In a bid to expand its audit capabilities, audit automation and confirmation platform Circit has bought audit data analytics specialist Audapio.
As part of the deal Audapio CEO and founder Dudley Gould joined Circit as vice president of business development, overseeing the release of Circit technology across a greater variety of markets. Audapio will also be fully merged into Circit.
A qualified chartered accountant who has worked for Moore Kingston Smith and KPMG, Gould brings extensive knowlege of audit analytics to his new role with Dublin-based Circit. Having plugged artificial intelligence (AI) analysis tools into Open Banking data to improve audit quality with better fraud detection and revenue completeness testing, Circuit CEO David Heath was keen to combine and integrated his platform with Audapio.
This merger is the only acquisition that can be expected from Circit this year, Heath told AccountingWEB.
“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 Heath.
Coming soon from Circit
“We’re looking to deliver new products this year and this acquisition is part of that,” Heath continued. “Opening Banking and what it means for the financial audit is relatively new as a domain and we’re looking to be at the forefront of that.”During 2021 Circit is planning to introduce a verified transitions product and an analytics program called VT+, which will include Audapio. Together, the two products will fully automate the verification of a bank’s general ledger by automatically matching transactions against the business’s general ledger.
“The mission is to reduce the chance of fraud occurring to highlight to the auditor automatically what they need to be focused on,” explained Heath. “And really to bring about the recommendations that were put forward by the Brydon Report.”
Circit has already gained registration as an account information service provider (AISP) from the Central Bank of Ireland and is licensed to operate throughout Europe under the PSD2 regulation. The Dublin company has built a wide network of corporate bank integrations across the continent.