eConfirm.my are targeted to be used by all the registered auditors with MIA and banks operating in Malaysia, including all the Commercial Banks, Islamic Banks, Investment Banks and Development Financial Institutions. They shall use the eConfirm.my to process the bank audit confirmation for about 1.3 million companies in Malaysia according to the statistic published by Companies Commission of Malaysia (“CCM”) as on 31st Dec 2019.
Besides various benefits to the clients, auditors and banks, eConfirm.my also provides a highly secured environment, especially with the implementation of the secured end-to-end encryption technology with the use of private/public key, to ensure the confidentiality, secrecy and integrity of the electronic bank confirmation documents. All sensitive data are encrypted with the latest AES-256 and/or RSA-2048 algorithm where ever applicable. All data transmission from the user to the Platform via the internet is encrypted with HTTPS (TLS 1.2 and above).
Since this is an industry-wide initiative, MIA will be the governing body to oversee compliance with regulations, data security and committed service level. An independent external auditor will be appointed by MIA to conduct a service organisation risk and controls assessment over the Platform, through the issuance of a Service Organisation Control (SOC) 3 Report.
Many bank confirmation letters are sent to banks annually by auditors to request for confirmation of audit clients’ bank balances and arrangements. The conventional process is slow and time-consuming. Such delays could impact the timeliness of financial statements being approved and signed off by auditors.
Online confirmations are now the preferred method for confirming client information in jurisdictions such as the United States of America, the United Kingdom and Australia. In Malaysia, online confirmations are being used in a limited manner for confirmations with some foreign banks.
To facilitate industry-wide electronic confirmations by Malaysian auditors and bankers for the purpose of enhancing the efficiency and security of the external confirmation process, the MIA engaged a local vendor, Extol Corporation Sdn Bhd (Extol), to develop an industry-wide electronic bank confirmation platform (the Platform), with a much lower usage fee as compared to the current fee charged by an international service provider.
Other electronic confirmation like legal or money market confirmation are not covered in this phase and they are to be included in near future.
The usage fee of the eConfirm.my is RM15 per online submission of confirmation request and will only be charged upon the successful receipt of the confirmation.
You should not submit the confirmation requests twice i.e. send manually via mail and electronically via eConfirm.my, as this will result in client being charged twice for the same confirmation request.
The sample template is a recommended guide for auditors and hence you may continue to use your firm’s existing bank confirmation request letter template.
However, it is important for you to add the part where there are several conditions that clients need to be aware of before granting their permission for your firm to submit the bank confirmation request via the EBC Platform and before giving you their authorised signature (see page 2 of Appendix 1 of template for bank confirmation request – Agreement To Obtain Bank Confirmation Through the Online Bank Confirmation Platform) such as the following:
a) there will be a fee of RM15 per confirmation for using the online bank confirmation platform and the fee is to be paid to Extol Corporation Sdn. Bhd.;
b) this RM15 per confirmation fee is in addition to the fee I/we currently pay to the bank concerned for providing the bank confirmation service; and
c) clients’ financial information will be available in the Platform for a period of 6 months from the confirmation date in the online bank confirmation platform
Participating banks might not process your request if the above is missing from your firm’s existing bank confirmation request letter template.
Nevertheless, audit firms may modify the above conditions (a) and (b) if the audit firm decided not to charge clients for the RM15 usage fee.
Follow the steps here
Yes. After you submit the form to request the registration form, you will receive a call or an email from us to confirm your details before proceeding to registration step.
After submitting the Registration Form to Extol support team at [email protected], you will receive a verification email to confirm your information and to register for a training. The training will be conducted at least once every week. After attending the training, you will be receiving an activation link to activate your firm, and subsequently to create users in your firm.
Yes, the Letter needs to be revised to obtain consent from the audit client on the usage of the Platform. The sample of the Bank Confirmation Request Letter can be downloaded from the MIA website at https://www.mia.org.my/v2/smp/electronic.aspx.
There is no limitation on the number of users.
Yes, you may request for prior year bank confirmations and there is an option to cancel wrong request, but this will not be possible once the requester has sent the request to the bank.
Yes, you may generate a report on the confirmation status based on several variables such as client, request date, requester, etc.
Different banks have different turnaround times (TAT), ranging from the shortest of 3 working days to the longest of 14 working days. The average TAT since its soft launch in May 2020 is within 5 working days.
No, there is no annual fee for Platform subscription. The usage charges is upon successful confirmation reply receives from the bank.
The usage fee is RM15 per online submission of confirmation request and will only be charged upon the successful receipt of the confirmation. The auditors can then bill it as out-of-pocket expenses.
Auditors will be billed twice a month on the 1st and 16th of the preceding period, and enjoy a credit period of up to 30 days to process and settle the payment.
The Platform usage fee of RM15 per confirmation is on top of the bank charges on bank confirmation, which the charges varies from bank to bank.
Yes, the service fee is 6% upon the usage fee of RM15.
The participating banks in the Platform has a centralised center to process the confirmation. Hence, only one confirmation is required for all accounts in that particular bank. The charges will be RM15 for that one confirmation request.
However, request submission to RHB Bank maybe differ as the bank’s current process is centralised by products. This may be revised from time to time.
You will need to submit your confirmation request every year, as there may be changes in the client’s authorised signatories or company stamp or change of the auditors.
There are several rejection reasons from the banks, which cannot be totally eliminated, regardless of whether you submit your request electronically or manually. However, through this Platform the rejection reasons will be clearly stated by the bank and you will receive it in an average turnaround time of 3 days.
You can reset your password by clicking on “Forgot User ID/Password” on the login screen and specify your User ID.
You can obtain your User ID by clicking on “Forgot User ID/Password” on the login screen and specifying your email address.
Email validation is required to ensure the activation process is successful.
Yes. You can check the checkbox stating “Trust this device for 30 days” on the Authentication screen.
The error indicates that the accounts is suspended due to inactivity for more than 30 days
Upon User ID creation, you will receive an activation email to the registered email address. Please provide as instructed in the email address.
For accounts that has been suspended due to inactivity for more than 90 days, please contact your User Admin.
A “Resend” link is provided on the Authentication Screen. Please click on the link, and within 60 seconds the new activation email will be provided to the email account registered with the User ID.
If there is no activation code email after several attempts, please contact your User Admin.
Password need to have a minimum of 8 character and is an alphanumeric value.
Each account can only be created with one email address.
After a successful login, you can edit the profile by clicking on the “Edit Profile” link on the top right of the screen.
Email us at [email protected]
For account creation related enquiries, please contact Audit Firm user admin.
For Audit Firm creation related enquiries, please email us at [email protected]
It means you have entered the wrong URL. Please ensure the URL typed on the browser is the correct URL provided by your User Admin.
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1. Make sure the client has sufficient funds in the accounts for bank charges.
2. Make sure the client has arranged the correct authorised directors’ signatories on the confirmation request letter.
3. Make sure client has used the correct authorised company stamp on the confirmation request letter.
4. Make sure the letter is dated properly and the financial year end date is indicated.
5. Make sure the company name and company number are correct and consistent with SSM records, i.e. ABC Sendirian Berhad or ABC Sdn. Bhd..
6. The submission date is not earlier than 30 days from the year end date, i.e. the submission for 30 June 2020 FYE only start on 1 June.
Additional consideration that relates to eConfirm.my
1. Do not submit duplicate confirmation request, i.e. manual and electronic.
2. Make sure the client information in the Platform is correct and consistent with the request letter.
3. Make sure the consent from client to use the Platform is included in the confirmation request letter (Please refer to MIA’s template).