Core Insights - The announcement by the Chinese Institute of Certified Public Accountants regarding the electronic bank confirmation platform marks a significant step in the digital transformation of the auditing industry, with 1,095 accounting firms and 2,019 financial institutions connected to the platform by September 30, 2025 [1][2][3] Group 1: Digital Transformation in Auditing - The electronic bank confirmation platform aims to address traditional confirmation challenges by creating a digital closed-loop process for issuing, receiving, and responding to confirmations, thereby enhancing the authenticity and completeness of confirmation information [2][3] - The integration of multiple platforms by several accounting firms expands the coverage of confirmation channels, reducing potential audit blind spots associated with single-platform limitations [2] Group 2: Efficiency and Risk Management - The shift from paper-based confirmations to electronic confirmations significantly accelerates the confirmation process, reducing the time from weeks to same-day responses, allowing auditors to focus on complex transaction assessments and risk evaluations [2][3] - The platform establishes a standardized data exchange system for the auditing industry, unifying formats, content, and verification standards across different firms and financial institutions, which helps mitigate discrepancies in confirmation information [3] Group 3: Regulatory and Industry Implications - The announcement of the electronic confirmation platform's adoption is not merely a numerical update but signifies a crucial transition from pilot exploration to practical implementation in the digital transformation of auditing [3] - Enhanced data sharing between platforms is expected to improve audit quality and contribute to the stable operation of capital markets, establishing a more robust "digital defense" for the accounting profession [3]