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Joe Woakes
Joe Woakes

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What is internal audit in smart contract?

Internal audits in smart contract are when a firm explicitly hires a smart contract auditing firm to audit the product. If you are planning to hire a firm for an internal audit then it’s essential to take into account that your brands reputation is on the line so choose accordingly.

The underlying blockchain enabled platform is implemented for internal control, increase in growing automation of controls and interfaces makes the work for both internal and external auditors a bit easier. Blockchain enabled internal control system can offer an environment that is more suitable for a trustworthy internal audit.

Internal auditors of a smart contract do numerous things in the process like gathering, organizing and debugging the data to create insights about the audit areas. The transactions are recorded on blockchain consistently in real time and access to this timely information can lead to a more specific risk assessment thus reducing the time-span of planning the audit.

Moreover, instead of depending on the firm’s management or owner for documentation, internal auditors might track the transactions throughout the blockchain, this shortens the audit cycle even more.

Internal auditing is an independent activity performed by a smart contract auditing firm in order to add value and improve the organization’s operations. It enables the organization to bring a disciplined and systematic approach to the workflow, management and governance process.

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