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.
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.
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.”
A panel of four experts and entrepreneurs came together to discuss how blockchain re-invents business as a whole. At the panel, Sunde introduced Abendum, a company that utilizes the BSV blockchain to revolutionize accounting.
Torje Vingen Sunde deler Abendums erfaring på Arkivverkets erfaringsseminar om regulatoriske sandkasser.
I en garasje på Kolbotn bygde de teknologien som binder revisjon, sporing og transparens i verdikjeder sammen
Our participation in The Norwegian FSA FinTech sandbox in 2021 has been a success. Regulatory uncertainties about using blockchain in auditing have been clarified. With more certainty on the viability of the concept, we are looking forward to expanding our team and complete our Triple Entry Accounting software.
For the first episode on a series dedicated to how #TripleEntryAccounting can be used as a service, The Accountant Quits Podcast had the pleasure to have Torje Vingen Sunde, the Chief Technology Officer from Abendum.
As Sunde told CoinGeek, the admission is a big milestone for the company. He noted that one of the biggest challenges to any startup operating in the industry is regulatory uncertainty. The sandbox will eliminate most of the concerns, allowing the company to innovate while the regulator keeps a close eye and ensures it remains compliant.
Blockchain-gründernes metode skal halvere kostnadene og sikre regnskap mot svindel. «Revisjonsrevolusjonærer» mener trippel bokføring kan mer enn halvere kostnadene.
