Auditchain – Decentralized Continuous Auditing & Reporting

Introduction

Audit is an important pillar of any enterprise, business, corporates, organization or company. An audit is the systematic inspection of accounts, records of a company which ascertain that the documented financial or noon financial transactions/statements are true. This is very much necessary for companies or organizations to conduct audit before releasing their yearly or quarterly results. This also ascertains that there is no misrepresentation or fraud was conducted in the companies operations.

Auditing is a ubiquitous phenomenon in the corporate sector. Often auditing is done internally or externally by third party auditors, where audit officers visit the company and perform complete audit. Annual audit helps the company to take growth decisions for the future developments.

But it is worth to note that everything is not so sweet as it seems. Every audit agency works today is completely centralized which is a threat and raises a question in its work transparency. And also the audit sector is still works on archaic work principles. But independent audit is not done everytime by audit officers. Most of the times they exercise malpractices to manipulate the audit results. If the company owner has a better relationship with the audit officer then he can influence in the final audit results. This biased audit is actually against the interest of true and transparent audit principles. And if the business owner has a bad relationship with the audit officer then his audit reports gives bad impression on his companies growth.

Another vulnerable issue with the present audit system is that the audit data they store in the systems are easily accessible for manipulation and fraudster activities. These problems needs immediate attention to eliminate fraud from the audit sector.

Thanks to a team of professionals who are on the mission to eliminate so the above mentioned problems by creating a platform called AuditChain.

About Auditchain

AuditChain is a blockchain technology powered decentralized platform which aims to bring complete transparency and trust in the audit operations. It implement smart contract functionality which automatically process and update audit performance date of the enterprises in real time. Thus, this functionality eliminates any third party interference in the audit process and brings transparency and trust in the Auditchain.

The self auditing and validation of transactions was done in 2009. Since then the continuous auditing and reporting on decentralized network is made possible. The implementation of improved DCARPE system boosts the self auditing on blockchain technology. Thus, this decentralized audit system can be deployed on any enterprise for independent and transparent audit.

Auditchain supports full stack technology and supports multi-layered protocols and GAAP, IFRS and GAAS smart contact functionality. This helps it to audit government agencies with full compatibility. Enterprises now have the opportunity to utilize decentralized systems for independent and trusted audit at any time.

The Auditchain uses it's open internal token called AUDT. Which will be used to access the features of platform and to pay commission fee.

Conclusion

There is no doubt that Auditchain will play an important role in bringing the real use cases of blockchain technology in mainstream sector. Auditchain is aiming to disrupt audit sector through decentralized nature of blockchain technology. It brings complete transparency and trust in the audit process. Thus, enterprises, companies and businesses can reliably audit their workflows. Auditchain will be a disrupting project in the blockchain and crypto space.

Finally I would suggest you to read the official whitpepaper of the project for more details. This project needs much public attention and I wish all the best for this great project.

About Author:
Bitcointalk username: Abhijeetcg
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ETH address: 0x96e95a1F40cf5a50178053740ADE18046815362d

Auditchain – Decentralized Continuous Auditing & Reporting

Introduction

About Auditchain

Token structure

Token distribution

Conclusion