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Auditor Pooling

Once a project requests an audit, it enters various relevant information for the audit. Based on the number of code lines and the project type (e.g., NFT, DEX, Lending), assessors (Level 3 or 4 Auditors until the committee is elected) will determine a price range. Then the project manager will be asked to pay 40% of the minimum cost as a deposit. They can decide if they want to add a bounty to the payment and at what privacy level auditors could participate in the bounty. Some projects prefer to have only a few auditors involved as the project could still be in stealth. In contrast, others are interested in letting all auditors on AuditOne participate in the bounty.

Rate

From the auditors’ perspective, initially, they can set a minimum rate for which they would be willing to audit a project (we recommend rates for certain skill levels, but it is up to each auditor himself).
Let’s go through an example. A project with several smart contracts provides information about the project. The number of code lines is approximately 2000, and the type is a lending app.
Let’s assume the auditor committee (for the beginning, our auditor advisors) assigns a price range of €11,000 - €13,000 to the project. It is a range as the project will only have to pay the higher end if significant issues are found.
The project would have to deposit €5,200 (40%) beforehand to initialise the pooling process. If the payment is made with the AuditOne token, a discount of 10% will be applied to the total cost.

Let’s assume we have pooled together the following auditors:

  • 1x Level 1 Auditor rate per hour: 80€ 1x
  • Level 2 Auditor rate per hour: 100€ 1x
  • Level 3 Auditor rate per hour: 160€ 1x
  • Level 4 Auditor rate per hour: 250€
*The rates might change in the future.
The estimated amount of hours put into for each auditor on average: 15. The total sum to be paid to auditors in this case: (80€ + 100€ + 160€ + 250€) x 15 = 8850€.
In addition to the standard payment, the platform will pay individual auditors more for finding critical errors. (up to 20% of the total sum paid on top) So, in this case, the max findings reward: is 1,770€.
Max. amount to be paid to auditors: 10,620€ Potential AuditOne revenue: 2,150€ - 2,380€.

Key Takeaways:

  • The Auditors gain the majority of the revenue as opposed to working for an audit firm.
  • More auditors look through the code compared to traditional audit firms.
  • The project pays less for an audit if fewer or no issues are found.
  • The Auditors are rewarded for finding issues while also receiving a base income.
Auditors can only join a pool from Level 1 and above. Pool sizes depend on the complexity & length of the code.
On average, four auditors are assigned to a pool. In the beginning, a pool is created manually by the AuditOne team. Later we will have an algorithm grouping together at least one auditor => level 4, one auditor => level 3 & two auditors < level 3. Also, AuditOne will take level, availability, skill set, and prior experience with the type of project into the selection criteria. A pool can decide to peer–review another pool’s audit for pre-defined amounts. Auditors can use our automated audit tools, standardised audit reports, and payment processing to simplify their workflow.
After completing an audit, we let auditors rate each other anonymously to identify good and bad actors in the long run.
Audit firms can create a pool (if approved by the AuditOne team). However, the auditors must undergo the same assignments and verification processes as freelance auditors to ensure the same quality standard across all auditor pools.
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