Don’t Waste Time! 5 Facts Until You Reach Your Blockchain Auditing Services

Blockchain may be used as a distributed ledger, allowing two parties to record transactions in a permanent and verifiable manner. Auditors may, for example, log into a website and validate transactions on publicly accessible blockchains instead of asking clients for bank statements or submitting confirmation requests to third parties.The audit process can be made more cost-effective by automating this process.

This may also result in a significant shift in sample-based research. Instead, auditors have access to the whole database and can test the entire population of transactions during the time span under scrutiny. This comprehensive coverage would result in a significant increase in the degree of confidence gained from the audit process.

A low-value transaction on the blockchain takes a long time to verify since a single block verification is considered sufficient. The longer a transaction goes without being checked, the more immutable it becomes. A high-value transaction can usually be checked in under an hour. Traditional financial transactions can take up to a month to verify.Because of the fast turnaround time in blockchain verification, transactions can be validated on a periodic basis rather than waiting for end-of-year reviews or audits. This advantage could be easily extended to evaluating ‘smart’ audits of banks and other financial services clients’ financial and risk positions.

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