Auditchain is the world’s first decentralized accounting, audit and real time reporting ecosystem for enterprise and token statistics. The AUDT token functionality powers the new decentralized enterprise world. Its what drives assurance of the modern enterprise from initial certification, early detection and remediation to financial and token statistics disclosure in real time with the highest levels of trustless assurance through decentralization.
AuditChain proposes to embody an ecosystem that includes a blockchain protocol and an open source library of accounting smart contracts sufficient 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 flow and statement of changes in stockholders’ equity reports that has the capacity to far exceed the reliability of existing reporting standards.
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.
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.
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 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.
DCARPETM 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 real time presentation of financial, operational, development and network statistics reporting every block.