CPA2Biz, the marketing arm of the American Institute ofCPAs, has added Web-based audit confirmation services provider CapitalConfirmation Inc. to its growing list of Trusted Business Advisor Solutions,which also includes Bill.com, Copanion, Intacct, Paychex, and XCM Solutions.
The announcement was made here at the AICPA PractitionersSymposium & Tech+ Information Technology Conference.
Confirmation.com -- the company's Web service -- is apaperless solution designed to reduce audit confirmation turnaround time by 96percent from four weeks to one business day, saving accounting firmsapproximately 50 percent in staff time.
To maintain high data security standards,Confirmation.com undergoes SAS 70 Type II and SysTrust evaluations every sixmonths.
The move is in line with CPA2Biz's initiative to promotewhat it considers "best of breed" solutions for the CPA industry, allof which are cloud-based.
"Audit confirmation is incredibly important to theprofession, especially when selecting the software they use, and as more firmsmake the move to the cloud, we are advising that there are Web-based solutionsout there that are not living up to the standards that these [AdvisorSolutions] are," said CPA2Biz CEO Erik Asgeirsson. "With Capital Confirmation,you know the processes that occur and that the software meets the properstandards."
Asgeirsson added that there still needs to be a lot ofeducation in the industry around why audit confirmation is so important, andCPA2Biz and Capital Confirmation plan to do much of that work in theirpartnership together.
"We are extremely excited to be a part of the[Advisor Solutions] program; once we realized what [CPA2Biz] was doing, we sawit as a natural fit. We have always been in the cloud, and their effortssupport what we do," said Brian Fox, founder and chief marketing officerof Capital Confirmation. "We have the top 10 banks, as well as over 7,000CPA firms using our software. It makes sense for us to leverage the resources[the AICPA and CPA2Biz have]. We are showing the profession that they don'tneed to spend time doing [audit] reviews."
Fox, a CPA and former auditor withPricewaterhouseCoopers, formed the company 10 years ago and officially launchedConfirmation.com in 2003.
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