Auditchain – Decentralized Continuous Auditing & Reporting
Auditchain – The first Auditchain Decentralized Continuous Audit & Financial Reporting Protocol Ecosystem that financial reporting and disclosure agreement ecosystems. The DCARPE warranties and disclosure framework is a Chartered Accountant and Chartered Accountants Who external verification system and the internal control environment and compliance functions of real-time network reporting financial statements. The DCARPE Explorer provides real-time analysis of financial statements and auditors and personal data. Research and buyers DCARPE browser will offer an analysis of audit subscribe and financial details, as well as tools that enable users to dynamically create operational reports, are updated, the end of the mechanization of the potential risk of approaching the foresight and sales transformation.
Auditchain proposed to reflect the deal included blockchain, accounting for contract sufficient smart capture, processing, auditing, and business data a continuous independent audit reports and accounting performance data over existing open source libraries continuous real-time, ecosystems auditing and control standards. For the public and/or permission-based presentation layer presents a real-time rendering, at each end of the block; balance sheet, income statement, statement of cash flow and equity reported that there are far more than the capacity of the existing reporting standards of reliability changed.
Auditchain configured with headquarters in Switzerland price profit. Auditchain hopes that by means of a combination of direct sales and alliances and collaboration, and cooperation with the business community early, to promote the adoption of AuditChain network.
We believe that the current Auditchain benefit First as a fragmented ecosystem of continuous auditing and reporting solution for enterprises and distributed networks. Auditchain expected fee income by services and receipt transactions associated with Auditchain network. Although premature and project revenue growth, we believe we can come to the initial comparison. A typical Fortune 100 company to generate more transactions per minute than a combination of revenge and Bitcoin Blockchains per minute basis for all transactions.
We believe in the potential of all transaction costs and the level of costs AUDT block Auditchain reward on the network to more than two public Blockchains of large enterprises or small and medium enterprises a single to 10 on a per block.
The Auditchain Is Trying To Solve The Problem Instance
Here is the current system there is a big problem. In this case, real-time reporting will allow the auditors and the company’s life very difficult. This will increase costs and require significant investment in human resources.
The best example is a direct report when the banks, Commonwealth Bank reported each user, the bank had to be sent from one day to one-year funding of frequency. Because of this, and reviewing the technical expertise required for banks, audit costs are usually higher than other companies.
Proposed Auditchain to make open source accounting blockchain agreement contains a library and intelligent enough to capture, process, review and ongoing corporate data and performance reporting data under independent audit was ongoing outside audit, audit and control standards existing ecosystem. Based on the level of public demonstrations and/or left to make real-time, at the end of each block, balance sheet, income statement, cash and equity report that there are far more than the ability to alter the reliability of the existing reporting standards.
Advantages of using AuditChain
1. The Audit Cycle Can Be Shortened
The traditional audit is a slice of time. Review and/or annual audit looked back quarterly performed by most organizations. What happened between these audits season? Many. Some companies actively carry out tasks of this audit watershed period. This slows the audit process significantly because of problems that occurred during this neglected and was not completed until the next audit cycle. continuous auditing, on the other hand, enables organizations to efficiently run faster, and more. There is no audit cycle. It’s “clean as you go.” This is the last 5 or 10 minutes, containing plants, the ability to view actionable information reported related. In the code of speech, flight preparation.
2. Speed Up The Solution To The Problem
Audit cycles shortened to speed up the renovation. Consider two similar organizations, A and B – which runs the conventional audit cycle A, B, and continuous auditing and reporting. When compliance issues arise, organizations may not mark time. Organization B, on the other hand, would mark a real-time problem and implement corrective measures. In this case, a significant weakness in the organization A network B. Operation Figure shows that: not only affect the speed and resolution of operational efficiency but also affect the competitive advantage.
3. To Increase The Objectivity Of The Audit
In the traditional audit cycle management of data collection, data collection and the ability to perform their subjective understanding of their needs. The result is a highly subjective data that Jason Meyers, which will be used to generate the data audit report said. This subjectivity led to the subjective intent of the data for reporting purposes, data-driven decision-making. It is easy to see that this is not an effective way to run an organization or system. Continuous review by audit evidence to allow time for all the events and transactions occurring increases and operational efficiency objectives of the audit. Then, the resulting data can be subject to matrix occurred near real-time compliance audit requests.
4. Introduce Dynamic Custom
Traditional audit “check” review process that is rigid, difficult to modify. For example, when the balance scorecard analytical matrix, it becomes difficult to change the parameters set independently of network level. With the continuous audit system, you can introduce a new parameter in the operation, and still believe, that the system will capture and analyze all the relevant data. In the framework of this audit, said Jason Meyers, an organization can compete with the compliance parameters change, or respond to audit queries and adapted to a very specific way.
5. Enhanced Reporting Granularity
Jason Meyers said, using the traditional method of audit firms is difficult to get good visibility into operational processes. The challenge widely accepted by statistical sampling inspection practice brings. Sample collection of accounts by auditors that they may not have good visibility of their audit process. This trade-off is acceptable but so perfect. Traditional audit approach focuses on “materiality” is inaccurate. Audit continuously rely 100% on of the transaction is included. By including all activities and transactions systems 100%, more detailed view of the auditor can provide to help manage the auditors make better suggestions.
Utility and cost AUDT Token
AUDT used to access the base currency and payment services Auditchain network or “utility marks” by the user. ERC20 AUDT compatible, and ( “TGE”) are distributed to a network of early Auditchain using pins generation according to an event. See “Terms generation event marks” TGE “.
AUDT valuable cost unit based Auditchain network and each respective jurisdictions embedded local currency. Trading in Auditchain pay to use the network of cutting AUDT of lofting account.
Having started Auditchain network, which was held by the holder AUDT ERC20 signs will be used to mark the network Auditchain AUDT local exchange and migrate to the network.
Token Economy AUDT
Apart from adjusting the agreement and improved, AUDT Token purchase loft by their respective companies. Every business AUDT used to join Auditchain. AUDT deducted from the equity of all companies pay embodiment, the intelligent deployment contract, transaction certification, auditing, and business expansion.
- 6%: Early Contributors and Adopters
- 40%: Token Sale
- 18%: AirDrop
- 10.3%: Advisors
- 10.3%: Team
- 10.3%: Partnerships
- 5%: Bounties
Accounting and auditing infrastructure software market is currently dominated by the enterprise resource planning system large scale. Most solutions are often too expensive for most small and medium-sized companies.
costs of individual business users, install and use DCARPE ™ software network protocols may prove to be the result of decentralized cooperation by the cost structure of all services provided by the network Auditchain substantially more expensive. Additionally, flexibility and scale DCARPE ™ architecture can theoretically accommodate various sizes of business users.
Depending on the number of non-deployed by companies node federation, mining AUDT theoretically could compensate for accounting, auditing, reporting obligations and compliance costs of all companies.
Bukegaibian financial markets through its reliability, guarantee real-time, performance-financial performance in several ways and in-depth understanding of business development and presentation of the network in real time to dynamically not possible before benefit.
Auditchain an accounting, auditing and reporting a substantial evolution of new methods. In addition, early adopters can be done as a result of the investment through cost savings and enjoy a competitive advantage.
To know the latest information about the AuditChain project you can visit the link below:
Bitcointalk username: ubay
Bitcointalk profile link: https://bitcointalk.org/index.php?action=profile;u=376156
Telegram username: @ubaygates
Disclaimer: “I’m not a representative or a member of the AuditChain team, I just give you the latest ICO info”