Smart contract Audit:
A comprehensive examination of a blockchain application's smart contracts is done in order to find faults in the code, or to locate design flaws or security vulnerabilities. In order to undergo a professional audit, you will likely take these steps:
Reaching an agreement on a specification.
Symbolic execution tools for manual debugging.
In-depth manual examination of the code.
The act of creating a report.
The project's architecture, design decisions, and construction process are all explained in the specification and any accompanying documentation. The project's README file should provide this documentation. When describing the code within an individual file, including classes, modules, functions, and properties, use APIs and docstrings to explain some aspects of the code, but they're not a suitable alternative for a well-written specification. Auditing teams cannot know if the code is doing what it should be doing if there is no specification. To ensure the project includes a comprehensive specification, the first stage of an effective audit is to ensure the project has a complete specification, which is used as the framework for the audit process.
Once a test, analysis, and even manual analysis has been completed, the auditing team must put up a report that will be presented to the project team for discussion and potential action. To complete the audit's work, this last step is really vital. Project team members should comprehend both the vulnerabilities and audit team's proposed fixes for the project. Then, these suggestions should be included into the project. Proactivity is advised when time permits: a follow-up dialogue or audit is recommended to confirm that there are no more probable weaknesses in the project.
While there is no exact step-by-step method to conducting a smart contract audit, a last bit of advice is that there is no "ideal" method. Various teams employ different design approaches. When everything is said and done, auditing teams are tasked with making many important judgments, and project teams might disagree with auditing team recommendations due to subjective, cultural, or other factors. The solution is somewhere in the middle, which means that while neither party is inherently more accurate than the other, it will require time to guarantee that everyone understands the current condition of the project. As long as all the relevant material is available for debate, there is little to no risk of failure. When all of this is taken into consideration, it's evident that communication and careful monitoring are key to smart contract audit success.