Circit is a financial audit management platform that connects banks, accounting firms, and clients to streamline the audit process through automated confirmations and real-time data access. By reducing the time spent on transaction verification by up to 80% and providing instant visibility into client cash positions, Circit enhances audit quality and efficiency.
Funding
$8.7M raised to dateRaised to date based on public sources. This may differ from the amount the company actually raised and is based only on what is publicly available on the internet.
ATMVFounders
Product
Problem
Traditional audit processes often involve manual confirmation methods and fragmented data access, leading to inefficiencies and potential inaccuracies in financial statement verification. The reliance on paper-based communication and manual reconciliation can be time-consuming and increase the risk of errors.
Solution
Circit offers a financial audit management platform that connects auditors, banks, law firms, and clients to streamline the audit process and enhance audit quality. The platform automates confirmation requests and provides real-time access to verified transaction-level data directly from source systems. By automating tasks such as sample testing and bank reconciliation, Circit reduces the time spent on transaction verification and client preparation. The platform also facilitates secure client collaboration and provides real-time visibility of client cash positions, receivables, and payables.
Target Audience
Circit primarily serves audit firms and accounting firms seeking to improve the efficiency and quality of their audit engagements, as well as banks, law firms, and fund providers involved in the audit confirmation process.
Features
- Automated confirmation requests for banks, law firms, and fund providers
- Direct bank integrations for real-time transaction-level data
- Automated matching engine for verifying client transactions to bank statements
- Client collaboration platform for managing PBC (Prepared By Client) lists and communication
- e-Signing capabilities for engagement letters and financial statements
- Comprehensive audit trail with timestamps, digital certificates, and IP addresses
- Data encryption in transit and at rest using Hardware Security Modules (HSM’s)
- SOC 2 Type 2 compliance and ISO 27001:2022 certification