Enterprise auditing is tough work. Data integrity and bad actors are some of the challenges. Explore how web3 comes to the rescue! #threadstorm #outreach
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Enterprise auditing is tough work. Data integrity and bad actors are some of the challenges. Explore how web3 comes to the rescue! #threadstorm #outreach
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One major challenge of standard auditing is data manipulation. Enterprises might try to play smart and inflate finance figures to deceive auditors. This can lead to wrong conclusions about the true state of the business.
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Auditors could be bought over too especially when a high profile organization or personalities are involved in financial wrong-doing within a business. This can cause dishonesty and lead to misleading audit reports.
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Web3 offers blockchain solutions to auditing. One advantage is that audit trails stored on the blockchain contains absolute data integrity. The blockchain cannot be modified, tampered or manipulated. This enhances data integrity.
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Web3 privacy is well suited for financial records that are sensitive in nature. Blockchains guarantee privacy. See other benefits in this article below .
https://leofinance.io/@fokusnow/web3-for-enterprisegrade-financial-auditing
auditing itself is already a hard job,.