More often than not the word audit tends to invoke anxiety and stress within an organization. That is because reviews are the inspection of the company's financial and whether they are indeed using the right standards to come up with their figures.
However, there are significant downsides to our current auditing system with security, and fraud making large percentages of poor auditing scenes. But some venture has found the use of blockchain technology can be useful in providing accountability in our auditing processes. As a digital ledger, blockchain allows for a distribution structure of data management.
What is AUDITCHAIN AUDT?
AUDITCHAIN is the first decentralized audit, accounting and live financial reporting ecosystem for business enterprises and individuals. The platform will incorporate an open source portal for smart contracts to enable the capture, process, report, and auditing of business and performance data through a continuous independent auditing standard.
The decentralized audit system will use the DCARPE protocol to provide the presentation of the enterprise data to the stockholder's reports in an authentic and real-time manner.
Main Features of AUDITCHAIN
- AUDITCHAIN NETWORK ACCESS AND SERVICES- the network will comprise of rules assurance payments and services for audit and disclosure automation.
- AUDT fees- the AUDITCHAIN token (AUDT) will be the platform's primary exchange mode for the services. Enterprises will experience low prices with their participation in AUDITCHAIN's platform.
- PREMIUM STAKEHOLDER ASSURANCE- stakeholders, will have the chance to experience the highest level of transparency and control of their financial performance in real time.
How the Protocol Works
The platform's primary protocol relies on the use of smart contract to record or report the full range of data. DCARPE (Decentralized Continuous Audit and Reporting Protocol Ecosystem) will include some balance sheets, income statements, and returns forms, all in real time.
The concept of a continuous audit will provide stakeholders with audit assurance using the AUDITCHAIN public reporting console. In case an internal review and reporting are needed the console uses Audit Analytics to audit the given data and give results. Depending on the type of audit in need, the console relays the outcomes through the different network nodes.
How AUDITCHAIN Can Be Helpful
The decentralized nature of blockchain will allow multiple users to access the information in real time without the risks of data breaches, hacks or manipulation.
The continuous audit feature allows for the auditing and recording of business information in an open-source manner that is available for scrutiny by any member who sees it fit.
The self-auditing further facilitates real-time recording, validation, and verification of data through the smart contracts. The feature allows for quick recovery of information that would have taken the services of a professional auditor
Real-Time Audit Data Analysis
The AUDIT analytics console will execute commands to scrutinize data and give outcomes through a preconfigured condition that are set by the platform.
AuditChain AUDT ICO Conclusion
Although the concept of continuous and real-time auditing was there, few innovations lived up to the idea. However, AUDITCHAIN seems to have a platform that will provide these crucial services more cheaply and conveniently.
The use of blockchain further ascertains that the project aims to not only audit but also provide data protection services. As such, AUDITCHAIN can have the potential to drive us into a new trust less assurance economy.