Simple Clean Professional Black and White Monochrome Tech Blockchain Video Intro

-CHAI. BLOCKCHAIN. INTERNAL AUDIT. Hassan Versi TP024349 MCA.

LEDGER. NETWORK.

PEOPLE • online •. without a need for central clearing authority.

potential applications. Settling trades. Voting. Fund Transfer.

Did you know that Blockchain is the technology that has enabled the best-known cryptocurrency such as "BITCOIN".

00 D. MR X. MR Y.

BANK. CURRENT SYSTEM.

BANK. In a Blockchain all middlemen and agency such as the banks are eliminated.

Ledger. Transactions.

NODE NODE NODE NODE LEDGER NODE NODE. DISTRIBUTED NETWORK.

NODE NODE TRANSACTION NODE NODE NODE. Mining. Process is called.

TRANSACTION APPROVED.

Once transaction is.

LEDGER LEDGER TRANS LEDGER LEDGER LEDGER.

TRANSACTION 1 TRANSACTION 2 TRANSACTION 3 TRANSACTION 4 LEDGER 1 TRANSACTION 1 TRANSACTION 2 TRANSACTION 3 TRANSACTION 4 LEDGER 2 TRANSACTION TRANSACTION TRANSACTION TRANSACTION LEDGER.

AJ+4it Trail EDGER TRANSACTION 1 TRANSACTION 2 TRANSACTION 3 TRANSACTION 4.

PUBLIC KEY. WALLET.

WALLET ADDRESS.

Transaction 1 Transaction 2 Transaction 3. You can use different wallets for different transactions which can ensure the transactions are pseudonymous, which means transactions are transparent at the same time privacy is maintained..

Transactions. const Etruct grÖup_info ' It: tsigned int count unsigned int cp count = min(NGR01 unsigned int len = cp count * si; (copy to user (grouplist, groui return ZEFAULT; groupllst +s count —s cp count;.

CONTRACT. PROGRAMMED. Smart Contract.

Is a decentralized blockchain platform that establishes a peer-to-peer network that securely executes and verfies application code, called "SMART CONTRACTS". Smart contracts allow participants to transact with each other without a trusted central authority.

LET US NOW APPLY BLOCKCHAIN TECHNOLOGY IN AN INTERNAL AUDIT. THE NEXT SLIDE LOOKS AT THE CASE ON ABC GROUP.

minutes of the Board meeting They are concerned if the data are being manipulated by employees, resulting into High level of Fraud. Data storage in one main server- High Risk Delays in getting Internal Audit reports Too much paperwork on the Verification process of contracts -High risk of error Audit committee :-> Senior Internal Auditor Implementation of Blockchain in client system Discuss benefits and challenges/disadvantages ...

Blockchain. CLIENTS SYSTEM.

Let's us now look at the Advantages the internal Audit team will benefit from the use of Blockchain at ABC Group ..

REAL TIME ACCESS.

Enables auditors to immediately verify and confirm transaction evidence. In addition , it will eliminate manual accessing audit evidence since transaction information will be easily accessible and traceable confirmed via a blockchain - which means significant time of the auditors will be saved.

Client System Client System Client System. Transactions cannot be altered. Client system is shared and encrypted..

A child with a magnifying glass over her eye Description automatically generated with low confidence.

Rapid Data Recovery Internal Auditors can categorize this is as Low Risk..

Real Time Auditing- Audit is continuous.

Transaction. Trustworthy reconcilation with counterparties.

SMART CONTRACT. Smart contracts are executed by a computer network, the result is a method by which parties can agree upon terms and trust that they will be executed automatically, with reduced risk of error and manipulation..

THE DISADVANTAGES OF BLOCKCHAIN IN THE INTERNAL AUDIT PROCESS.

Blockchains are unlikely to replace an auditor's judgement.

IT SECURITY AND OPERATIONS. Private Key.

High Risk for cybersecurity vulnerabilities and software bugs.

LEGAL AND REGULATORY RISK MANAGEMENT. Diagram Description automatically generated.

CONCLUSION. Following to the discussion, blockchain technology implementation will solve all the concerns of the Audit committee and makes the internal Audit efficient and effective..

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