Self-auditing state of a distributed ledger and the validation of transactions frst occurred on January 4,
2009 with the launch of the genesis block of the Bitcoin blockchain(5).
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(12) and IASE 3402
standards through the use of confgurable “Ricardian” type smart contracts(6)(7). 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 fxed or evolving arrangement.
DCARPE™ implementation leverages the self-auditing state of a blockchain with these additional layers of
high extensibility specifcally for the development and deployment of decentralized enterprise applications
designed to offer stakeholders with real time presentation of fnancial, operational, development and
network statistics reporting every block
Utility and Description of AUDT Tokens & AUDT Fees
AUDT is the base currency or “utility tokens” that are used by users to access and pay for the services of the
Auditchain Network. AUDT are ERC20 compliant and will be distributed pursuant to a token generation
event (“TGE”) to early adopters of the Auditchain network. See “Terms of Token Generation Event “TGE”.
AUDT Fees are Auditchain Network based units of value and are pegged to the local currency of each
respective jurisdiction. Transactions on the Auditchain Network are paid for using AUDT Fees which are
deducted from the staked account.
Upon the launch of the Auditchain network, the AUDT ERC20 tokens held by holders will be exchanged for
native Auditchain network AUDT tokens and migrated onto the network.
AUDT Token Economy
Subject to protocol adjustments and improvements, AUDT tokens will be purchased staked by each
enterprise. AUDT is used by each enterprise to join Auditchain. AUDT is deducted from the stake account
of each enterprise to pay for implementation, smart contract deployment, transaction validation,
continuous audit and enterprise expansion.
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 Topic 470 will also be considered a priority for development.
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My Username bitcointalk: no1kid446
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ETH wallet: 0x09f71fbb0aed9b84559ecfc60f50eaec77c6cdc8