our customers a service that will drastically reduce the time and effort needed to process their requests.
“This will free our customers from administrative tedium, which we hope will allow them to focus their energies on tasks that are more important to them as they prepare their businesses for the new year.”