EY Unveils New Blockchain Audit Technology
EY announced on Monday the launch of its new blockchain feature, EY Blockchain Analyzer. The company described the feature as a suite of blockchain audit technologies that enhances the ability to perform an in-depth review of cryptocurrency business transactions.
EY reported that the EY Blockchain Analyzer was designed to assist its 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. It also supports 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.
While sharing more details about the blockchain feature, Jeanne Boillet, EY Global Assurance Innovation Leader, stated:
“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.”
Paul Brody, EY Global Innovation Blockchain Leader, also commented:
“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.”
EY added that the blockchain’s next phase will include multiple pilots to scale the technology, including the development of customized regulatory compliance and reporting nodes.