Corporates and SMEs’ audit confirmation requests will be processed in less than a day.
Corporate and small and medium enterprise (SME) customers of DBS can now request the bank’s confirmation to verify their financial positions and balances digitally through DBS Audit Confirmation, the bank announced. This is the industry’s first digitalized audit confirmation solution, according to DBS.
The confirmations will be sent automatically to the customers’ auditors as part of statutory corporate reporting requirements. Customers can expect to have their audit confirmation requests processed in less than a day, as compared to the industry norm of at least seven days.
DBS expects more than 30,000 corporates and SMEs to benefit from the service and save over 200,000 workdays.
“With the annual financial book closure peak season starting, we’re bringing to bear our innovation and digital capabilities to offer our customers a service that will drastically reduce the time and effort needed to process their requests,” said Tan Su Shan, group head of institutional banking DBS.
“This will free our customers from administrative tedium, which we hope will allow them to focus their energies on tasks that are more important to them as they prepare their businesses for the new year,” Tan added.
DBS Audit Confirmation will be accessible through DBS IDEAL, the bank’s one-stop online corporate banking platform. All documentation will be received, reviewed, and processed digitally. Customers can also track the status of their requests in real-time at their convenience via DBS IDEAL instead of calling.
In addition, the bank expects that the roll out of the digital audit confirmation service will lead to a lower incidence of rejections arising from incomplete or incorrect form submissions caused by inadvertent human errors.
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