AUDITCHAIN Review | Decentralized Audit & Reporting Ecosystem | Solution to Frauds | Auditchain
Website: https://auditchain.finance
If you are a stakeholder of a company, the concept of real-time financial reporting can sound like a far-fetched fantasy! For the longest time, financial statement fraud has been a rampant disease that has infested many companies across all the sectors of the economy worldwide. Although the audit function continues to attempt to reduce the effects of this widespread fraud, it is a time-intensive process and is very costly for any organization. Furthermore, an external auditor can only analyze data to identify any irregularities in accounts. It is the primary duty of the management to detect fraud and this is the catch-22 that many company stakeholders find themselves in! What makes the situation even worse is the fact that audits only happen only a few times a year and this time lag becomes an incentive to misrepresent data.
This is the problem that Auditchain proposes to solve. Auditchain is the world’s first and founding member of DCARPE (short for Decentralized Continuous Audit and Reporting Protocol Ecosystem) and is developing a new age technology that will make it possible to generate financial information, audit opinion and other reports to the stakeholders in real-time! Yap, you heard that right! It is a new and disruptive technology that is invading the financial sector, with the intention of removing the time lag from the auditing process and hence make financial reporting a real-time functionality!
In this video we do a general review of the project, to help you understand what it is, how it will work, its main features, and its main vision. Be sure to watch this until the very end especially if you want to know this protocol will increase investor confidence, reduce the auditors’ workload and prove the financial position of the enterprise with full certainty! This video is the first in a series of videos on Auditchain, so be sure to subscribe to our channel and press the bell icon so that YouTube will notify you when we post new updates.
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by CryptoPafi
simple network management protocol
