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.
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.
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.
Auditchain is a decentralized accounting and audit real-time reporting platform that is supported by blockchain technology and smart-contract systems. Auditchain works just like an open ecosystem or open library that can capture, process, audit and report company data and performance data continuously in real time under an independent audit that meets regulations and even exceeds these regulations.
Auditchain has a system where the public can have access to view and identify a presentation that is rendered in real-time, where this presentation has various types of data relating to accounting such as cash, balance sheet, income statement, cash flow, and others. But the company has the authority to show or not show these data.
This is what makes Auditchain different from other accounting and audit platforms whose features are limited and sometimes unreliable.
Auditchain understand very well that accounting and financial audits of a company are the most important things for the sustainability of the company. With clear and reliable financial reporting, a company can determine their decision for the future. But unfortunately, the accounting and auditing market is now filled with large companies that are trying to reap profits from the current process. But the Auditchain is aware of this and intends to present a company accounting and audit reporting platform that is fully supported by blockchain technology and smart-contract systems. With this innovation, it is expected that companies, especially middle and small companies, can get access to corporate accounting and audit services that are more affordable, real-time, transparent, safe and reliable.
Website: https://auditchain.com
Read Whitepaper: https://auditchain.com/wp-content/uploads/2019/05/Auditchain-Whitepaper.pdf
ANN thread: https://bitcointalk.org/index.php?topic=5152521
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