"Until now the process of completing legal confirmations was time consuming for all parties involved," said Brian Fox, president and founder of Confirmation.com. "There simply wasn't an efficient and reliable way for auditors to send and lawyers to respond to legal representation letters. We are honored to receive such recognition for our legal confirmation service."
In a recent survey to CPA firms, the two biggest challenges with legal confirmations are managing the time between when the letter is sent to the law firm and when the response is received back; and following up with the law firm to receive an update prior to audit issuance.
Confirmation.com's legal letter confirmation service helps auditors overcome these challenges. The platform streamlines everything from preparing and post-dating letters for automated release, obtaining client approvals, tracking responses, and receiving documented updates.
Law firms worldwide are embracing Confirmation.com's service to better manage audit confirmations and mitigate risks inherent of the traditional paper-based process. Today nearly all of the top 100 US law firms and thousands of other US and international law firms are receiving and responding to legal representation letters through Confirmation.com.
"Using Confirmation.com to complete legal confirmations is much easier for the auditor, the client, and the responding law firm," said Chris Schellhorn, CEO of Confirmation.com. "This allows auditors to focus their time understanding the law firm's response rather than spending time tracking down the confirmation."
"We are constantly seeking new technologies that can benefit tax and accounting professionals, and their clients," said CPA Practice Advisor Editor-in-Chief Gail Perry, CPA. "As the profession continues to embrace new workflows and processes that optimize the potentials of these technologies, firms are improving their efficiency and focusing their practices on more profitable service offerings that, at the same time, are more beneficial to the small businesses that rely on them for advice and strategy."
The Innovation Awards are sponsored by CPA Practice Advisor magazine and honor new or recently enhanced technologies that benefit tax and accounting professionals and their clients through improved workflow, increased accessibility, enhanced collaboration or other means.
Winners and finalists of the Innovation Awards are selected by CPA Practice Advisor's editorial board and awards committee, a group of accounting thought leaders and professionals from across the country.
Confirmation.com is the world's leading provider of secure online audit confirmations. Today, 13,000 audit firms confirm over $1 trillion annually with over 3,500 banks for 700,000 clients worldwide. Confirmation.com is used in over 125 countries by banks, companies, and law firms to respond to audit confirmation requests. For more information, visit Confirmation.com.
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