Verified Transactions
Transforming the Audit of Cash Accounts
How do I get Open Banking data?
Why should I care?
As an auditor
Independence
Once authorisation is granted by the account holder, the bank data is delivered directly to the auditor from the back-end system of the Bank. No interference is possible from the client or Circit, significantly reducing fraud risk.
Standard Format
Get data from every bank in the same standardised excel format for ease of onward testing. You can also get additional data fields that are not available on bank statements for enhanced audit quality and fraud testing.
Time Saving
The process is streamlined to three clicks for the client and the bank statement data is delivered instantly to the audit team, saving hours per client engagement, and creating a better client experience.
Why is cash testing so important?
Almost all business transactions are ultimately settled through cash accounts, therefore a high-quality audit of cash also assists in the verification of other assets and liabilities, as well as revenue and expenses within the financial statements.
What is Open Banking?
PSD2 is an EU wide regulation which is commonly known as ‘Open Banking’. It stipulates that banks must allow customers to share their account data with regulated third-party providers.
Circit is a PSD2 regulated financial services provider under the European Union (Payment Services) Regulations 2018. Authorised by the Central Bank of Ireland Code - C176625, approved by the FCA in the UK and with passporting rights to every EU country. The Circit application and the Banks’ systems communicate with digital identity certificates issued only with regulatory approval.
Verified Analytics
The Circit Matching Engine brings verification time down by 80% & revolutionises audit quality with 100% of transactions verified at source
- Auto-match 100% of client bank ledger to source bank accounts
- Re-perform bank reconciliations
Verified Insights
- All cash accounts combined in one single view
- Instant visibility into transaction volume & value
- Daily, weekly, monthly cash balance trends
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