Circit

TL;DR

Automates bank, legal, and fund confirmations for audit teams globally
Saves up to 80% of time on audit confirmations with direct source verification
Designed for audit firms, banks, law firms, and fund providers
Integrated suite includes confirmations, transactions, e-signing, and collaboration

What is Circit

Circit is a comprehensive audit technology platform that revolutionizes how auditors verify client assets and obtain independent evidence. As the world's first regulated audit-tech platform under PSD2 and Open Banking regulations, Circit provides auditors with direct connections to banks, law firms, and fund providers to automate the entire confirmation process. The platform eliminates manual processes, paper-based confirmations, and email chains by creating a secure digital network where auditors can instantly verify balances, transactions, and legal documents directly from source providers.

Key Features

Automated Confirmation Requests: Fully automate single asset confirmations across global banks, law firms, and fund providers, reducing confirmation turnaround times by 80% and eliminating manual tracking.
Verified Transactions: Access 100% of client bank transactions directly from source in just 3 clicks, providing real-time visibility of cash positions up to audit sign-off with 90% time savings.
AR/AP Confirmations: Streamline accounts receivable and payable balance verification with automated matching and real-time visibility of outstanding receivables and bad debt provisions.
PBC Client Collaboration: Lightning-fast collaboration platform that automates PBC list creation, provides full visibility into request status, and enables contextual communication between teams and clients.
Digital Document Signing: eIDAS compliant e-signing functionality built specifically for auditors, saving €90 per document with 80% faster turnaround times for financial statements and engagement letters.
Global Provider Network: Direct integrations with 2,300+ banks globally and 100% coverage of business accounts under PSD2, plus partnerships with law firms and fund providers worldwide.
Analytics and Insights: Unique insights into audit efficiency, client collaboration metrics, and automated matching capabilities that enhance audit quality through data-driven testing.

Who is Circit for?

Audit Firms: From Big 4 to mid-tier and small practices looking to automate confirmations and improve audit quality
Banks and Financial Institutions: Organizations seeking to digitize audit request processing and meet SLA requirements efficiently
Law Firms: Legal practices handling audit confirmations who want to eliminate paper processes and improve client service
Fund Administrators and Providers: Investment firms needing to automate fund operations and provide instant balance confirmations
Corporate Finance Teams: Companies wanting to streamline their audit process and improve collaboration with external auditors

Key Use Cases & Applications

Year-end audit confirmations: Automate balance confirmations across multiple banks and jurisdictions for faster audit completion
Cash position verification: Real-time monitoring of client cash positions throughout the audit period with direct bank feeds
Legal confirmation management: Digital processing of legal letters for contingencies, litigation, and other legal matters
Fund audit automation: Instant verification of investment positions and fund balances across multiple providers
Bank reconciliation testing: Auto-match 100% of bank ledger entries to source accounts and re-perform reconciliations
Remote audit enablement: Facilitate completely digital audits with secure document sharing and e-signing capabilities

Pros

Regulated under PSD2 and Open Banking, providing legitimate and secure access to financial data
Proven ROI with users reporting 4-hour time savings per client and 80% reduction in confirmation turnaround times
Comprehensive suite covering all aspects of audit evidence gathering, not just confirmations
ISO 27001:2022 and SOC 2 certified, ensuring enterprise-grade security and compliance
Direct integrations with 2,300+ global banks eliminate the need for manual bank portals
Active in over 100,000 audits across 12 countries with established trust from major firms

Cons

Platform adoption requires coordination with banks and evidence providers which may not be available in all regions
Learning curve for teams transitioning from traditional manual confirmation processes to digital workflows
Dependent on client authorization and cooperation for accessing bank transactions and confirmations
May require integration with existing audit software and workflows which could involve initial setup complexity
Limited visibility into pricing structure requires direct consultation which may slow decision-making

Pricing Info

Pricing is not publicly available. You need to contact them.

FAQs

How does Circit ensure the security and authenticity of confirmations?

Circit is ISO 27001:2022 and SOC 2 certified, and operates under strict regulatory oversight from the Central Bank of Ireland and UK Financial Conduct Authority. The platform uses bank-grade encryption and direct API connections to source providers, eliminating the risk of fraudulent confirmations. All data flows directly from the source provider to the auditor without manual intervention.

What types of confirmations can be processed through Circit?

Circit handles bank confirmations, legal confirmations, fund/investment confirmations, accounts receivable/payable confirmations, and any custom confirmation requests. The platform supports confirmations from over 2,300 banks globally, law firms, fund administrators, and other evidence providers across 12 countries.

How long does it take to implement Circit for an audit firm?

Implementation timelines vary based on firm size and requirements, but Circit emphasizes quick deployment with minimal IT involvement. The platform is cloud-based and requires no software installation. Most firms can begin processing confirmations immediately after account setup and team training, which Circit provides as part of onboarding.

Can Circit integrate with existing audit software and workflows?

Yes, Circit is designed to complement existing audit workflows and can integrate with audit management systems through APIs. The platform can export data in various formats compatible with common audit tools, and the PBC collaboration features work alongside traditional audit file structures.

What happens if a bank or provider is not yet on the Circit network?

Circit continuously expands its network and can onboard new providers upon request. For providers not yet integrated, Circit offers alternative workflows to manage these confirmations within the same platform, ensuring all confirmations are tracked in one place. The company actively works with providers to bring them onto the digital network.

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