Armanino, one of the United States’ 25 largest accounting and business consulting firms, announced recently that they have released a new blockchain-based application that is the world’s first to offer real-time attestation, reducing the time of attestation reporting windows from 30 days down to just 30 seconds. Named TrustExplorer 2.0, the tool utilises blockchain technology to provide instant downloadable firm-originated reports on-demand. Hailed as an industry milestone by Armanino, the blockchain tool TrustExplorer 2.0 promises to revolutionise the way accounting is done within firms and companies because it enables widely available and instant trust and transparency, all under the strictest and most exacting attest examination standards.
Before real-time auditing, auditors had to rely on historical reports that are already out of date by the time they read them. TrustExplorer 2.0 enables auditors to move beyond the time-intensive traditional methods to real-time services that offer instant feedback with real-time information and data. The blockchain tool therefore empowers auditors to help clients make better informed strategic decisions and plans in regards to the future of their finance organizations.
Matt Armanino, chief executive officer of Armanino LLP, said: “For years, thought leaders have predicted the future arrival of real-time auditing capabilities, and now Armanino has accomplished the world’s first business application of this theorized innovation. This breakthrough is a catalyst that will lead to the widespread development and adoption of real-time auditing, and offers a transformational improvement over the current audit practices. This evolution will provide more precision and more trust to ecosystems as attestation reporting windows are reduced from 30 days down to 30 seconds.”
TrustExplorer 2.0’s real-time attestation and auditing capabilities affords many advantages and benefits for Armanino. For instance, the accounting firm will be able to collect and preserve evidence continuously, perform risk assessment and guarantee ongoing accuracy via automated controls assisted by regular manual procedures. In addition, real-time audits will promise that information will always be up-to-date and pertinent to the public, as opposed to “point-in-time” reports that go stale as soon as they are distributed.
Armanino chose blockchain to power its TrustExplorer 2.0 because the technology provides accessibility for a wide distribution of data-entry points, and immutability for permanence and security. The firm has been piloting its tool with several finance and accounting firms over the last year before its recent release.
TrustToken, the world’s fourth largest stablecoin issuer and issuer of TrueUSD, the first regulated stablecoin fully backed the US dollar, was the first to be granted a license to Armanino’s TrustExplorer platform. TrustExplorer supports public blockchain nodes to gather audit evidence for TrustToken’s TrueUSD stablecoin.
Andries Verschelden, partner and blockchain practise leader at Armanino, said: “TrustExplorer 2.0 serves as our roadmap for how to take immutable tamper-resistant systems like blockchains, and harness them to provide attestation opinions both in real time and with accuracy that cannot be contaminated by human error. This is a clear-cut example of how blockchain technology is already changing business processes to optimize accuracy, security and speed.”
With its blockchain-powered TrustExplorer 2.0 tool, Armanino hopes that the auditing and accounting industry, which is traditionally slow to embrace new technology and innovations, will perceive blockchain as a bringer of opportunities rather than as a threat. The benefits that blockchain holds with real-time auditing and attestation promises to bring greater transparency, security, speed and trust to the industry as a whole.