Auditchain – Decentralized Continuous Auditing & Reporting

Self-auditing state of a distributed ledger and the validation of transactions frst occurred on January 4, 2009 with the launch of the genesis block of the Bitcoin blockchain. Continuous audit is evolving in theory and practice. Its practice is limited mainly to internal reporting controls. The application of jurisdictionally compliant accounting treatment to transactions and reporting system risk controls occurring in most business processes is now theoretically possible concurrently within and subject to a decentralized continuous audit environment pursuant to SSAE 18 and IASE 3402 standards through the use of confgurable “Ricardian” type smart contracts. Such contracts, as proposed in this paper, do not hold custody of value but instead execute commands for how legal conditions and value are treated based on a fxed or evolving arrangement.

Auditchain proposes to embody an ecosystem that includes a blockchain protocol and an open source library of accounting smart contracts sufcient to capture, process, audit and report enterprise data and performance data on a real time continuous basis under a continuous independent audit exceeding current accounting, audit and control standards. A public facing and/or permission based presentation layer proposes to render in real time, at the close of every block; balance sheet, income statement, cash fow and statement of changes in stockholders’ equity reports that has the capacity to far exceed the reliability of existing reporting standards.

Auditchain is leading the development of the world’s first decentralized continuous audit and real time financial reporting protocol ecosystem for digital asset and enterprise assurance and disclosure. Auditchian enables continuous external validation of enterprise system and control, financial data and disclosure control environments by a network of CPAs and Chartered Accountants.

The DCARPE Alliance is an accounting, audit and financial reporting consortium consisting of CPAs, Chartered Accountants, enterprise software providers and developers who are contributing resources to the development and driving adoption of the DCARPE Assurance and Disclosure Protocol. Auditchain enables enterprises to provide stakeholders with the highest levels of assurance through decentralized consensus-based enterprise external validation.

This solves the two flaws in the current audit methodology:

The certified professional Auditors running the nodes are not directly connected to the company they are auditing, providing an unbiased view.
The company has to adapt their systems and provide real time data from their internal systems, which removes the time lapse in which they can alter data.

How Does The Protocol Work?
The main protocol of the platform is based on the use of an intelligent contract to record or present a full range of data. DCARPE (ecosystem of decentralized continuous audit and reporting) will include some balance sheets, profit and loss statements and return forms, all of which will be in real time.

The concept of continuous auditing will provide auditors with an audit through the public reporting console AUDITCHAIN. If internal auditing and reporting is necessary, the console uses Audit analytics to verify the data provided and provide results. Depending on the type of audit required, the console transmits the results through various network nodes.

How Can AUDITCHAIN be Useful?

Manage by consensus:

The decentralized nature of Blockchain technology will allow multiple users to access information in real time without the risk of hacking or data manipulation.

Transparent transactions:

The continuous audit function allows you to audit and record open source business information, which is available for review to any participant who deems it appropriate.

Automated Audit :

Self-monitoring also makes it easy to record, analyze and verify real-time data through intelligent contracts. The function allows you to quickly recover information that could be used thanks to the services of a professional auditor.

Analyzing real-time audit data:

The AUDIT Analytical Console will execute commands to validate the data and output results via pre-configured conditions set by the platform.

Features and Advantages of AuditChain

AuditChain platform will contain the so-called auxiliary stack technology, the principle of which lies in the multi-layer protocols and their basic functionality. That is, in addition to blockchain technology and its smart contract, Stack technology will include its elements such as contracts from ERP audit and NODES reports, necessary for the public personification of the received statistics to the audience.

It is important to note that these tools, functions and capabilities of the AuditChain platform can be easily demonstrated in the world of international enterprises. Where it is really time to bring order between all suppliers, employees, customers, regulatory bodies responsible for the high level of competence of the enterprise. To do this, in the very near future, the developers of AuditChain intend to start testing all their structures in practice in order to fix their advantages and fully demonstrate the successful implementation of their ideas.

In practice, this chain of actions will look as follows:

AUDT Token

The AUDT Token unlocks a suite of applications and the most robust and secure decentralized network of enterprise assurance and reporting services.

AUDITCHAIN Network Access

AUDT Token opens the most powerful and secure set of applications and decentralized network company guarantee and reporting services.

AUDITCHAIN Network Service

AUDT tokens are the base currency and utilities for enterprise application services, guarantee payments and disclosures. AUDT unlocks network services that provide the highest level of transparency to investors and stakeholders with a small portion of traditional audit and reporting costs.

AUDITCHAIN Network Interoperability

As a two-layer protocol, Auditchain provides seamless interoperability between private and public blockchain that enables strong utility and atomic settlement of trade payables.

AUDT Fees

AUDT fees for companies can be reduced to zero through subscription revenue sharing and company participation in a guaranteed ecosystem without decentralized trust.

Guarantee of Premium Stakeholders

AUDT allows stakeholders to open and view detailed company audit analysis and detailed financial performance that provides the highest level of transparency of the company's system and controls statistics to real-time financial performance.

Token Info
Token AUDT
Platform Ethereum
Type ERC20
PreICO price 1 AUDT = 0.10 USD
Price in ICO 0.2000 USD

Investment Info
Min. investment 100 USD
Accepting BTC, ETH, USDC, EUR
Distributed in ICO 40%
Soft cap 200,000 USD
Hard cap 20,000,000 USD

Token Allocation