Decentralized Continuous Audit &
Reporting Protocol Ecosystem
INTODUCTION:
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 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.
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.
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 real-time presentation of financial, operational, development and network statistics reporting every block report.
The solution — Auditchain
Auditchain is developing a digitally automated and decentralized audit in real time of companies, non-profits, and governments. Auditchain is a blockchain where professional certified Auditors can run specialized audit nodes. The financial statement data of the company are recorded on the Auditchain network in near real time. The external Auditors then act in a similar manner like the external validators of the Bitcoin or Ethereum blockchains and externally validate the data for integrity and truthfulness. These assessments can then be accessed by third parties in real time through Auditchain’s DCARPETM Explorer. The DCARPE Explorer is a block explorer as well as an enterprise audit and reporting interface. Streaming Financial StatementsTM and AUDT AnalyticsTM are accessed through the DCARPETM Explorer.
This solves the two flaws in the current audit methodology:
1) the certified professional Auditors running the nodes are not directly connected to the company they are auditing, providing an unbiased view.
2) 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.
AUDT Token:
AUDITCHAIN NETWORK ACCESS:
The AUDT Token unlocks a suite of applications and the most robust and secure decentralized network of enterprise assurance and reporting services.
AUDITCHAIN NETWORK SERVICES:
The AUDT Token is the base currency and utility for enterprise application service, assurance, and disclosure payments. AUDT unlocks network services that provide the highest levels of transparency to investors and stakeholders at a fraction of the cost of traditional audit and reporting.
AUDITCHAIN NETWORK INTEROPERABILITY:
As a layer two protocol, Auditchain provides seamless interoperability between private and public blockchains which enables robust utility and atomic settlement of trade payables.
AUDT FEES:
AUDT Fees for enterprises can be reduced to zero through subscription revenue sharing and enterprise participation in the decentralized trustless assurance ecosystem.
PREMIUM STAKEHOLDER ASSURANCE:
AUDT enables stakeholders to unlock and view granulated enterprise audit analytics and financial performance detail that provide the highest levels of transparency from enterprise system and control statistics to real-time financial performance.
AUDT Token Economics:
The AUDT Token is consumed through staking by enterprises, CPAs, Chartered Accountants, providers of enterprise software and other service providers. Staking will foster incentive to provide uninterrupted service and reduce the cost of services on the network as well as enforce a fair and balanced gamified AUDT Token monetary system.
AUDT is also staked and consumed by subscribers to the DCARPE Explorer who subscribe to a variety of access to detailed digital asset and enterprise financial statement and audit analytics data. In addition, third party service subscriptions through the DCARPE Explorer will enable the creation of dynamically updating actionable research reports on selected digital assets.
The AUDT token functionality powers the new decentralized enterprise world. It’s what drives assurance of the modern enterprise from initial certification, early detection and remediation to financial and audit analytics disclosure in real time with the highest levels of integrity through consensus-based enterprise external validation.
IEO Fundamentals:
ONLY 1,000,000 AUDT WILL BE SOLD!
The AUDT Token sale will begin on the 14th of June and will end on the 24th of June.
Price: $0.20 USD
Tokens for sale: 1,000,000
Blockchain: Ethereum: (ERC20)
Currency pairs: BTC, ETH, USDC, EUR
Mandatory KYC
Restricted countries: United States of America, Afghanistan, Cuba, Iran, Iraq, Libya, N. Korea, Syria, Myanmar, China, Haiti, Liberia, Rwanda, Somalia, Sudan, or the Democratic Republic of the Congo.
Token Generation Event and Token Metrics
Auditchain will be conducting a token generation event, (“TGE”) of a total of 250,000,000 AUDT which will initially be launched on the Ethereum network through the deployment of an ERC20 smart contract. The TGE date has not yet be set but will be announced soon. A private sale is currently in progress and starts at 25 ETH. Sign up for the private sale can be done here: https://auditchain.com/privatesale/
160,000,000 AUDT** will be sold to early adopters,
25,833,333 will be allocated to the team [lockup period]
up to 25,833,333 will be allocated to advisors [lockup period]
up to 25,833,333 will be allocated in connection with partnerships
up to 12,500,000 will be allocated in connection with our bounty campaign
**Includes a total of 60,850,000 AUDT to be distributed in connection with the Airdrop and to early adopters in connection with private sales.
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 depending on block times.
Token Sales:
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 public presale will commence on November 15, 2018 at 9AM CET, (UTC+1)
Airdrop:
Auditchain intends to make four Airdrops to contributors of up to a total of 42,685,499.996 AUDT following the TGE. An initial impression of all AUDT balances in all Ethereum wallets will be taken from the last block validated 60 days following the TGE, with the first Airdrop happening 60 days after the initial impression. Subsequent impressions and Airdrops will take place 90 days after the previous cycle. Final calculations and block height impressions will be announced before each event.
Smart Contracts:
An open source library of smart contracts will be developed containing an implementation of a variety of GAAP, IFRS and Government Accounting and Audit Standard “GAAS” accounting treatment protocol and jurisdictional tax treatment protocol for all enterprise transactions. Earlier stage and venture backed enterprises spend a high percentage of accounting resources on equity compensation and convertible instruments. A priority will be placed on the development of a sample of FAS 123R accounting treatment contracts associated with equity based compensation plans. In addition, convertible debt accounting treatment contracts under FASB ASC will also be considered a priority for development. read more in a whitepaper
Jason Meyers, Founder of Auditchain makes a stunning comparison between traditional assurance and financial reporting and the DCARPE methodology using the following analogy; “Tentative external validation by a single node in a single state channel occurs once every 90 days for traditional enterprises with block confirmations by the same node occurring only once a year. In the world of Auditchain digital asset assurance, enterprises submit to external validation by a network of assurance providers (nodes) as frequently as every minute”.
MVP and Roadmap:
Auditchain will be publishing its own Streaming Financial StatementsTM through the DCARPETM Explorer during and after the TGE on the Ethereum network. Stakeholders will be able to purchase subscription levels to financial data such as real-time rollups to financial statement line items. In short, we will showcase our MVP during our TGE event, so all contributors can see in real time how Auditchain works.
Driving the New Trustless Assurance Economy
The AUDT Token functionality powers the new world of decentralized assurance and disclosure. It’s what drives transparency of the modern enterprise from initial certification, early detection and remediation to financial reporting in real time with the highest levels of assurance through decentralized enterprise external validation. Wanna take a ride?
More info about AUDITCHAIN:
- Website: https://auditchain.com/
- Whitepaper: https://auditchain.com/wp-content/uploads/2019/05/Auditchain-Whitepaper.pdf
- Bitcointalk profile https://bitcointalk.org/index.php?topic=5151587.0
- ANN https://bitcointalk.org/index.php?topic=5041997
- Facebook: https://www.facebook.com/Auditchain
- Twitter: https://twitter.com/AuditChain
- Telegram community:https://t.me/joinchat/FhX6ikmW8NavlabJoMHhIA
- Telegram announcement: https://t.me/AuditChain
- Linkedin: https://www.linkedin.com/company/auditchain/
- Reddit https://www.reddit.com/r/Auditchain
- Instagram https://www.instagram.com/auditchain_official/
Author:
Bitcointalk Username : longlongbb
Bitcointalk Profile link : https://bitcointalk.org/index.php?action=profile;u=1723565
Ethereum Address : 0x171b3C4b91A9FbD8C3b57fCE6aDEf48e03C2C093
