Accelerating audit completion with faster, more reliable bank confirmations

The challenge: Delays and fragmentation in bank confirmations

For MCA Group, bank confirmations are a necessary final step in closing audit files. While balances are typically already substantiated through bank statements, confirmation letters provide the independent assurance required to complete the audit.

Historically, response times from banks were unpredictable and often prolonged. Using alternative confirmation providers, MCA Group routinely waited three to six months for responses. In some cases, confirmations required repeated follow-ups over several months, significantly delaying audit completion.

The challenge was compounded by how confirmations were returned. Responses arrived through a mix of channels — post, email, and individual bank portals — creating fragmentation and manual tracking issues. With confirmations scattered across inboxes, physical mail, and shared folders, it became increasingly difficult to maintain visibility into request status and ensure nothing was missed.

When managing audits with dozens of confirmation requests, this lack of centralised tracking introduced unnecessary risk and administrative overhead.

The impact on audit delivery

Delays in receiving bank confirmations had a direct effect on MCA Group’s ability to close audit files.

Even when all substantive audit work was complete, files could not be signed off without the confirmation letters. For time-sensitive engagements — including multi-entity group audits approaching statutory deadlines — a single missing confirmation could hold up the entire engagement.

In addition, the manual effort required to chase responses added up quickly. Each status check, follow-up email, or internal search for a misplaced confirmation consumed valuable staff time that could otherwise be spent on higher value audit work.

The solution: Returning to Thomson Reuters Confirmation

MCA Group returned to Thomson Reuters® Confirmation to address these challenges and bring greater predictability and control to its bank confirmation process.

From the outset, response times improved dramatically. Instead of waiting months, the firm now typically receives bank confirmations within two to three weeks. Just as importantly, confirmations are returned directly through the Confirmation
platform, creating a single, reliable source of truth.

This centralised workflow eliminated the need to manage multiple delivery methods and reduced the risk of confirmations being overlooked or misfiled.

Faster responses, clearer visibility

With Confirmation, MCA Group gained real-time visibility into the status of every request.

All confirmations are tracked in one place, allowing audit teams to see exactly which requests are outstanding, which have been received, and where follow-up may be required. This proved especially valuable on larger audits involving dozens of bank letters, where manual tracking had previously been a major pain point.

Instead of relying on ad hoc internal communication or chasing colleagues to confirm whether a letter had arrived, teams could confidently manage confirmations directly from the platform.

Measurable time savings for audit teams

The shift to Confirmation delivered meaningful efficiency gains.

Previously, each confirmation required repeated manual checks — often 10 to 15 minutes per check, conducted weekly over several months. With Confirmation’s faster turnaround times and centralised tracking, this ongoing effort was largely eliminated.

MCA Group estimates that the overall time spent managing bank confirmations has been reduced by at least 50%, allowing teams to focus on completing audits rather than chasing paperwork.

Responsive support when it matters

In addition to faster bank responses, MCA Group highlighted the importance of responsive customer support.

When questions or delays arose, the Confirmation team was easy to reach and quick to engage — often resolving issues through a short call or follow-up email. This responsiveness helped prevent small issues from turning into prolonged delays and reinforced confidence in the platform during critical audit periods.

Why Thomson Reuters Confirmation

For MCA Group, Confirmation stands out for its combination of speed, reliability, and network strength.

The breadth of the Thomson Reuters bank network simplifies the confirmation process and reduces friction for both auditors and financial institutions. Requests are easier to send, easier for banks to respond to, and far more predictable in terms of turnaround time.

As Pickering summarises, when confirmations are “easier and quicker,” audit teams become significantly more efficient — and audit delivery improves across the board.

Looking ahead

While MCA Group is currently focused on bank confirmations, the firm sees opportunity to expand its use of Confirmation’s broader capabilities over time. With additional training planned, the team expects to further standardise workflows and unlock even more value across future engagements.

To learn more about how Confirmation helps audit firms accelerate workflows and reduce risk, contact us.

MCA Group is an audit and accounting firm supporting a broad portfolio of clients, including complex multi-entity engagements. As part of its audit workflow, the firm regularly manages large volumes of bank confirmation requests.
James Pickering plays a key role in overseeing audit execution at MCA Group. His responsibilities include ensuring audit files are completed accurately, efficiently, and on time — particularly during peak reporting periods where delays can have downstream impacts on filing deadlines and client satisfaction.