written audit opinion on the financial and operational condition of an enterprise is the end result of a backward-looking independent analog and digital examination of the financial and operational condition of an enterprise as well as its internal reporting controls. Audits and preparation for such are costly and time-consuming. As part of the audit process, a randomized selection of data is examined and estimated by the independent auditor pursuant to audit procedures to assess the fairness of reporting data, which is based in part on the representations of the management of the enterprise and subject to management’s assessment of the adequacy and effectiveness of internal reporting controls. Current global regulatory disclosure frameworks make the presentation of financial statements untimely, highly conditional and subjective.
Self-auditing state of a distributed ledger and the validation of transactions first occurred on January 4, 2009 with the launch of the genesis block of the Bitcoin blockchain. A 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 and IASE standards through the use of configurable “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 fixed or evolving arrangement. DCARPE™ implementation leverages the self-auditing state of a blockchain with these additional layers of high extensibility specifically for the development and deployment of decentralized enterprise applications designed to offer stakeholders with a real-time presentation of financial, operational, development and network statistics reporting every block.
Auditchain Value Proposition for Issuers of Securities and Tokens, Investor, and Regulators and Tax Payers
Value Proposition for Issuers of Securities and Tokens
- - Higher likelihood of SEC “current information” compliance for tokens.
- - Greater access to capital.
- - Accurate valuation.
- - Attractiveness to investors.
- - Substantial reduction in compliance and audit costs.
- - Substantial reduction in the possibility of fraud.
- - Qualitative and Quantitative fraud detection and prevention.
- - Substantial increase in the effectiveness of internal controls.
- - Substantial reduction of redundancies.
- - Substantial reduction of error.
- - Substantially higher operational efficiency.
- - Promotes competitive advantage.
- - Cost offset through node deployment and mining.
Value Proposition for Investors
- - Immediate access to real-time development and network statistics for tokens.
- - Immediate access to real-time corporate performance.
- - Substantially higher issuer and market compliance and transparency.
- - Substantially lower instances of the issuer and accounting fraud.
- - Highly informed investment decisions.
- - Substantial reduction in market dislocation.
- - Market correlation to corporate performance.
- - Substantially higher levels of stability.
- - A higher degree of confidence.
- - Promotes wholesale positive investor behavior.
Value Proposition for Regulators and Tax Payers
- - Permissioned access to issuer and exchange reporting protocol.
- - Real-time remediation.
- - Real data analytics-driven surveillance.
- - Substantially higher issuer and market compliance.
- - Fullest and fairest issuer and market disclosure framework.
- - Substantial reduction in review with refocusing on the process.
- - Reduction in operating and administration budgets.
- - Substantial reduction in budget appropriation requests.
- - Substantially higher levels of productivity.
- - Substantial reduction in regulatory conflict.
- - Substantially lower instances of the issuer and accounting fraud.
- - Substantially lower enforcement activity and costs.
The Current Market for Accounting and Audit Infrastructure Software is Dominated by Large Scale Enterprise Resource Planning Systems
The current market for accounting and audit infrastructure software is dominated by large scale enterprise resource planning systems. The majority of solutions are usually cost prohibitive for most small and medium-sized enterprises. The individual enterprise user cost to install and use the DCARPE™ Network protocol software may prove to be substantially less expensive as the result of the decentralized cooperative cost structure of all services provided by the Auditchain network. Additionally, the flexibility and scale of the DCARPE™ architecture may theoretically accommodate any size enterprise user. Depending on the number of Non-Federated nodes deployed by the enterprise, mining for AUDT may theoretically offset the entire cost of the accounting, audit, compliance and reporting obligations of the enterprise. Financial markets will benefit through the reliability of immutability, real-time assurance, real-time presentation of financial performance and insights into enterprise, development and network performance on a dynamic basis in a manner not previously possible. Auditchain represents a substantial evolution towards new accounting, audit and reporting methods. Furthermore, early adopters may enjoy a competitive advantage through cost savings and capital attraction as the result of its implementation.
Website: https://auditchain.com
Telegram ANN Channel : https://t.me/Auditchain
Reddit: https://reddit.com/u/AuditChain
Twitter: https://twitter.com/Auditchain
Facebook: https://facebook.com/Auditchain
LinkedIn: https://linkedin.com/company/auditchain
- My Bitcointalk username: Evan alvaro
- Link to Bitcointalk Profile: https://bitcointalk.org/index.php?action=profile;u=2640984
- ETH Address: 0x2a70D3de93dF57c4D4DCAAB56F5C671185Abf639
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