• Register
Return to: Home > News > Advisory > EY to pilot blockchain audit technology

EY to pilot blockchain audit technology

EY plans to pilot a suite of blockchain audit technologies that have the ability to perform a review of cryptocurrency business transactions. Known as EY Blockchain Analzer, the technology will support EY audit teams and aims to act as a foundation for the testing of blockchain assets, liabilities, equity and smart contracts.

The EY Blockchain Analyzer is intended to help EY audit teams gather an organisation’s entire transaction data from multiple blockchain ledgers. Auditors will then be able to use the data gathered to perform an analysis of the transactions and identify any transaction outliers.

The suite is designed to support testing of multiple cryptocurrencies as well as other crypto-assets which are managed or traded by exchanges or asset management firms.

EY Global assurance innovation leader Jeanne Boillet commented: “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.”

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 analyse transactions on a blockchain and help provide insight to the finance function.”

EY intends to introduce multiple pilots following the initial pilot so that the technology can be scaled to include customised regulatory compliance and reporting nodes.

 

Top Content

    Brazil: regulation and technology form basis for recovery

    Opportunities in the capital markets and the ever-growing influence of technology are expected to have a significant impact on the Brazilian accounting profession over the next 12 months, writes Paul Golden.

    read more

    Mentoring support and the opportunity to delegate

    Jon Lisby will be known to many from his former role as CEO of Kreston International. Here, he explains the background to his new venture, Global Alliance Advisory Services (GAAS), and how he aims to offer support to alliance CEOs.

    read more

    Global by name, global by nature

    Stephen Heathcote became chief executive officer of PrimeGlobal on 1 June 2019. Robin Amlôt met him to discuss the various new challenges that he has taken on, and his ambitions for the association.

    read more

    ARGA team, assemble!

    The new top team has been named that will see in root-and-branch reform at the Financial Reporting Council (FRC) as it transforms into the Audit, Reporting and Governance Authority (ARGA). Will the new duo be as dynamic as some are hoping? Robin Amlôt reports.

    read more

    CORONAVIRUS TIMELINE: REACTIONS FROM THE ACCOUNTANCY PROFESSION

    As the Coronavirus (COVID-19) continues to spread across the world, the International Accounting Bulletin and The Accountant will be collating all the latest news and updates from the profession on the pandemic’s impact.

    read more
Privacy Policy

We have updated our privacy policy. In the latest update it explains what cookies are and how we use them on our site. To learn more about cookies and their benefits, please view our privacy policy. Please be aware that parts of this site will not function correctly if you disable cookies. By continuing to use this site, you consent to our use of cookies in accordance with our privacy policy unless you have disabled them.