Circit, the innovative audit confirmation platform, has raised investment capital of €1.1 million, as it prepares the Company for significant expansion.
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“The recent Wirecard fraud has highlighted how balance confirmations are critical in preventing large scale corporate failures. Circit’s platform is built for this very purpose, to help auditors obtain the evidence they need from an independent and validated source.”
Circit was founded in Dublin in 2017 to introduce technology into the audit process to enhance efficiency; reduce the potential for fraud; and minimise cost for all stakeholders in the audit process.
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Auditors connect to Circit to obtain independent verification of balances and transactions, as well as perform a complete search of a company’s banking arrangements, or potential liabilities held with their solicitor.
Commenting on the funding round David Heath, CEO of Circit, said: “The recent Wirecard fraud has highlighted how balance confirmations are critical in preventing large scale corporate failures. Circit’s platform is built for this very purpose, to help auditors obtain the evidence they need from an independent and validated source.”
Already used by over two hundred audit firms, including Deloitte and PwC, Circit’s secure, easy-to-use platform transforms the audit process for its users, removing the fraud risk associated with current manual processes. Circit’s platform can reduce confirmation and reconciliation times from weeks to seconds. Used by auditors, solicitors and banks, the platform removes the administrative burden from all parties and enables a seamless, hassle free confirmation.
