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A Service of CPA.com an AICPA company

RIVIO, a service of CPA.com in partnership with Confirmation.com, is an online financial document clearinghouse that enables private businesses to exchange key financial information with their investors and lenders as well as retrieve information from their CPA firm, ensuring data is submitted from an authenticated source.

CPA.com and Confirmation.com are defining the new standard in financial information exchange for private companies with RIVIO. The platform supports greater controls, increases collaboration, and minimizes risk.

It leverages CPA.com and Confirmation.com’s experience and platform. Additionally, RIVIO provides a validation process to verify that CPA firms leveraging the clearinghouse, are appropriately licensed to upload attested financial information. Furthermore, the clearinghouse application is based on the technology behind the award winning Confirmation.com platform, used and trusted by more than 13,000 CPA Firms to manage their audit confirmations. The RIVIO system provides this same peace of mind for an array of private financial documents.

RIVIO is a virtual river of intelligent information flow which allows users to share more than just financial statements, through this financial document clearinghouse. The clearinghouse ensures continuous flow of financial documents, similar to how a river is a continuous flow of water.

The name RIVIO is also an acronym for:
Repository of Intelligent Validated Inputs and Outputs
 

The clearinghouse will truly transform the way in which you exchange financial documents, and enhance the associated processes.

 

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AccountingToday | TOP NEW PRODUCTS 2016

From Accounting Today February 3, 2016 © 2016 SourceMedia, Inc. All rights reserved. Used by permission and protected by the Copyright Laws of the United States. The printing, copying, redistribution, or retransmission of this Content without express written permission is prohibited.

ABOUT CPA.COM


CPA.com empowers CPAs and businesses for the digital age. The company offers a growing list of digital products and services that help firms succeed in practice management, client advisory services and professional development.

CPA.com is a subsidiary of the American Institute of CPAs, the world's largest member organization representing the accounting profession, and operates such leading websites as the AICPA Store, AICPA.org and IFRS.com.

The company has its headquarters in New York City and offices in Silicon Valley, Calif., Dexter, Mich., and Durham, N.C. For more information, visit CPA.com.

 

ABOUT CONFIRMATION.COM


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 3,000 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.

 

Why these companies joined forces to create Rivio:


Both Erik Asgeirsson, President and CEO of CPA.com, and Brian Fox, President of Confirmation.com, have had career long passions which include: ending the era of financial fraud, the proliferation of cloud accounting technology, and improving the accounting workflow.

A financial clearinghouse for private businesses was a missing piece in the profession.  Erik and Brian both felt as though it was something that was truly needed in the market, as well as transform the way in which we do business.

 

RIVIO Overview
Bringing private company financial statement exchange to the 21st century.

The Authentic Document
RIVIO ensures users they are looking at the current version of the document.

The RIVIO Workflow
Comparison of the workflow pre and post RIVIO implementation.

 
 

AUDITING IN THE FUTURE


Over the past decade, cloud technology has transformed the business community. The accounting industry is at an inflection point in regards to the audit process and tools we utilize. The profession is in great need to automate: data extraction, data analytics, continuous audits, and new audit services. For public organizations, a lot of this has been accomplished through SEC EDGAR. Until now, there has not been a solution to help the private business market solve this pain point.

Our team has the desire and capabilities to drive significant advances in transforming the future of the audit for privately held companies. The clearinghouse solution has teamed with the AICPA A&A team and the Audit Quality initiatives. We are very excited at the potential the clearinghouse solution has to transform the market. We believe the that clearinghouse is helping to mold the future of the audit by:

  • Providing digital delivery of audit documents
  • Validating the source of audit documents
  • Providing an EDGAR type clearinghouse for private organizations
  • Connecting all financial stakeholders, through one platform, without breaking privacy.

 

Evolution of Audit Services

RIVIO Delivers on the need to be digital and validated.

Resources where you can find additional information:

CPA Practice Advisor Article
Enhancing Audit Quality Initiative
The Future of Practice Monitoring
Audit Quality and Audit Selector
Blog Posting