Audit Trail
A chronological record tracking transactions and changes to data.
Detailed Description
Audit Trail
What is an audit trail?
An audit trail is a comprehensive and chronological record of all transactions, activities, and changes made within a system or process.
Why is an audit trail important in real estate?
It ensures transparency and accountability in transactions, helping stakeholders track information and decisions.
What are the key components of an audit trail?
Key components include transaction logs, user actions, time stamps, access records, and change histories.
What challenges exist in implementing audit trails?
Challenges include data volume, integration issues, cost, and ensuring user compliance with documentation protocols.
How do technological tools aid in maintaining audit trails?
Technological tools like property management systems and blockchain automate tracking, enhancing accuracy and ease of data retrieval.