Accounting
Audit Sight Secures $4M in Seed+ Funding to Automate Auditing
Financial statement auditing is necessary for capital markets as audits provide transparency and trust for shareholders and creditors. However, with a high volume of transactions and data, auditing can be an unnecessarily large undertaking with ...
Apr. 28, 2022
Audit Sight, the essential tool for auditors founded by two “Big 4” accounting firm veterans, today announced $4 million in seed+ funding from Hyde Park Venture Partners to continue fixing the accounting industry’s complex and painful auditing process.
“Auditing is a painful process. And as more companies take to digital transformation to make their work more efficient, accounting has been stuck in the past,” said T.C. Whittaker, co-founder and CEO of Audit Sight. “Most auditors have the distinct memory of spending our days working in a windowless room, putting figures into a spreadsheet and thinking, ‘There’s got to be a better way to do this.’ That’s why co-founder Jonathan Womack and I decided to put our years of experience toward building the solution in Audit Sight.”
Financial statement auditing is necessary for capital markets as audits provide transparency and trust for shareholders and creditors. However, with a high volume of transactions and data, auditing can be an unnecessarily large undertaking with overwhelming amounts of work taking months to complete.
Audit Sight’s digital platform eliminates manual detail testing and saves auditors time by using APIs to access client records, verifying the accounting records to third-party data sources and producing GAAS-compliant work papers. Audit Sight enables auditors to do more value-add work that they enjoy by performing detail testing for them. Additionally, auditors can verify all transactions instead of testing a sample, increasing simplicity and efficiency in the testing and verification processes.
“Our team immediately recognized Audit Sight’s impressive traction selling to accounting firms and proactively extended additional funding following their initial seed round,” said Ira Weiss, partner at Hyde Park Venture Partners, Audit Sight board member and former auditor himself. “For those who’ve worked in the accounting industry, the busy seasons drain employee and business resources. The reliance on manual processes in testing and transaction verification only hinder growth. Audit Sight’s approach means auditors can spend less time deep in the weeds and more time increasing their overarching profitability.”
As the number of CPAs declines steadily with intense work hours leading to fewer early career auditing professionals, Audit Sight offers a way to improve public accounting experiences.
“As an audit service center for CPA firms, we needed a better way to support our clients,” said Chris Vanover, CEO and U.S. chief auditor of Auvana. “Our team now uses Audit Sight to perform a wide variety of outsourced audit procedures for CPA firms across the country. We’ve completely upgraded to a highly automated process that saves time, enhances audit quality, and simply gets the job done.”
Auditing is a $43 billion market in the United States, and automation solves common challenges and oversights for accountants, leading to a more focused and accurate outcome. To learn more about how Audit Sight can automate your company’s end-to-end auditing workflows, please visit www.auditsight.com.