Firm develops product to cut time for audits by 80%

Fintech company Circit has developed an online tool it says can cut the time it takes to perform financial audits by up to 80 per cent.

The product is designed to make audits faster and more effective by removing the paper based processes for businesses, which is time consuming for all parties, including the auditors, banks and solicitors.

Furthermore, there are fraud risks that Circit says it will eliminate, as well as the data security risk due to missing requests in the post.

In addition, all organisations are validated and users authenticated to ensure only the auditor making the request can open the response, with a detailed audit trail at each stage in the process. The product is now live and available to Ulster Bank customers.

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Circit chief executive David Heath said the product’s major focus was on security and design.

“There has been a missing link to connect these organisations in a highly secure way,” he said. “We have a major focus on security, but also on design. Auditors have been largely neglected when it comes to software products with a great user experience.”

‘Safe and secure’

Ulster Bank chief administrative officer Ciarán Coyle said the tool was “fast, safe, and secure”.

“When we first met Circit, we were excited because we knew they had the potential to offer real benefits to businesses,” he said.

“We’re delighted to take this support one step further and link up with Circit to offer customers this fast, safe and secure online audit tool.”

The company's backers include Escher Group Holdings, Enterprise Ireland and a number of significant angel investors.

Niall McEvoy, manager of high potential start ups at Enterprise Ireland said Circit had the potential to expand internationally.

“In the current Fintech environment with open banking and blockchain technologies emerging, it is very exciting to see how Circit will apply its technology to the financial auditing sector,” he said.