The audit process for digital assets and cryptocurrencies is not an easy thing as there is no physical form of cryptocurrencies and obviously, they are not being held by any central bank or regulatory authority. Instead, crypto coins belong to one person whose details are stored in a central ledger via blockchain technology and these details are accessible through public and private keys. In all these conditions and circumstances, it is not easier for audit firms and auditors to keep an eye on records and everything going on under any platform. Real-time auditing was needed to be unlocked for digital currencies world and Auditchain has been designed and introduced with some leading-edge technologies to assist chartered accountants and auditors to track the record of what is happening in the world of digital currencies as we do realize the vital role of assets monitoring and financial tracking. Auditchain has brought with the opportunity of enjoying an ecosystem where your auditing will be controlled by real-time auditing protocols and your financial report will be in your hands. This is how simple we work with you, for you for your trading, businesses and obviously, saving your revenue and returns. Our decentralized platform ensures the maximum and highly trustworthy external validation system for your satisfaction and running everything is the fairest and transparent way.
AUDT, our native crypto coin, has enabled us to turn our dream into a reality as using this token will help you to get an expert opinion and external validation of auditing reports. Let us have a look at how AUDT token will be transforming the way of auditing and real-time financial reporting.
• Using AUDT token as a payment system, you can purchase a number of tools and get a wider range of services with our platform for your auditing firms.
• We are cheaper and reliable; AUDT tokens serve as main cryptocurrency for Auditchain system and ensures you with the maximum level of security and transparency by using and securing every details and data on blockchains. We take only a fraction of what you spare on traditional auditing and reporting services and this is how we claim to be different, unique and reliable.
• Auditing and reporting fee can be zero even if enterprises will be contributing actively with our system and revenue sharing subscription option is availed.
• AUDT token has brought “Premium Stakeholder Assurance” package through which highly trustworthy audit analysis is guaranteed and AUDT token holders will be benefitted additionally with our latest tools and services. Moreover, they will be having access to a wide range of our experts and they can take experts opinion as well.
We are a Switzerland based company and our headquarter is in Zurich. You can reach us out via our official website at https://auditchain.com/ or can drop us an email at email@example.com. Moreover, our official whitepaper is available to read in which you can get a detailed overview of our platform, mission statement, and tools with the latest integrated technologies.
It has been estimated that theoretically, the larger, more complex and automated the enterprise, the higher the likelihood that anomalies are detectable using standardized independent audit assessments, as independently performed and will likely lead to the ability to arrive at a fair representation of system and data integrity. Anomalies provide clues that enable the detection of error and fraud. The substantiation of this theory is based on the relative reliability from a historical point of view of independent assessment using these and other “through the computer” standards and methods but its reliability is also dependent on the prevention of unauthorized console intervention(1). Additional audit practices suggest that the theoretically high probability that volume, repetition, and uniformity of accounting and ERP systems data is sufficiently deterministic in order to arrive at a reliable independent conclusion(2). Such conclusion is an opinion and is based in part on written representation by the management of the enterprise that is further conditional upon and subject to management’s internal evaluation of internal reporting and disclosure controls.
To the extent that tighter regulations such as the adoption of Sarbanes-Oxley(4) have increased audit scrutiny and the likelihood of audit liability is the extent that auditors have been able to, in a subtle manner, relinquish “ownership” liability of certain work product reports and process performance back to enterprise management on the basis that auditor ownership of such would jeopardize independence but this is a subjective approach, not a statutory prohibition. The deferral is conditional in part upon the level of malpractice insurance carried by the auditor and also the confidence of the level of capabilities the auditor possesses. The deferral also poses a risk of defeating the purpose of independent audit exercise and review yet it is, in practice, frequent and acceptable.
In order for an audit conclusion to be reached by the auditor and for a final comprehensive audit report to be issued, management of the enterprise must first perform its own evaluation of internal controls over financial reporting based on standards set by the Committee of Sponsoring Organizations of the Treadway Commission. Management must represent, not prove, that reporting controls are sufficient and effective and that such an evaluation was performed. Management also needs to share their assessment with the auditor which must include a list of all material weaknesses and deficiencies identified in the assessment.
The written conclusion of a typical comprehensive audit provides a statement by the auditor which includes opinions on the evidence of fair representations, not1 statements of accuracy. For example; the following statement concludes the report of independent registered public accounting frm PwC dated February 22, 2017 which is included as page 64 in the annual report of Exxon Mobil Corporation for the period ending December 31, 2016; “Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements.
Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate”.(3) This is an ominous warning and illustrates the potential deficiencies of both internal audit process and independent audit process. There are clearly no assurances that material misstatements will be detected by the enterprise nor is there an assurance that they will be detected by the auditor.
Our coverage of these subjects illustrates the highly subjective and conditional disposition of conventional accounting, audit, reporting and disclosure standards. Financial markets rely heavily on the expertise of the human performance of these independent review and audit processes in order to establish the trust that the results of such work will disclose, in a timely manner, an accurate representation of financial assets. Furthermore, the Securities Act of 1934(9), as well as most international securities laws, require the review, audit, and disclosure of the operational and financial condition of such assets.
Regulatory framework only requires the enterprise or asset to provide full and fair disclosure and take reasonable steps to assure the detection and prevention of error and fraud. As evidenced by countless instances of fraud and the restatement of flings by publicly traded enterprises, no existing accounting, audit or regulatory system mechanically perfects the detection and prevention of error and/or fraud in a trustless manner.
For token sales, code repository integration, as well as network integration, will make it possible for real-time reporting of development statistics and network statistics for ongoing performance reporting and disclosure for token sales and token utility, respectively.
The total supply of AUDT at the genesis block will be 250,000,000 which includes (i) 160,000,000 to be sold in the TGE, (ii) 25,833,333 to be distributed to the team, (iii) 25,833,333 reserved and distributable to advisors, (iv) 25,833,333 reserved and distributable to partners and providers of applications and services to the Auditchain network and (v) 12,500,000 reserved and distributable in connection with bounties. See “Token Allocation”.
In addition to the initial AUDT token supply and subject to block times, consensus proposals and improvements, approximately 12,500,000 additional AUDT tokens will be rewarded to all Federated and Non-Federated nodes per year which amounts to approximately 237 AUDT tokens per block.
Below is a chart of the infation curve which results in the debasement of the initial supply of 250,000,000 AUDT at the initial rate of 5% per annum which is disinfationary.
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