External | what does this mean?
This content is provided by an external author without editing by Finextra. It expresses the views and opinions of the author.
DBS rolls out digital audit confirmation package for SMEs 25 January 2021
Source: DBS With corporate Singapore busy closing their accounts for Financial Year 2020, DBS is helping to make that time-consuming task simpler by leveraging its digital capabilities to roll out the industry’s first digital audit confirmation solution. Audit confirmation is a common audit procedure applied by auditors to ascertain the existence and/or completeness of a company’s assets and liabilities. It is required as part of the audit process for financial statements, and DBS receives more than 30,000 requests per year.
The Straits Times
The digital process will cut processing time for audit confirmation requests to under 24 hours.PHOTO: ST FILE
Michelle Zhu
https://str.sg/JKGr
They can read the article in full after signing up for a free account.
Share link:
Or share via:
Sign up or log in to read this article in full
Sign up
All done! This article is now fully available for you
Read now
Get unlimited access to all stories at $0.99/month for the first 3 months.
Get unlimited access to all stories at $0.99/month for the first 3 months.
including the ST News Tablet worth $398.
DBS Announces Digitalized Audit Confirmation Solution for Both Corporate & SME Customers
Southwestern Asian banking group
DBS has reportedly launched a digitalized audit confirmation solution for both corporate and SME customers. According to various reports, the solution cuts down on the processing time for audit confirmation requests from compared seven-day industry norm to just under 24 hours.
DBS also revealed that the solution is expected to help lower the incidence of rejections from incomplete or incorrect form submissions, which are caused in human errors. Customers are now able to track the statuses of their requests in real-time through DBS IDEAL instead of over the phone. Speaking about the new solution, Tan Su Shan, Group Head of Institutional Banking at DBS, added: