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SAN RAMON, Calif., Oct. 30, 2019 (GLOBE NEWSWIRE) -- Armanino LLP, one of the 25 largest accounting and business consulting firms in the U.S., today announced it achieved an industry milestone with the release of TrustExplorer 2.0, the world’s first application of real-time attestation. Utilizing blockchain technology, TrustExplorer 2.0 provides an instant downloadable report at the push of a button, backed by the firm’s opinion. This capability is a paradigm shift because it allows widely available and instant trust and transparency, all under the most stringent attest examination standards. It is the first step in Armanino’s initiative to deploy real-time auditing, backed by immutable trust, in any engagement.
“For years, thought leaders have predicted the future arrival of real-time auditing capabilities, and now Armanino has accomplished the world’s first business application of this theorized innovation,” said Matt Armanino, CEO of Armanino LLP. “This breakthrough is a catalyst that will lead to the widespread development and adoption of real-time auditing, and offers a transformational improvement over the current audit practices. This evolution will provide more precision and more trust to ecosystems as attestation reporting windows are reduced from 30 days down to 30 seconds.”
With real-time auditing, Armanino will be able to collect and preserve evidence continuously, conduct risk assessment and ensure ongoing accuracy through automated controls supported by periodic manual procedures. Instead of relying on “point-in-time” reports that are stale as soon as they are distributed, real-time audits will ensure information is always current and relevant to the public.
“Auditing has always relied on looking backward at historical information so that any report one is looking at is already out of date,” said Scott Copeland, Audit partner at Armanino. “By moving beyond time-intensive traditional methods to tools that provide instant feedback with real-time information, auditors are empowered to not just provide an opinion on past events, but to help clients make strategic decisions about the future of their finance organizations.”
The first license to Armanino’s TrustExplorer platform was granted to TrustToken, the world’s fourth largest stablecoin issuer. TrustExplorer supports public blockchain nodes to obtain audit evidence for the TrueUSD stablecoin.
“TrustExplorer 2.0 serves as our roadmap for how to take immutable tamper-resistant systems like blockchains, and harness them to provide attestation opinions both in real time and with accuracy that cannot be contaminated by human error,” said Andries Verschelden, partner and Blockchain practice leader at Armanino. “This is a clear-cut example of how blockchain technology is already changing business processes to optimize accuracy, security and speed.”
You can view a technical whitepaper on TrustExplorer 2.0 and real-time auditing by visiting: armanino.co/trustexplorer
To learn more about Armanino’s blockchain services, please visit: https://www.armaninollp.com/services/blockchain/
About Armanino LLP
Armanino LLP (https://www.armaninollp.com/) is one of the 25 largest independent accounting and business consulting firms in the nation. Armanino provides an integrated set of audit, tax, business management, consulting and technology solutions to companies in the U.S. and globally. The firm helps clients adapt and change in every stage of business, from startup through rapid growth to the sale of a company. Armanino emphasizes smart technology, leading a cloud revolution of financial, operational, sales and compliance tools that are transforming the way companies do business. The firm extends its global services to more than 100 countries through its membership in Moore Global, one of the world's major accounting and consulting membership organizations. In addition to its core consulting and accounting practices, Armanino operates its division, AMF Media Group (www.amfmediagroup.com), a media and communications services agency. Its affiliate, Intersect Capital (www.intersectcapitalllc.com), is an independent financial planning, wealth and lifestyle management firm.
Kyle McGuire, AMF Media Group