3 days ago
- Business
- Time Business News
Vertix Auditing Introduces Blockchain-Integrated External Audit Services in UAE
In Dubai, there are many companies that are providing new technologies to their clients for their better growth and records. Similarly, Vertix Auditing, one of the leading audit firms in Dubai, has introduced its new Blockchain-Integrated External Audit Services to make financial reports tested with latest techniques. The main aim is to make financial statement audits more transparent, accurate, and efficient.
The UAE is moving fast toward using blockchain in its economy, with support from VARA, ADGM, and the Dubai Blockchain Strategy. Businesses now want auditors who can check both normal accounting records and blockchain transactions. The external audits are not just limited to paper records or ERP systems. For companies using blockchain for payments, managing assets, or tracking supply chains, audits now need to include blockchain checks to make sure every transaction is genuine, authentic, and completely recorded.
Blockchain audit is a thorough examination of all information, transactions, and procedures on the blockchain to ensure that they are correct, reliable, and compliant with regulations. Blockchain is transparent as well as secure, but companies still need audits because of the following:
· Regulatory Compliance: Blockchain shows all transactions transparently in open ledgers, but they must follow UAE rules and international laws. This is where we play a crucial role by verifying the data on the blockchain based on the applicable regulations in the UAE.
· Investor Confidence: An independent audit is needed to make sure that the financial data on the blockchain reconciles accurately with the internal management accounts. Since there is still significant skepticism about blockchain technology, the audit helps address these concerns and boosts investor confidence in your numbers.
· Fraud Prevention: Blockchain makes it difficult to change past records, but it cannot prevent fake transactions from being added. Auditors check for unusual activity, unauthorized actions, or missing information.
· Smart Contract Reliability: Smart contracts on blockchain run automatically without people controlling them. If they have mistakes, they can cause big financial losses. Audits check for coding errors, rule violations, or business logic problems before they are used.
1. Blockchain Transaction Audits
We check blockchain transactions, wallet balances, and token transfers on our own using blockchain explorers and forensic tools. This is important for:
· Crypto exchanges
· Web3 startups
· DeFi platforms
2. Smart Contract Auditing
We check smart contracts for technical errors, rule violations, and security risks to identify and resolve problems before the contracts are executed.
3. Blockchain-Based Financial Statement Verification
For blockchain-based companies, we compare blockchain data with regular records to make sure the financial statements are accurate.
4. Regulatory Compliance Audits
We help you follow UAE VARA rules, ADGM crypto regulations, and international anti-money laundering (AML) laws.
5. Proof of Audit Certificates
After the audit, we can provide blockchain-verified certificates, which are secure proof that your company follows the rules and can be shared with investors and regulators.
1. Financial Statement Verification with Blockchain Evidence
Comparing blockchain-based and cryptocurrency accounting transactions with the company's accounting records to ensure the financial statements are complete and correct.
2. Audit Trail Validation
Using blockchain to check who made a transaction, when it happened, and if it was approved to help identify and prevent from error or fraud.
3. Asset Ownership Confirmation
Verifying that digital assets, tokens, and blockchain inventory match what the company claims it owns.
4. Support for Multi-Entity and Cross-Border Audits
For multinational companies that use blockchain to handle transactions between their own branches, subsidiaries or associated, Vertix Auditing ensures the accounts are correct and follow the transfer pricing and IFRS requirements.
5. Blockchain-Based Proof of Audit
Issuance of blockchain-verified audit certificates, providing investors and regulators with a tamper-proof assurance record.
1. Engagement Planning: We identify areas where blockchain transactions impact financial reporting.
2. Data Access: Secure read-only blockchain data alongside traditional accounting records.
3. Reconciliation & Testing: Match on-chain data with financial ledgers, verifying completeness and cut-off accuracy.
4. Analytical Review: Identify anomalies, duplicate entries, or irregular transaction patterns.
5. Audit Report & Blockchain Certification: Deliver a comprehensive external audit report, with optional blockchain hash certification for independent verification.
There is a continuous rise in the use of cryptocurrencies and digital assets among the UAE companies. Several audit firms qualify the audit reports of these companies due to the use of cryptocurrencies for business transactions. This is because hardly a few firms have proper knowledge of how blockchain transactions should be audited. Vertix Auditing believes that by launching Blockchain-Integrated audit services, we have covered a major gap in the market and able to help companies in financial services, logistics, manufacturing, and blockchain-based businesses.
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