The first confirmations network that verifies every fund asset in financial services audit
Audit confirmations play a pivotal role in financial statement audits, especially within the asset management industry, where there are many types of counterparties, in addition to the high compliance and regulatory requirements. Ensuring accuracy and efficiency in this process is essential not only for auditors but also for investors, asset managers, fund service providers and every stakeholder involved. Circit Asset Management is the first confirmations network that verifies every fund asset in a financial services audit.
Enter Circit Asset Management, the first confirmations network purpose-built to verify every fund asset in financial services audits. At its core, Circit is a network of validated organisations securely exchanging financial information during the independent audit verification process. The power of the Circit network combines the fastest turnaround times with the safest way to mitigate against fraud in financial statements. The parties involved are typically asset management service providers, including: auditors, fund administrators, custodians, general partners, limited partners, fund of funds, prime brokers, depositories, private equity investees and law firms. With every stakeholder operating within the platform, Circit ensures a streamlined path to audit completion. The result? An automated, tamper-proof chain of evidence verifying the ownership of every type of asset while reducing risk across the entire ecosystem.
In today's fast-paced and highly regulated financial environment, it's crucial to shift towards more secure, automated, and centralised processes. This is where Circit’s new Asset Management Confirmations solution comes in, it’s the world’s most complete confirmations platform for auditors to connect directly with asset management and fund service providers globally. Designed to bring all stakeholders together, Circit Asset Management verifies assets at the trusted source, automates workflows, and enhances both communication and collaboration.
Centralise and Streamline Asset Management Confirmations
Circit’s new solution centralises all confirmation requests, giving stakeholders complete visibility over every step of the process, ensuring compliance is automated and risks and inefficiencies are eliminated. What that means:
- One platform: Asset Management Confirmations by Circit brings together all stakeholders on one central, secure platform, ensuring visibility of the process without the need to create trackers or duplicative efforts in different organisations.
- Collaboration & 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 for auditors
Auditors will benefit from Asset Management in various ways:
- Faster request creation: Circit’s roll-forward feature lets auditors reuse prior-year templates, eliminating repetitive work and ensuring consistent, time-saving request creation every audit cycle.
- Smarter task automation: With AI capabilities for extracting and reconciling line items, auditors can streamline data entry and focus on verifying high-value positions. The platform’s line-item collaboration and file-level messaging functionalities allow for specific exceptions to be addressed in context, reducing time spent resolving audit queries.
- Real-time tracking and follow-ups: Track request statuses instantly, flag outstanding items, and collaborate directly with administrators through secure in-platform messaging —no email needed.
Benefits for fund admins
The Asset Management product will be groundbreaking for fund admins:
- Secure, centralized digital platform: Circit replaces email silos with an encrypted platform where fund admins can manage confirmations, share with signatories, and ensure end-to-end data integrity.
- Line-item precision: Quickly locate valuation records and resolve queries in context, reducing manual effort and the risks of email-based processes.
- Secure audit trail: Ensure compliance with a detailed, immutable audit trail that simplifies regulatory audits and mitigates non-compliance risks.
Benefits for evidence providers
Evidence providers using the product will benefit from:
- Collaborate with multiple organisations: Work seamlessly across internal and external organisations to confirm investment positions with auditors accurately and efficiently.
- Line-item precision: Quickly locate valuation records and resolve queries in context, reducing manual effort and the risks of email-based processe
- Secure audit trail: Ensure compliance with a detailed, immutable audit trail that simplifies regulatory audits and mitigates non-compliance risks.
A Future-Ready Solution for the Asset Management Industry
Along with improving audit efficiency, Circit’s new asset management confirmation solution also reduces risk across the ecosystem and elevates the entire confirmation process. This empowers investment professionals to focus on higher-value, more profitable work.
Want to learn more? Book a demo today!
Join the Circit network today and revolutionise your audit confirmations
“As the asset management industry and the financial audit strive for true digital transformation, the audit confirmations process has remained a challenge. We believe that Circit will help the ecosystem take a big leap forward by addressing these challenges with its innovative confirmations platform for the many different stakeholders involved.”
Shane O’Connor, Partner, KPMG Australia
