Ernst & Young announced blockchain audit technology
‘Big Four’ accounting firm Ernst & Young, headquartered in London, England announced the pilot of the EY Blockchain Analyzer. It is a suite of blockchain audit technologies that enhance the ability to perform a deep review of cryptocurrency business trading and transactions. The technology is designed and developed to support EY audit teams as they perform audits for companies using cryptocurrencies and will lay the foundation for testing of blockchain assets, liabilities, equity and smart contracts as companies adopt blockchain technologies.
The EY Blockchain Analyzer is developed to enable EY audit teams in gathering an organization’s entire transaction data from multiple blockchain ledgers. Auditors can then interrogate the information and perform analysis of transactions, reconciling and identifying transaction outliers. The technology has been designed to support testing of multiple cryptocurrencies including BitCoin, Ether, BitCoin Cash, LiteCoin, and several other crypto-assets.
EY Global Assurance Innovation Leader, Jeanne Boillet, said “As digital technology continues to advance, we are focused on developing innovative approaches to the audit process and providing confidence and trust to the capital markets. As companies are also focusing on how they embed technologies like blockchain into their financial processes, we are innovating the audit to meet their evolving needs and those of investors.”
This advanced distributed ledger technology is designed and developed by careful examination and utilizing the experience gained while working with global clients in the US, Europe and Japan including investment funds, exchange platforms, cryptocurrency mining companies and wallet providers.
EY Global Innovation Blockchain Leader, Paul Brody, said “Understanding exchanges and cryptocurrencies is the first step in our ability to develop tools to test various blockchain-based business contracts. These technologies lay the foundation for automated audit tests of blockchain assets, liabilities, equities and smart contracts. EY Blockchain Analyzer will be utilized by the auditor to analyze transactions on a blockchain and help provide insight to the finance function.”
Multiple pilots to scale the technology, including the development of customized regulatory compliance and reporting nodes will be included in the next phase.
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