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.
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 currently being used in a limited manner for confirmations with some foreign banks. To keep abreast of the latest market developments, MIA championed an industry-wide Electronic Bank Confirmation Platform.
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.
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 30 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]
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