The first confirmations network that verifies every fund asset in financial services audit

DUBLIN, IRELAND, November 28, 2024 /EINPresswire.com/ -- Circit is pioneering a transformation in the audit verification process with its new Asset Management Confirmations solution, addressing critical needs in the asset management industry where accuracy, efficiency, and compliance are paramount.

An Integrated Solution for Asset Management Confirmations

Circit Asset Management Confirmations is the world’s first confirmations network purpose-built to verify every fund asset in financial services audits, leveraging a network of validated organisations to securely exchange and complete financial information during the independent audit verification process.

Audit confirmations are essential for validating financial statements in asset management, involving multiple counterparties and navigating complex regulatory landscapes. Circit’s solution unifies all stakeholders—auditors, fund administrators, investment managers, custodians, law firms, and more—onto one validated network. By centralising and automating the confirmation process, Circit provides stakeholders with full visibility and control over every stage of the process, drastically reducing inefficiencies and enhancing security across the ecosystem.

Key Features

One platform: Asset Management Confirmations brings all parties onto a single, secure platform, ensuring visibility of the process without the need to create trackers or duplicative efforts in different organizations.

Collaboration and real-time status visibility: Effortlessly reassign ownership of requests between global teams internally in your own organization and keep external stakeholders in the loop with a copy of evidence automatically.

No more emails: Eliminate exceptions and escalation touchpoints with clients. Reduce shared e-mail inbox traffic by 85% and resolve queries on-platform for individual line-item asset valuations or queries at a file-level.

Task Automation: Roll-forward requests to streamline data entry year on year. Leverage AI and a built-in spreadsheet user interface to reduce time on manual tasks when verifying the accuracy of investment valuations.

A validated network: The Circit platform validates and connects every asset management provider in the ecosystem through strict KYC processes, allowing for audit confirmations and financial statements to be exchanged and verified securely.

Benefits Across the Ecosystem

For Auditors: Circit’s solution allows auditors to use templates that roll forward prior-year requests, significantly reducing preparation time. With smarter task automation, auditors can address specific exceptions in context, simplifying high-value verification tasks. Real-time status tracking allows for quick follow-ups, enhancing collaboration with fund administrators and depositaries. Real-time tracking and follow-ups mean email usage can be drastically reduced.

For Fund Administrators: The platform offers fund admins a secure, end-to-end digital experience, where they can update confirmations and send them for encrypted sign-off. This prevents data silos, improves integrity, and provides visibility into confirmation requests across funds and regions, facilitating resource allocation and automation. Line-item precision means valuation records are easily located, and queries are solved in context.

For Evidence Providers: Evidence providers using Asset Management Confirmations can work seamlessly across internal and external organisations to confirm investment positions with auditors accurately and efficiently. The platform’s immutable audit trail ensures all actions are documented, providing robust compliance tracking.

Future-Ready Solution for the Asset Management Industry

Circit’s Asset Management Confirmations solution is a future-focused platform that mitigates risks and liberates investment professionals to focus on value-added work. Circit’s platform represents a giant step toward true digital transformation for the asset management and audit industries.

Learn More

Join Circit’s network today and redefine your audit confirmation process with our innovative solution. Visit www.circit.io, or read our blog on our new Asset Management Confirmations product.

About Circit

Circit is an audit evidence collection platform for firms to verify the trusted source in every business transaction. We help teams save time on processes, tracking request statuses and collaboration with evidence providers. Firms using Circit deliver higher quality audits by elevating the client experience and streamlining direct from source collection.

The Circit platform is a fully integrated suite covering a range of products to facilitate audit, tax and funds use cases. The platform offers confirmations, client collaboration, transaction level third-party evidence and a matching engine. With a focus on security, we offer a directly regulated platform to connect all stakeholders seamlessly.

Media contact

For any further enquiries, please contact laura.macek@circit.io

Laura Macek
Circit
+44 7453 971969
laura.macek@circit.io
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Circit Asset Management Confirmations

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