Open Banking In Audit: Bank Confirmations
This 12 page guide includes:
- Advancing audit technology
- What is a bank confirmation
- Consolidated vs account based
- Obtaining a bank confirmation
- The bank confirmation process
- Is Open Banking an external confirmation?
- Is Open Banking a consolidated or account based confirmation?
- Taking a risk based approach
- Firm Policy
- Moving from balances to transactions
Everything you need to know...
Technological evolution is relentless across the world of business. Keeping pace with that change means auditors and accountants are evolving working practices to maintain the relevance of their work.
Administrative audit tasks such as trial balance tie-in or lead schedule creation are now automated. Audit sampling is being replaced by Audit Data Analytics to address the highly transactional nature of modern, global business.
The increasing availability of reliable data is driving the Digital Audit movement. Open Banking is the next step on the audit profession’s digitalization journey, evolving towards more relevant and valuable services.
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