Global Audit Trail
An audit is an opinion (usually by a qualified individual) provided on the financial statements of a company. These are usually carried out with respect to accounting guidelines (usually International Accounting Standards).
The role of the auditor is to provide confirmation the standards are being met - and where there are issues if they exist. This is a global industry, with the majority of large players in global financial markets being audited by the “Big Four” (Deloitte, PwC, Ernst & Young, KPMG).
Audits are typically done in 'batch' fashion. Account submissions, consolidated reports, and other regular audits form the majority of auditing activity. In brief an audit tracks ownership and trade history of a set of accounts related to an individual or organisation against a set of standards. This represents the baseline usecase for all audits, and is a good fit for blockchains.
By tracking ownership and transfer data through a blockchain - an organization can track - and assure - their standards compliance in realtime. They can also take their underlying dataset and simulate audit results by selecting from a range of different audit models. This can be vital in planning for and adapting to future audit needs. A success blockchain audit assures all stakeholders in your business that it is being run responsibly and professionally.