Industry-Wide Electronic Bank Confirmation Platform

Why is MIA championing the industry-wide Electronic Bank Confirmation Platform?

Under the International Standard on Auditing (ISA) 505 External Confirmations, reliable audit evidence can be obtained in documentary form from a third party e.g. a bank, whether on paper, electronically or in another medium.

Many bank confirmation request letters are sent to banks annually by auditors for confirmation of their clients' bank balances and arrangements. Presently, electronic confirmations are used in a limited manner in Malaysia.

To keep abreast of the latest market developments, MIA championed an industry-wide Electronic Bank Confirmation Platform which is expected to be rolled out soon.

Extol Corporation Sdn Bhd (Extol) was selected to develop an industry-wide electronic bank confirmation platform, with a very economical usage fee compared to the current fee charged by an international service provider.

How to register the audit firm as the user of the Platform?

Auditors are encouraged to register their audit firm as the user of the Platform. For registration, auditors are required to:

Step 1 Read and understand the terms contained in the enclosed audit firm participation agreement. ⇓ Audit Firm Participation Agreement Form
Step 2 Complete and submit the Audit Firm Registration Form to support@econfirm.my to begin the activation process. ⇓ Audit Firm Registration Form

How the Platform works





Template for Bank Confirmation Request

For the purpose of requesting bank confirmation via this Platform, auditors are advised to use this revised bank confirmation request template:

Description: Bank Confirmation Request Template
⇓ Download
MS WORD Format 31.8 KB

Promotional Materials and Articles

DATE TITLE
11/11/2019 Industry-wide EBC Platform – E-booklet for Audit Clients (Mandarin)
27/09/2019 Industry-wide EBC Platform – E-booklet for Auditors
27/09/2019 Industry-wide EBC Platform – E-booklet for Audit Clients (English)
01/08/2018 e-AT - Save Time, Minimise Human Error with Secure Electronic Bank Confirmations
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Related Circulars and Notices

DATE TITLE
31/05/2018 MIA Technology Adoption
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Contact Us

For further enquiries, please email to smp@mia.org.my or contact 03-27229280/214/222.