EY announces blockchain audit technology

LONDON and PALO ALTO, Calif., April 23, 2018 /PRNewswire/ -- EY announces the pilot of the EY Blockchain Analyzer, a suite of blockchain audit technologies that enhances the ability to perform an in-depth review of cryptocurrency business transactions. The proprietary technology is designed 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 designed to facilitate EY audit teams in gathering an organization's entire transaction data from multiple blockchain ledgers. Auditors can then interrogate the data 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 a number of other crypto-assets managed or traded by exchanges or asset management firms. 

Jeanne Boillet, EY Global Assurance Innovation Leader, says:

"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 blockchain technology has been developed utilizing experience gained when working with global clients in the US, Europe and Japan including investment funds, exchange platforms, cryptocurrency mining companies and wallet providers.

Paul Brody, EY Global Innovation Blockchain Leader, says:

"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."

The next phase will include multiple pilots to scale the technology, including the development of customized regulatory compliance and reporting nodes.

About EY

EY is a global leader in assurance, tax, transaction and advisory services. The insights and quality services we deliver help build trust and confidence in the capital markets and in economies the world over. We develop outstanding leaders who team to deliver on our promises to all of our stakeholders. In so doing, we play a critical role in building a better working world for our people, for our clients and for our communities.

EY refers to the global organization, and may refer to one or more, of the member firms of Ernst & Young Global Limited, each of which is a separate legal entity. Ernst & Young Global Limited, a UK company limited by guarantee, does not provide services to clients. For more information about our organization, please visit ey.com.

This news release has been issued by EYGM Limited, a member of the global EY organization that also does not provide any services to clients.

About EY's Assurance Services

Our assurance services help our clients meet their reporting requirements by providing an objective and independent examination of the financial statements that are provided to investors and other stakeholders. Throughout the audit process, our teams provide a timely and constructive challenge to management on accounting and reporting matters and a robust and clear perspective to audit committees charged with oversight.

The quality of our audits starts with our 80,000 assurance professionals, who have the breadth of experience and ongoing professional development that come from auditing many of the world's leading companies.

For every client, we assemble the right multidisciplinary team with the sector knowledge and subject matter knowledge to address your specific issues. All teams use our Global Audit Methodology and latest audit tools to deliver consistent audits worldwide.

SOURCE EY

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