The Accountant Quits Podcast Episode 5 | Jason Meyers on Continuous Audit and Real-time Reporting
The emergence of blockchain will not spare any industry, and would you believe it , not even the auditing industry.
An audit does not provide absolute assurance on the truth and fairness of the financial accounts since it does not verify 100% of the transactions, but adopts a sampling approach.
As a recovering external auditor, I wanted to know whether blockchain technology can solve this pain point? Yes it can.
Enter AuditChain, the world’s first decentralized continuous audit & real time financial reporting protocol ecosystem.
This time by including 100% of the transactions, a network of independent CPAs and Chartered Accountants provide external assurance on the controls, financial data and disclosure requirements.
If Satoshi Nakamoto will go down in history as the inventor of the world’s first peer to peer payment system without central intermediary with Bitcoin, Jason Meyers, the inventor of AuditChain, will be remembered for being the pioneer of decentralized continuous audit.
Jason is currently developing the only known use case of blockchain for the auditing industry with AuditChain, and bringing some much needed change with real time assurance and financial reporting.
In this episode, you will learn;
- What decentralized continuous audit really means;
- Why real time financial reporting is necessary;
- The challenges ahead to transition from traditional audit to decentralized audit;
- How NFTs can be used not only as art collectibles but as a monetization opportunity for accountants;
- And much more…
This episode is brought to you by AuditChain - the world's first decentralized continuous audit and real time reporting protocol.
Now traditional audit methodology focuses on “materiality”, not accuracy. We are constrained by time and cannot audit 100% of the transactions, and therefore we perform sampling.
AuditChain decentralizes audit and uses an independent assurance methodology that automates auditing tasks, and continuously audits 100% of the transactions.
With AuditChain Chartered Accountants and professionals will write and own Process Control NFTs that automate internal and disclosure controls, where these NFTs pay royalties in return.
With more and more automation, accountants will increasingly find themselves becoming redundant. If you are a forward thinking CPA or Chartered Accountant, and want to participate and be in touch with the latest developments from AuditChain in decentralizing the audit profession using blockchain, you should apply for membership by visiting DCARPE Alliance.
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