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.
RIVIO facilitates a more secure exchange of audit reports, financial statements and other key documents and offers numerous benefits, including:
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 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.
"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
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.
"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
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.
"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
The clearinghouse offers a quicker, more efficient way to request information. It gives users the ability to request multiple documents at the same time, and from different parties if needed. It also provides visibility into the status of requests and notifies users when information becomes available.