Mon, Jan 25, 2021 – 10:48 AM
DBS has rolled out the banking industry’s first digital audit confirmation solution, DBS Audit Confirmation, on its online corporate banking platform DBS IDEAL.
The solution allows DBS’s corporate and small and medium-sized enterprise (SME) customers to verify their financial positions and balances digitally, with confirmations sent to their auditors as part of statutory corporate reporting requirements.
In a press statement on Monday, Singapore’s largest bank said this digital process will cut processing time for audit confirmation requests to under 24 hours, as compared to the industry’s norm of at least seven days.
The digital solution is expected to save some 30,000 of the bank’s corporate and SME clients the “onerous” task of manual submissions and expedite the closure of their annual financial statements, added DBS.
With DBS Audit Confirmation, customers will also be able to track the status of their requests in real-time