For the first time, auditors can get complete, accurate and verified bank transaction data instantly from client accounts, super-charging evidence quality and fraud risk reduction.
Staff time reduced by an average of 2.5 hours per bank account, with a range of 20 minutes to 16 hours depending on the use case and the number of transactions. Tasks automated by using Circit:
- Requesting statements from client
- Manual typing of bank data into excel format
- Investigating missing transactions
- Re-reconciling of bank accounts
- Ticking and bashing against source docs
- Follow-up with clients for payee/payer details
- Correcting errors on data entry
Traditional methods of requesting bank statements from clients can take days or weeks. A seamless digital process end-to-end reduces this time by between 50%-90%
An industry first to be able to verify all company transactions from an independent source, leading to a significant increase in audit quality and a major reduction in the risk of unidentified fraud
Circit’s verified transactions platform helps firms increase audit quality by delivering real-time, independent evidence directly from source.
From the planning stage, provide your teams with verified data and remove the reliance on client-provided representations for banking payments and lodgements.
Increase confidence when signing audit reports
Transform going concern testing post year-end
Powerful fraud testing capabilities
Circit works with banking partners to deliver additional metadata which is not available on traditional bank statements, further reducing risk and opening up powerful new testing capabilities.
Creditor payments matched to unique accounts
Sales invoices and GL reconciled to bank
Debtors recoverability tested to post year lodgements
Enhance client confidence and reduce their workload with state of the art data transfer capabilities for highly sensitive information.
Board members protected with independently
Automated bank data removes the need
for continuous back and forth
Additional assurance with coverage for the full
year and post year-end