Compliance with SA 500 and SA 505

Compliance with SA 500 and SA 505

Standards on Audit 500: Audit Evidence
  • Compliance with SA 500 and SA 505 Standards on Audit 500: Audit Evidence
  • "Reliability of an audit evidence is improved when it is obtained from an independent source outside the entity, directly by the auditor rather than indirectly or by inference, In documentary form, whether paper, electronic, or other medium".

    Confirmfast is a service provider independent of responder and client where the Confirmation requests are raised directly by auditor and the Confirmation is provided in electronic form.

  • SA 500 through its Para A18, suggest that:
  • "An external confirmation represents audit evidence obtained by the auditor as a direct written response to the auditor from a third party (the confirming party), in paper form, or by electronic or other medium."

    Confirmfast facilitate auditor to obtain Bank, AR and AP confirmations from the relevant confirming party in electronic form.

    Standards on Audit 505: External Confirmation
  • SA 505 through its Para A12, suggest that:
  • "A process used by the auditor and the respondent that creates a secure environment for responses received electronically may mitigate risks of reliability of responses to confirmation requests. If the auditor is satisfied that such a process is secure and properly controlled, the reliability of the related responses is enhanced. An electronic confirmation process might incorporate various techniques for validating the identity of a sender of information in electronic form."

    Confirmfast uses highest and best possible level of security and data integrity. Coming with ISO 27001 certifications and data security measures like SSL (Secured Socket Link) encryption, secure login, Data privacy certifications, Spyware & Malware protection we establish the identity of sender before the confirmation can be replied.