KUALA LUMPUR (April 14): The National Audit Department Malaysia has entered into an agreement with AppAsia Bhd’s unit Extol Corp Sdn Bhd to participate in eConfirm.my.

eConfirm.my is an industry-wide electronic bank confirmation platform to facilitate the audit process for auditors and banks operating in Malaysia as required under the International Standard on Auditing (ISA) 505 External Confirmations, the company said in a filing to the stock exchange on Friday (April 14).

“The National Audit Department plays a critical role in ensuring the financial integrity and accountability of the Malaysian government, and we are excited to have them join our platform,” AppAsia chairman Datuk Seri Rahadian said, adding that the National Audit Department’s participation in eConfirm.my is a testament to the platform’s reliability and efficiency.

AppAsia launched eConfirm.my in July 2020, which it says is the nation’s first and only industry-wide electronic platform used to confirm banking information needed for audit purposes.

Through leveraging eConfirm.my, audit confirmation processes are streamlined, turnaround times reduced, fraud risks reduced, and the security of financial audits are significantly improved.

The platform's automated workflow and real-time reporting capabilities enable audits to be conducted with greater transparency and efficiency.

AppAsia shares closed unchanged at 10 sen on Friday, valuing the company at RM112.96 million.