How International Confirmations Work
- 2 minutes read
Because Confirmation is a global solution, you’re able to send audit confirmations to anyone around the world. So how does this work? Here’s a few highlights that help streamline our online confirmation solution across the globe:
1) Security Measures
Confirmation complies with the EU-US Privacy Shield Framework designed by the US Department of Commerce and European Commission. This provides companies on both sides of the Atlantic with a mechanism to comply with EU data protection requirements when transferring personal data from the European Union to the United States in support of transatlantic commerce.
For more information about how we’ve set the standard in security, click here.
2) Currency & Language Options
The default billing currency is established by your firm or office. To view your office setting, select “User Profile” from the application header and choose “Settings.” Your current currency setting will be shown under “Default Billing Currency.” To modify, contact your administrator of Confirmation’s customer support team.
So, what happens if you send a confirmation from the U.S. to Italy? The currency will stay in U.S. Dollars.
Currently there are 177 currencies available within the Confirmation application. Here are a few available through Confirmation:
- United States Dollar
- European Euro
- Indian Rupee
- Japanese Yen
- Pound Sterling
- South African Rand
- Australian Dollar
- Canadian Dollar
The Confirmation.com application also offers a variety of languages such as English, French, Spanish, German, and Simplified and Traditional Chinese.
3) Reliable Process
For international audits, the rules of auditor performance are set by the IAASB. Along with the IAASB, the AICPA (audits on non-public companies), and the PCAOB (audits of public companies) in the United States, all agree that the four tenets of performing a proper confirmation are to:
- Communicate directly with and receive an active response from the third party
- Exercise professional skepticism
- Identify and validate a respondent who is free from bias and authorized to respond
- Maintain control of the confirmation process
Having the IAASB, the AICPA, and the PCAOB all set the same guidelines for audit confirmations not only restores consistency in all audit confirmations but also provides peace of mind that confirmations sent across the globe are reliable.