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Payments General

Irish company Circit brings open banking to the audit profession

Friday 22 March 2019 | 01:05 PM CET

Ireland-based audit firm Circit has announced it has been granted registration as an Account Information Service Provider by the Central Bank of Ireland.

Regulation by CBI paves the way for Circit to connect auditors with independent sources of audit evidence held by the banks of their client companies.

Circit’s platform transforms the audit process for its users, removing the fraud risk associated with the paper confirmation request process and enabling the process of audit confirmation requests on a real-time basis. Circit automates many of the traditional processes which have held the profession back in recent years. Following regulation in Ireland, the company’s next objective is to achieve regulation by the UK’s FCA which will facilitate growth in the UK audit market.

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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