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EY announces blockchain audit technology

  • EY Blockchain Analyzer will facilitate EY audit teams review and analysis of transactions on the blockchain
  • The pilot will lay the foundation for automated audit tests of blockchain assets, liabilities, equity and smart contracts
  • The technology is built to support testing of multiple cryptocurrencies

 

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.

Charalambos Constantinou, Head of Advisory Services at EY Cyprus, says:

“EY is transforming and developing innovative audit approaches in order to follow the trends in the market. EY Blockchain Analyzer will enhance the audit ability of our teams and therefore the quality of our audits related to cryptocurrency business transactions.”

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.



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