Currently an audit opinion on fairness of the financial statements, the status of internal controls, as well as auditor service organization control reports are rendered within a considerable time after the financial statement period.
- It is expected, that Auditchain will offer the real time reporting of financial statements. Rather than providing an audit opinion on historic information, Auditchain will provide audit analytics that indicate the level of assurance that associated transactions are also considered both mathematically correct as well compliant with GAAP and/or IFRS, as audited.
- It is expected that Auditchain will offer an open source library of GAAP and IFRS compliant smart contracts that will be sufficient to capture, enforce and process GAAP and/or IFRS output compliant enterprise data, as well as the immediate presentation of financial statements available to stakeholders on a permissioned basis or to the general public.
- As long as the data inputs and the transactions are meeting rigid protocol requirements, the financial data will be deemed as audited and deemed reliable once it has been processed by the network.
- System and Organization Control audits will play a much larger role in the processing and presentation of financial statements.