{
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 "@type": "DefinedTerm",
 "@id": "https://wulfkaal.github.io/entities/audit",
 "identifier": "kaal:entity:audit",
 "name": "Audit",
 "termCode": "audit",
 "inDefinedTermSet": {
  "@id": "https://wulfkaal.github.io/entities/index.json"
 },
 "author": {
  "@type": "Person",
  "name": "Wulf A. Kaal",
  "identifier": "https://orcid.org/0000-0003-0757-275X"
 },
 "dateModified": "2026-07-29",
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   "value": 5
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   "value": [
    "2019",
    "2021"
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  },
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  }
 ],
 "subjectOf": [
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3409548-036",
   "identifier": "kaal:claim:3409548-036",
   "text": "Recording all transactions in the public blockchain is what lets LendingRobot comply with its best execution obligations, making the public ledger a compliance instrument and not only an investment record.",
   "abstract": "Moreover, by recording all transactions in the public blockchain, LendingRobot is able to comply with its best execution",
   "citation": "Kaal, Financial Technology and Hedge Funds (2019). SSRN: https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3409548",
   "datePublished": "2019",
   "claim_type": "design",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "funds writing executed trades to a public ledger"
   ],
   "source_pdf_sha256": "74227ab2656b06bfe4a29c942fc2ba26df9f476917e0a9f85ec038b8c3402c40",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3782210-026",
   "identifier": "kaal:claim:3782210-026",
   "text": "Every single reputational implementation the authors have audited in the blockchain DAO space carries the flaw of vulnerability to the sockpuppet attack on the Web of Trust model.",
   "abstract": "This is the flaw in every single reputational implementation we've audited in the blockchain DAO",
   "citation": "Craig Calcaterra, Wulf A. Kaal, The Importance of Reputation for the Evolution of Decentralization (2021). SSRN: https://ssrn.com/abstract=3782210",
   "datePublished": "2021",
   "claim_type": "empirical",
   "confidence": "evidenced",
   "is_failure_mode": true,
   "scope_conditions": [
    "blockchain DAO reputation systems audited by the authors as of writing"
   ],
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   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3782210-027",
   "identifier": "kaal:claim:3782210-027",
   "text": "SingularityNet's reputation system, which tracks self-reported transaction quality, transaction value, duration of satisfaction, and prior reputation weights, will have its value eroded by the sockpuppet attack once the system becomes valuable enough to merit attack, because it does not implement the other necessities.",
   "abstract": "Without implementing the other necessities, the sockpuppet attack will eventually erode their value, once it becomes valuable enough to merit the attack.",
   "citation": "Craig Calcaterra, Wulf A. Kaal, The Importance of Reputation for the Evolution of Decentralization (2021). SSRN: https://ssrn.com/abstract=3782210",
   "datePublished": "2021",
   "claim_type": "failure",
   "confidence": "evidenced",
   "is_failure_mode": true,
   "scope_conditions": [
    "systems implementing only a subset of the seven necessities",
    "once the reputation becomes valuable enough to merit attack"
   ],
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   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3936876-031",
   "identifier": "kaal:claim:3936876-031",
   "text": "Specialized digital custody audit procedures for verifying that a bank maintains access controls over a cryptographic key differ from the audit procedures used for physical assets, so some risk management processes must be tailored for digital custody.",
   "abstract": "Specialized digital custody audit procedures for verifying the bank maintains access controls for a cryptographic key will differ from the procedures used for physical assets.",
   "citation": "Wulf A. Kaal, Hayley Howe, Custody of Digital Assets (2021). SSRN: https://ssrn.com/abstract=3936876",
   "datePublished": "2021",
   "claim_type": "design",
   "confidence": "argued",
   "is_failure_mode": false,
   "scope_conditions": [
    "national banks providing cryptocurrency custody"
   ],
   "source_pdf_sha256": "9bc0903d01910460298e754c451f027df4324367359800a98ee8e638d94aff55",
   "status": "current"
  },
  {
   "@type": "Claim",
   "@id": "https://wulfkaal.github.io/claims/3936876-032",
   "identifier": "kaal:claim:3936876-032",
   "text": "Externally led auditing of digital asset reserves among custodial service providers is declining, falling 24 percentage points relative to the 2018 sample.",
   "abstract": "The report noted this is a 24-percentage point decline compared to their 2018 sample.",
   "citation": "Wulf A. Kaal, Hayley Howe, Custody of Digital Assets (2021). SSRN: https://ssrn.com/abstract=3936876",
   "datePublished": "2021",
   "claim_type": "empirical",
   "confidence": "evidenced",
   "is_failure_mode": true,
   "scope_conditions": [
    "surveyed custodial service providers, 2020 benchmarking study"
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   "status": "current"
  }
 ],
 "description": "5 claims in the published works of Wulf A. Kaal carry the concept tag 'audit'. Derived node: a roster, not an adjudicated definition."
}