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#2121621 - 03/11/17 06:54 PM Audit confirmation by text or email?
soundbank Offline
Junior Member
Joined: Mar 2012
Posts: 44
Just wondering if any internal auditors out there send loan or deposit confirmations by email or text? Not sure what the compliance implications would be, but seems like a much more efficient way to obtain this information

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#2121641 - 03/13/17 01:03 PM Re: Audit confirmation by text or email? soundbank
osucpa Offline
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Joined: May 2011
Posts: 1,406
No. From an Internal Audit side, I have never sent out a confirmation.

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#2121656 - 03/13/17 02:04 PM Re: Audit confirmation by text or email? soundbank
rlcarey Offline
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rlcarey
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Galveston, TX
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#2121995 - 03/15/17 01:06 PM Re: Audit confirmation by text or email? rlcarey
QCL Offline
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QCL
Joined: May 2002
Posts: 6,259
NW IL
Originally Posted By soundbank
Just wondering if any internal auditors out there send loan or deposit confirmations by email or text? Not sure what the compliance implications would be, but seems like a much more efficient way to obtain this information


soundbank,
See sections .28 and .29 of that standards that Randy linked for you. While "silent" on specific sending methods (like text or email) the standards do state that is it important to "establish{ing} direct communication between the intended recipient and the auditor to minimize the possibility that the results will be biased because of interception and alteration of the confirmation requests or responses."

I do not send confirmations (nor verifications) via text or email. I still use USPS. In recent years, I have been receiving more and more confirmations from confirmation[dot]com, though I have not used it to send them out.

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#2153690 - 11/15/17 05:27 PM Re: Audit confirmation by text or email? QCL
Wishful Thinker Offline
Member
Joined: Dec 2008
Posts: 77
Picking up on this conversation. On DDA/SAV audit confirmations, do you all print out full account numbers and social security numbers on the account to get confirmation on them?

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#2154159 - 11/17/17 11:13 PM Re: Audit confirmation by text or email? Wishful Thinker
Cornfed Turtle Offline
Diamond Poster
Joined: Mar 2006
Posts: 1,323
"...Somewhere in Middle Americ...
Good old postage on a envelope at our bank, too.

As an aside, you might want to check with your externals. It was a question from our guys. They wanted to make sure we were sending and receiving actual paper.

And, yes, WT, ours have the full account number on the confirmation notice. We have had a customer get two confirms. He got two envelopes with two different notices showing two different numbers.

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