Electronic Audit Confirmations Improve Turnaround Time by 95 Percent

Last Updated: 05/22/2009

NASHVILLE, TN – May 22, 2009 – With the largest sample size of confirmations ever studied, Capital Confirmation, Inc., the leading provider of secure audit confirmation services, reports that during busy season 2009 their Confirmation.com solution reduced the turnaround time for audit confirmation requests by an average of 95 percent compared to using the standard paper and mailed based process.

With almost 200,000 electronic confirmations studied in the first quarter of 2009, the average turnaround time for the entire sample was just 1.03 days with more than 87 percent returned to the auditor in less than two business days.  The typical turnaround time when mailing the paper confirmation form is between 21-40 days.

“During busy season, the increased volume in confirmation requests can over extend resources and increase expenses for accounting firms and responders alike,” said Brian Fox, chief marketing officer of Capital Confirmation.  “In today’s cost-conscience environment, being able to process a confirmation request in less than two days is a huge benefit for all parties that touch the audit confirmation process.”

Confirmation.com does more than just improve turnaround times and increase efficiencies.  It also reduces both the risk of confirmation fraud and the number of errors while helping to support a company’s green initiative by going paperless.