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Benefits

RIVIO was designed to address marketplace demands for accurate, source-driven and verified financial information by providing a secure, digital platform that brings more control to the exchange of private company financial information.

The clearinghouse solves many of the challenges created by the methods CPA firms, private businesses, and investors and lenders use to share key documents. These issues surround CPA firm validation, the source and authenticity of information, as well as the distribution of information.

RIVIO facilitates a more secure exchange of audit reports, financial statements and other key documents and offers numerous benefits, including:

CPA Firm Validation

Source Confirmation and Document Authentication

Reduced Risk and Liability Exposure

Control For Distribution and User Notification

Document Requests and Tracking

 

 

 

CPA Firm Validation


CPA firms authorized to issue audit and review reports must adhere to a number of professional requirements, including licensure with the appropriate state board of accountancy and participation in a peer review program, where required.

RIVIO is designed to prevent fraud involving a fictitious accounting firm or a firm that is not properly licensed. It brings increased levels of confidence to third-party users who can confirm the authenticity of both the information and the source.

The clearinghouse provides CPA firm validation by confirming that the firm meets the following criteria:

  • Licensed with the appropriate State Board of Accountancy
  • Current in their relevant peer-review commitments

 

Related Videos

Users of Audited Financial Statements
With the RIVIO platform, users know they are viewing an unaltered set of financial statements that were uploaded by an appropriately licensed CPA firm that’s following professional...
 
The Audit Service
Carolyn McNerney of BDO provides an explanation of what an audit involves and what differentiates it from the review, compilation and preparation.
 

 

Source Confirmation and Document Authentication


The format and methods traditionally used to exchange audit reports and financial statements have left information open to fraud in the form of altered and falsified financial documents. Because of this, third party users cannot be certain of the source and authenticity of the information they receive.

RIVIO confirms the CPA firm as the original source of the audit and review reports and also verifies that the reports relate to the proper set of unaltered financial information. The platform brings more control to ensure documents are unaltered before clients share them with third parties.

By ensuring the authenticity of the information exchanged, RIVIO provides:

  • Reduced risk of fraud in loan, investment and other financial and management decisions
  • Increased levels of confidence to third-party users that data is accurate and unaltered

 

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Cases of Fictitious & Fraudulent Financial Statements
As technology becomes more sophisticated, there is more opportunity for fraud to occur by clients altering the financial statement after the CPA firm issues the audit report as wel...
 
The RIVIO Workflow
A comparison of the old paper process involved in sharing an audited financial statement and some issues that can arise versus a more controlled, secure process of sending financia...
 

"I've seen a number of cases over the years where clients have taken audited financial statements, modified them, and then used the report the CPA firm issued. In the approximately 500 cases I have supported for CPA firms, this is a common fraud occurrence for small and mid-sized firms."

- Robert R.Harris, CPA/CFF, FCPA, CGMA, Forensic Accounting Expert, Former AICPA Chairman

 

 

Reduced Risk and Liability Exposure


Third-party users who wish to verify the authenticity of documents sometimes attempt to contact a CPA firm directly. This can create a privity relationship, and the legal issues that can follow. In addition, firms that are victims of fraud can be at risk of being reported and brought into a lawsuit or investigation.

RIVIO reduces the risks and liability exposure inherent in the financial information exchange workflow by keeping third-party users anonymous to CPA firms and ensuring the delivery of unaltered information.

RIVIO offers protection by:

  • Serving as a safeguard against lawsuits, which can arise when private companies alter or forge a CPA’s audit report or referenced financial statements
  • Safeguarding a firm’s brand and reputation in cases involving fictitious use of a firm's name
  • Preventing the creation of a privity relationship, by eliminating the need for contact between lenders and investors

 

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Privity and Privity Defense
An explanation of what privity is and the importance of maintaining the privity defense for CPA firms. RIVIO provides a way for clients to share documents with third party users th...
 
End the Era of Forged Reports
CPA firms are now protected from their clients altering reports for their financial gain when using RIVIO.
 

"It protects all parties. It protects the CPA firm in ways because it preserves their privity defense and it protects the lenders and borrowers because they know they are getting an authentic document."

- Rich Miller, Former AICPA General Counsel

 

 

Control For Distribution and User Notification


The digitization of documents has increased the ease and speed of accessing information, making it easier for private businesses to distribute financial documents with any number of third parties. However, when information is shared by email, it can be challenging to notify the involved parties of withdrawals or changes to documents.

RIVIO adds more control over the sharing of audit reports and financial statements. It also ensures those that have received reports through the platform are notified when a CPA withdraws or makes any changes to it, eliminating any weakness in the chain of communication required by professional standards when updates occur.

RIVO provides protection to ensure:

  • All withdrawals and changes are communicated to any recipients who has received the documents
  • Report access is limited to a class of users specified by the CPA

 

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Recalling Audit Reports
Users that have received information through the RIVIO platform will receive a notice that it has been recalled. This brings efficiency to the process, and the CPA firm doesn’t nee...
 
Management of Restricted Use Reports
With RIVIO, only users who has been approved to view a restricted use report can see it in the system.
 

"When a CPA recalls a report, he expects the client to then get him back all the copies that were originally given to the client. What I have seen happen in many cases, is first of all, the client doesn’t do it. The CPA doesn’t know who got the statements and there’s usually banks involved. So, what we’re seeing is that there’s no real control over this.

- Robert R.Harris, CPA/CFF, FCPA, CGMA, Forensic Accounting Expert, Former AICPA Chairman