TRIPLE ENTRY ACCOUNTING
Increased automation for
Auditing Processes
ABENDUM presents our Triple Entry Accounting & Auditing (TEA) solution, integrating Enterprise Blockchain technology and AI to transform traditional audit processes. This innovative approach enables auditing firms to deliver more efficient, reliable and cost-effective auditing services, in a timely manner.
Triple Entry Accounting is an extension to double-entry accounting. Encrypted Fingerprints of accounting records are published to the Enterprise Blockchain. This makes the accounting records seamlessly verifiable and reconcilable with third parties in real time.
Key Benefits for Auditing Firms and Their Clients
ABENDUM’s Triple Entry Accounting & Auditing (TEA) solution is designed to transform how auditing firms operate and deliver value to their clients. By harnessing the power of Enterprise Blockchain technology and AI, TEA introduces a new standard of efficiency, accuracy and transparency in the auditing process. Whether you’re looking to reduce costs, streamline operations, enhance audit quality or strengthen client relationships, TEA provides comprehensive solutions tailored to meet the diverse needs of both large enterprises and SMEs. Read more about the key benefits that set ABENDUM apart in the world of modern auditing.
Proactive Fraud Detection – Ensuring Data Integrity
Instant Fraud Prevention
All transactions are secured on the Enterprise Blockchain, with AI continuously monitoring for anomalies. This proactive system detects manipulations, fake invoices and unauthorized changes instantly.
Single Source of Truth
The system identifies and anchors the original set of accounting records to the Enterprise Blockchain, effectively detecting any alternative accounting books – a long-standing form of accounting fraud that digitalization has yet to fully address.
Verifiable Financial Data
ABENDUM’s TEA makes a signed and encrypted fingerprint of an accounting record and writes it to the Enterprise Blockchain for time-stamping and immutable logging. Each entry is chained to the previous entry, proving it is the original accounting records. This proves the authenticity of accounting records.
Seamless One-Click Implementation – Effortless Activation and Integration
ABENDUM’s Triple Entry Accounting & Auditing (TEA) solution is not only powerful but also incredibly easy to implement. Designed with user convenience in mind, TEA integrates effortlessly into your existing accounting systems, removing the typical complexities associated with new software adoption. Whether you’re a small business or a large corporation, TEA delivers instant access to advanced auditing capabilities with minimal setup, no technical hurdles, and immediate operational benefits. Discover how easy it is to transform your audit processes with just one click.
Maintaining Auditor Independence – Upholding Professional Integrity
Preserving Auditor Objectivity
ABENDUM’s TEA solution is engineered to uphold auditor independence by focusing exclusively on secure data logging without processing accounting figures. This design allows auditors to recommend TEA to clients without compromising their impartiality.
Compliance with Global Standards
Fully aligned with outsourcing and service organization standards, ISA 402, TEA adheres to auditing regulations. It ensures that the integrity of the auditing process is preserved, meeting international requirements for auditor independence.
Transparent, Unbiased Data Logging
The system’s immutable, transparent data logging enhances trust in audit outcomes, reinforcing unbiased, ethical standards and fostering stronger, trust-based client relationships.
Featured
Triple Entry Accounting
Auditors spend a significant amount of their time gathering audit evidence. Both the quality, quantity, and time spent on this process can be improved with a new technique called Triple Entry Accounting. In this article, I will explain the concept of Triple Entry Accounting and how it can greatly assist in the execution of audits. No technical background knowledge is required.
Trippel bokføring − Triple Entry Accounting
Triple-entry accounting is an extension of double-entry bookkeeping. A third entry can be recorded in a shared ledger in the form of a blockchain.
Blockchain: The future of trust in accounting
Auditors and accountants can leverage global public blockchain technology as a secure shared ledger to make accounting ledgers more efficient to verify, unlocking new techniques for continuous audits in a way that is compliant with the ISA standards. UNISOT (Abendum) is researching and developing Triple Entry Accounting technology to help accounting professionals leverage the new technology by extending the current double entry ledgers into triple-entry-compatible ledgers on the chain.”
Driving Value for Clients and Auditing Firms
ABENDUM’s Triple Entry Accounting & Auditing (TEA) solution is designed to deliver measurable value to both clients and auditors. By enhancing financial oversight, streamlining processes and ensuring global compliance, TEA transforms the way financial data is managed, audited and shared. Whether it’s empowering clients with greater control over their financial information or enabling auditors to offer high-quality services at lower costs, TEA fosters stronger relationships and drives operational excellence across the board. Explore how TEA elevates auditing to the next level for businesses of all sizes and industries.
History Timeline
Discover the evolution of accounting, highlighting key milestones from the origins of Single Entry accounting in 2000 BC to the revolutionary rise of Triple Entry Accounting (TEA) in the blockchain era.
Explore how Triple Entry Accounting transforms accounting by enhancing transparency, security, honesty and trust, paving the way for the future of financial transactions. The timeline culminates in 2023 with a published paper detailing how to implement TEA in the accounting and auditing industries, showcasing the impact and potential of this advanced accounting method.
