Within an annual audit, the confirmation of balance is an essential component for obtaining appropriate and meaningful audit evidence. For the confirmation of balance process, a targeted communication between different participants is necessary. Besides the auditors, the company to be audited and other various business partners of the client are involved.

The traditional balance confirmation process is known to be time-consuming and resource-intensive. Requests and confirmations are exchanged by post or email, which can lead to long waiting times and difficult communication. Deviations and ambiguities further delay processing. Digitalize your balance confirmation processes now with 5F – and achieve efficiency gains in the audit.