APB aims to speed up the audit process
Audit watchdog issues guidance to speed up process for auditors to receive client confirmations from the banks
The Auditing Practices Board has issued a revised protocol covering the way
in which auditors ask banks for confirmation of clients’ details, in a bid to
speed up the process.
Discussions on speeding up the process between the banks and auditors began
two years ago, following concerns that banks were tardy in handing over
confirmation details, and were putting auditors’ clients at risk of an audit
qualification.
‘Obtaining confirmation of bank balances is an important source of audit
evidence, and I hope that auditors will find that the new process described in
Practice Note 16 will improve the speed and accuracy of confirmations provided
by banks,’ said APB chairman Richard Fleck.
Further reading:
Auditors triumph in clash over bank confirmations
process