1. Overview of Integration

Audit Sight uses Plaid, a third-party bank aggregator, to securely retrieve banking data from clients. Plaid is SOC 2 compliant and integrated into Audit Sight’s security program, ensuring top-tier data protection.

Trusted by Leaders in Financial Technology:
Plaid is the solution trusted by PayPal and Venmo for secure and reliable banking data connections.

Key Features of Plaid Integration:

• View-Only Access:
  • Plaid provides read-only access to banking data, including account info, balances, and historical transactions.
  • Audit Sight cannot move money, modify banking records, or perform any actions beyond viewing account holder details, balances, and transaction history.

2. Start the Conversation Before Connecting 💬

Before sending the connection link to your client, it’s crucial to have a conversation with them to:

1. Set Expectations:

   • Explain how the Plaid integration works and its benefits (e.g., saving time, reducing manual uploads).
   • Highlight that the integration is view-only and cannot affect their banking records.

2. Address Limitations:

   • Be transparent that Plaid might not work in all circumstances, especially for clients with:
     • Advanced treasury functions (e.g., sweeps, ZBAs, foreign bank accounts).
     • Banking platforms not supported by Plaid, even within otherwise supported institutions.

3. Gauge Comfort Levels:

   • Understand and address any hesitations your client may have about connecting their bank.
   • Offer alternatives, such as uploading PDF bank statements, if necessary.

4. Prepare for Success:

   • Ensure the client has their banking login credentials ready.
   • Confirm that they have administrative-level access to the bank account.

By setting the stage with a clear conversation, you can help your client feel confident and prepared to proceed with the connection.

3. Data Availability 📊

• Transaction History:

  • Plaid retrieves up to 24 months of transaction data from the connection date, depending on bank availability.
  • If the bank limits data retrieval, clients can upload PDF bank statements for testing.

• Supported Banks:

  • While Plaid supports over 11,000 banks, the details matter:
    • Many banks have multiple platforms, and Plaid may support only some of these platforms.
    • Clients with less sophisticated bank accounts are more likely to connect successfully.
    • Clients with advanced treasury functions are less likely to be supported by Plaid.

Warning: These are general guidelines for data availability but may vary by bank account. Some banks limit the amount of historical data. It is always a best practice to connect before the balance sheet date.

4. Connection Requirements 🛠️

The Workflow: Simple or Complex – Depends on Your Client's Bank and Security Settings.

Connecting bank accounts through Plaid can range from an extremely straightforward process to one requiring more complexity. The ease of connection largely depends on:

• Whether the client’s bank is supported by Plaid.
• The sophistication of the client’s banking platform (e.g., accounts with advanced treasury features).
• The security features enabled on the client’s bank account.

For a Successful Connection:

1. Verify Bank Support:

   • Direct your client to complete the Bank Connection Assessment Form to determine if their bank is supported by Plaid.

2. Administrative Access:

   • Confirm that the client contact has appropriate administrative-level access to the bank account, as some banks require this.

3. Authentication and Security Features:

   • Identify if the client’s bank uses additional security features, such as:
     • No additional security features
     • One-time passcode
     • Cloud-based authenticator app
     • USB key
     • Token
     • Other (please specify)

4. Login Flow:

   • Confirm the correct login flow is selected (e.g., personal vs. business accounts).

5. Best Practices Before Connecting 💡

If you anticipate that your client might be hesitant to connect their bank, consider the following best practices to address their concerns and guide the conversation:

1. Highlight Security Measures:

   • Emphasize that Plaid is SOC 2 compliant and used by trusted financial technology leaders like PayPal and Venmo.
   • Explain that the integration is view-only, and Audit Sight cannot move money or make changes to their bank account.

2. Discuss Benefits:

   • Connecting their bank eliminates the need for manual uploads and saves time.
   • It provides secure, seamless access to up to 24 months of banking data for testing and verification.

3. Reassure About Control:

   • Clarify that clients can revoke access at any time if they change their mind.

4. Be Transparent About Alternatives:

   • Remind them that PDF bank statements can be uploaded instead, but this limits functionality (e.g., inability to verify bank balances automatically).
   • Note that choosing not to connect their bank could result in additional audit costs.