San Ramon, Calif.-based Armanino (FY18 net revenue of $267.2 million) has created the world’s first application of real-time attest.
Using blockchain technology, Armanino created TrustExplorer 2.0, which reduces attestation reporting from 30 days to 30 seconds and is the first step to developing real-time audit.
“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,” says CEO Matt Armanino. “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.”
Armanino tells IPA that TrustExplorer is an example of what the profession should be doing to take advantage of disruptive technologies. “This is an incredible opportunity to change ourselves,” he says. “Embrace it with a sense of fearlessness.”
The TrustExplorer 2.0 tool will allow users to download a report, backed by the firm’s opinion and in compliance with attest examination standards. The innovation solves some of the biggest issues with reporting as it exists now: reports are historical and stale by the time they are issued, they are not widely available and methods of collecting data are time-consuming.
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,” says 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.”