Auditchain Decentralized Continuous Audit & Reporting Protocol Ecosystem

A written audit report on the financial and operational status of an enterprise is the end result of an independent analogue and digital examination of the financial and operational status of an enterprise, as well as a system of internal control reporting that has the opposite direction. Auditing and preparing for them are costly and time consuming. As part of the audit process, an independent auditor examines and assesses a selective selection of data in accordance with audit procedures to assess the reliability of accounting data, which are partially based on the views of the company's management and depend on the management's assessment of the adequacy and effectiveness of internal control mechanisms for reporting. The current global regulatory disclosure framework makes the presentation of financial statements untimely,

The state of the distributed ledger and the verification of the reliability of transactions first occurred on January 4, 2009 with the launch of the genesis block of the bitcoin chain. In theory and practice, continuous audit is constantly evolving. His practice is mainly limited to controls over internal reporting. At present, it is theoretically possible to apply simultaneously to the majority of business processes an accounting procedure agreed upon with the jurisdiction for accounting and risk control within the reporting system in accordance with SSAE and IASE standards based on the use of configurable Ricardian contracts under decentralization and continuous audit through the use of smart contracts that comply with IASE standards. Such contracts as proposed in this paper do not provide for the storage of value, but instead execute commands on how legal conditions and value are treated based on a fixed or developing agreement. The DCARPE ™ implementation uses blockchain self-audit state with these additional levels of high extensibility specifically for developing and deploying decentralized enterprise applications designed to provide real-time financial, operational, network statistics, and development and reporting statistics for each unit to interested parties.

Cost proposal for issuers of securities and tokens

• Higher probability of SEC "current information" compliance with tokens.

• Expanded access to capital.

• Accurate assessment.

• Attractiveness for investors.

• Significant reduction in compliance and audit costs.

• Significant reduction in the probability of fraud.

• Qualitative and quantitative detection and prevention of fraud.

• Significant increase in the effectiveness of internal control mechanisms.

• Significant reduction in the number of layoffs.

• Significant reduction in error.

• Significantly higher operational efficiency.

• Promotes competitive advantage.

• Compensation of costs through the deployment of nodes and mining.

• Value offer for Investors

• Immediate access to the development of tokens in real time and network statistics.

• Immediate access to real-time corporate performance.

• Significantly higher level of compliance by the issuer and the market with legal requirements and transparency.

• Significantly lower rates by the issuer and cases of accounting fraud.

• Highly qualified investment solutions.

• Significant reduction in market dislocation.

• The ratio of the market and the results of the company.

• Significantly higher level of stability.

• Higher degree of confidence.

• Promotes positive behavior of wholesale investors.

• Value offer for regulators and taxpayers

• Permitted access to the issuer's report and exchange reporting protocol.

• Real-time recovery.

• Observation based on the analysis of real data.

• Significantly higher level of compliance with issuer and market requirements.

• The most complete and fair structure of disclosure of information about the issuer and the market.

• A significant reduction in the number of reviews with a reorientation to this process.

• Reduced operating and administrative budgets.

• Significant reduction in budget allocations.

• Significantly higher level of performance.

• Significant reduction in regulatory conflicts.

• Significantly lower rates by the issuer and cases of accounting fraud.

• Significantly reduce the level of law enforcement and costs.

• Currently, large-scale enterprise resource planning systems dominate the accounting software and audit infrastructure market.

Currently, large-scale enterprise resource planning systems dominate the accounting and auditing infrastructure software market. Most solutions tend to be prohibitively expensive for most small and medium enterprises. The cost of installing and using the DCARPE ™ Network Protocol software by individual enterprise users may be significantly lower as a result of the decentralized joint cost structure for all services provided by the Auditchain network. In addition, the flexibility and scale of the DCARPE ™ architecture can theoretically suit any corporate user of any size. Depending on the number of nodes deployed by the enterprise, mining for AUDT theoretically can compensate for the entire cost of the company's accounting, auditing, supervisory and reporting obligations. Financial markets will benefit from reliability, real-time guarantees, real-time financial performance and an understanding of enterprise operations, network development and performance on a dynamic basis, which was not possible before. The audit chain represents a significant evolution towards new methods of accounting, auditing and reporting. In addition, those who are the first to switch to this model can gain a competitive advantage by saving costs and raising capital as a result of its implementation. real-time guarantees, the presentation of financial indicators in real time and an understanding of the company's activities, network development and performance on a dynamic basis, which was not possible before. The audit chain represents a significant evolution towards new methods of accounting, auditing and reporting. In addition, those who are the first to switch to this model can gain a competitive advantage by saving costs and raising capital as a result of its implementation. real-time guarantees, the presentation of financial indicators in real time and an understanding of the company's activities, network development and performance on a dynamic basis, which was not possible before. The audit chain represents a significant evolution towards new methods of accounting, auditing and reporting. In addition, those who are the first to switch to this model can gain a competitive advantage by saving costs and raising capital as a result of its implementation.

More information on the project AUDITCHAIN please visit their website listed below:

 WEBSITE: https://auditchain.com/
 WHITEPAPER: https://auditchain.com/Auditchain-Whitepaper.pdf
 ANN:
 TWITTER: https://twitter.com/auditchain
 FACEBOOK: https://www.facebook.com/auditchain/
 TELEGRAM: https://t.me/Auditchain_Community
 REDDIT: https://www.reddit.com/r/Auditchain
 LINKEDIN: https://www.linkedin.com/company/auditchain

Author

• Bitcointalk username: David12jay
• Bitcointalk profile: https://bitcointalk.org/index.php?action=profile;u=2168034
• Telegram username: @cryptocat15
• Myetherwallet: 0xf3fc5b884b0337976f064b4ee471edf8a626396e