Blockchain Technology to Revolutionize the Auditing
The blockchain technology is all set to revolutionize the audit process. It can improve, automate and de-centralize the audit processes as well as Identity and Access Management services with the businesses.
The blockchain networks due to their immutable nature can prevent anyone including top executives, influential or high clearance employees and even auditors to tamper with the audit processes and results.
On the positive side, it can facilitate the auditors to perform their tasks and checks without being on-site or being in constant contact with the businesses by integrating auditors into the business processes. It will also enable the auditors to identify frauds and other compliance issues well before and/or at the time of happening rather than months or years after they have taken place.
It could automate major part of the auditor's job and immediately report and if required stop any frauds or wrong doings. It will build a close relationship between the auditors and businesses to eliminate fraud, corruption and compliance issues.
In a nutshell, the blockchain technology can help to decentralize internal processes of the businesses to prevent fraud and leaks by integrating auditors more effectively in the compliance process and creating an immutable trail of actions, decisions and policies.
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