Circit acquires Audapio, aims to cut audit costs

By Robin Amlot

Circit, an audit automation and confirmation platform, has expanded its analytics capabilities with the acquisition of Audapio’s data analytics solution. Terms were not disclosed.

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. Audapio will integrate into Circit and Gould will oversee the expansion of analytics capabilities and the roll-out into other markets as VP of Business Development.

“Data analytics is key to driving audit quality improvements, replacing outdated manual sampling techniques with the ability to test 100% of transactions at the click of a button.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 Gould.

Circit was 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. The firm has created an international network of corporate bank integrations, allowing auditors to verify assets at source within seconds.

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. “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.

In July last year we reported that Circit raised €1.1 million in a funding round led by Commodore Investments with participation from Enterprise Ireland. It also saw participation from finance investors, Jim Brown, former CEO of Ulster Bank and John Power, former General Manager at AIB, as well as Peter Gray, ex-KPMG and CEO of ICON Plc.