Circit acquires Audapio to further automate the financial audit and reduce costs for auditors through its Open Banking regulated platform
Circit, the audit automation and confirmation platform, has expanded its analytics capabilities with the acquisition of Audapio’s data analytics solution.
Circit is a financial audit management platform that provides real-time visibility of audit confirmations as well as the verification of business transactions through its integrated network of banks, solicitors, brokers and fintech services.
Founded in 2019 by Dudley Gould, a Chartered Accountant formerly with KPMG and MKS, Audapio has been at the forefront of leveraging Open Banking data and AI to improve audit quality with analytics solutions for fraud detection and revenue completeness testing.
“As audit firms look to improve operational efficiencies and audit quality, there is a growing interest in our real-time audit confirmations and verified transactions platform. This acquisition strengthens our analytics offering and our commitment to helping auditors drive audit quality and reduce the chances of financial fraud going undetected,” said Circit CEO David Heath.
Circit has been granted registration as an Account Information Service Provider (“AISP”) by the Central Bank of Ireland and is licensed to operate throughout Europe under the PSD2 regulation. This has seen Circit build the largest international network of corporate bank integrations, allowing auditors to verify assets at source within seconds.
“I’m extremely excited to bring our analytics and AI to auditors around the world. Data analytics is key to driving audit quality improvements, replacing outdated manual sampling techniques with the ability to test 100% of transactions at the click of a button. Connecting to Circit’s network completes the end-to-end process for auditors when verifying business data with an independent source.” said Dudley Gould, Founder at Audapio.
Audapio will integrate into Circit and Dudley Gould will oversee the expansion of analytics capabilities and the roll-out into other markets as VP of Business Development.