What is the difference between BUSD and USDT?

BUSD are approved and regulated by the New York State Department of Financial Services and is 100% backed by U.S. dollars held in FDIC-insured U.S. banks. Also, an auditing firm (Withum) audits BUSD monthly to check if the money held in banks matches the BUSD supply, which you can check out here. On the other hand, USDT is not regularly audited.

What is the purpose of Audit?

Audit reporting: The purpose of the audit report is to communicate the results of the investigation. The report should provide correct and clear data that will be effective as a management aid in addressing important organizational issues.

What is product audit and system audit?

Product audit: This type of audit is an examination of a particular product or service, such as hardware, processed material, or software, to evaluate whether it conforms to requirements (i.e., specifications, performance standards, and customer requirements). System audit: An audit conducted on a management system.

What are the three different types of auditing?

Some audits have special administrative purposes, such as auditing documents, risk, or performance, or following up on completed corrective actions. The three different types of auditing. What are first-party, second-party, and third-party audits? What are the four phases of an audit cycle?