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Still, it wasn’t until almost two decades later, with the launch of Bitcoin in 2009, that it had its first real-world public application. Everything from sourcing materials to manufacture, logistics and sale, and all by recording data about each component in a permanent, auditable, visible manner.
Tiresome, Expensive Audits. Without AP automation to centralize all of the invoices and related documents, audits are a nightmare for AP teams that must physically sort through stacks of paper to find the docs they need. This is the second highest it’s been since 2009. Increased Vulnerability to Fraud.
Since its inception in 2009, it has steadily gained recognition as a premier digital space for finance professionals. Established in 2009, it has become a popular hub for seeking knowledge and participating in information sharing. At Proformative, moderation is conducted diligently to ensure a productive and respectful community.
As opposed to, you know, maybe someone working in corporate or even in audit connecting those dots. It wasn't as popular and that would've been like 2009. But if the data isn't being collected or the data isn't readily accessible, because sometimes it's just a conversation with IT. It, it was becoming more popular.
They just don't have the manpower to audit even a tiny fraction. So, maybe that's all they'll do is do a tiny fraction, and the rest will just get automatically approved, or they'll approve them conditionally, and then reserve the right to go back and audit years later. They don't know if they're gonna have. They're already in debt.
CFO 07:41 – Auditors Struggle to Access Data, Count Inventory During Remote Work – Wall Street Journal 07:47 – 8 things to know about the audit evidence standard – AICPA 09:17 – DOJ: 57 Charged With Alleged PPP Fraud – PYMNTS.com 10:10 – More on Liar Loans – Wikipedia 11:52 – Quickie lender Kabbage doled out billions in PPP loans.
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