Confirmations Ltd. Saudi Arabia will provide the Confirmation service to The Kingdom of Saudi Arabia
NASHVILLE, TN - Jan. 31, 2018 - Confirmation, the world's leading provider of online audit confirmations, announced today a strategic partnership with Confirmations Ltd. Saudi Arabia. Through this partnership, Confirmations Ltd. Saudi Arabia will offer the Confirmation service to accounting firms and financial institutions throughout The Kingdom of Saudi Arabia. The 150-plus accounting firms and numerous financial institutions in Saudi Arabia will have the opportunity to join an already extensive network of more than 16,000 accounting firms and 4,000 financial institutions around the globe currently using Confirmation to manage the audit confirmation process.
"As the kingdom continues to diversify its oil-dependent economy, the accounting and auditing profession plays a vital role in fostering trust," said Saad Yousef AlMobarak. "The profession is being hindered by issues with paper-based and unsecure electronic confirmation processes, such as fax and email, which are not only inefficient but also unprotected against fraud. These issues seriously impact the audit practice in the Middle East. We must adopt financial technologies that guarantee trust, and Confirmation is a global market leader proven to be safe and secure."
Confirmation’s all-in-one online solution provides a platform for auditors to perform audit confirmations securely to third-party responders, such as companies, financial institutions, and law firms, while protecting privacy and confidentiality of clients’ data and reducing the risk of confirmation fraud.
"As the accounting and financial services professions in Saudi Arabia are rapidly adopting technology to improve efficiencies, combat fraud, and provide better client service to their customers, our partner Confirmations Ltd. Saudi Arabia, can deliver the Confirmation solution in the marketplace," said Dave Malone, president of Confirmation International. "We look forward to working closely with them to localize our service offerings in the region to include Arabic translation of the application and support of local currencies."
Confirmations Ltd. Saudi Arabia is the fourth reseller to join Confirmation's rapidly growing reseller network, which includes Confirmations Asia Pacific covering the Asia Pacific region, CQS Technology Holdings covering Sub-Saharan Africa, and Global International Management, LLC covering the Dutch Caribbean and Suriname. This new partnership begins with coverage throughout The Kingdom of Saudi Arabia, but there is an opportunity to leverage this reseller's unique position between three continents to expand into other Middle East and North Africa countries.
"The Kingdom of Saudi Arabia is one of the top 20 largest economies in the world, so it is an important market for our company," said Chris Schellhorn, CEO of Confirmation. "As the region focuses on technology and innovation, this is an opportune time to deliver our audit confirmation service, which improves the integrity of financial statements and leads to greater investor confidence."