Audit standards set to soar higher thanks to strategic alliance between Rabobank and Circit
The accountancy industry is facing a growing shortage of skilled personnel and increasing pressure on audit quality. To address these challenges, Rabobank, a global leader in sustainable financial services, has partnered with Circit to introduce an innovative, real-time accessible audit solution.
The collaboration aims to digitalize and increase efficiency in the accountancy sector by enabling direct integrations between banking data and audit platforms. With this partnership, Rabobank clients can securely share their financial information at any time, making compliance work, such as WWFT checks, easier.
Jaap de Waard, vice president business development at Circit, expressed delight at the partnership with Rabobank, highlighting its potential benefits for auditors and corporate Rabobank customers. He stated, "The addition of batch transaction details to Circit's platform simplifies the collection of high-quality audit evidence for AI-based audit analytics."
The solution provides real-time access to verified financial data from Rabobank customers, enhancing the reliability, speed, and security of financial audits. Frans van der Lugt, proposition manager embedded services at Rabobank, stated that the partnership makes it easier for clients to share financial data and lays a solid foundation for reliable, future-proof audits.
Moreover, the embedded service developed by Rabobank allows direct API access to batch transaction data, reducing risk and increasing efficiency. Van der Lugt added, "Real-time data access for auditors is enabled through the joint solution by Circit and Rabobank."
The partnership ensures that the financial data accessed by Circit is secure and independently regulated under PSD2 for Open Banking. This collaboration between Circit and Rabobank addresses the industry's needs and aims to lower the administrative burden for corporate Rabobank customers.
In conclusion, the partnership between Rabobank and Circit is set to revolutionize the accountancy sector by providing a reliable, efficient, and secure audit solution that addresses the industry's challenges and enhances compliance work for corporate Rabobank customers.
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