Copy link
Increase text size
Decrease text size
Link copied

Blockchain-based audit tools can revolutionize audit assurance model: SEC Commissioner

Photo: The Financial Times

Wed, 24 Oct 2018, 04:52 am UTC

Blockchain-based audit tools can revolutionize audit assurance model, an official at the U.S. Securities and Exchange Commission (SEC) said recently.

Speaking at the Council of Institutional Investors 2018 Fall Conference, SEC Commissioner Kara M. Stein discussed the importance of improving information for investors in the digital age.

“Our society, and our capital markets, are not just evolving, they are transforming before our eyes. Digital technologies offer new ways to more efficiently and effectively solve complex problems,” Stein said.

She further emphasized the SEC should focus on how to organize the information and ensure that it is fairly presented. Stein added that the regulator’s mere “guidance” regarding cyber-related disclosures is not sufficient to provide useful and reliable disclosure and leaves “companies in a state of quandary.”

Further highlighting the importance of the role of auditors in protecting public interest, Stein noted that their “central communications tool, the auditor’s report, has remained largely unchanged.” While changes have been made to audit standards across the globe, she emphasized that “more needs to be done.”

“The Digital Age presents that opportunity. The development of audit tools that leverage data and technology, including blockchain, could revolutionize the audit assurance model. This means that auditors could benchmark corporate data and expand their assurance beyond the financial statements,” Stein added.

In March 2018, the American Institute of CPAs (AICPA) released a white paper on the implications of blockchain technology for audit and assurance. In July, auditing giants – Deloitte, EY, KPMG and PwC – joined 20 Taiwanese banks to trial a blockchain service for auditing public companies' interim financial reports.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $9,116.56 (+2.85%)
  • Ethereum (ETH) $175.46 (+3.95%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $353.33 (-1.96%)
  • Bitcoin SV (BSV) $266.31 (-0.21%)
  • Bitcoin (BTC) $9,116.56 (+2.85%)
Jan 17, 2020 (Friday)
13:42
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
13:42
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:50
Crypto dealer SFOX announces new service for investors and wealth managers
11:10
Binance in talks with TaoTao and Z Corporation for strategic partnerships in Japan
10:09
Crypto Technicals: NEO/USD set to scale new highs, 200-DMA breakout confirms bullish trend
10:08
Crypto exchange Gemini launches own insurance company "Nakamoto"
09:29
eToro, Radar and OKCoin join Coinbase-led Crypto Rating Council
08:55
Huobi joins Blockchain Turkey Platform (BCTR)
08:21
U.S. authorities urged to investigate crypto use in funding domestic terrorism and extremism
07:38
Calibra, Anchorage, Bison Trails executives elected to Libra’s new technical steering committee
07:01
Crypto Technicals: LTC/USD bounces off 5-DMA support, eyes next major hurdle at 200-DMA (65.43)
07:01
U.S. lawmakers seek tax exemption for crypto transactions under $200
06:19
Former CFTC Chair launches Digital Dollar Project in partnership with Accenture
05:56
Crypto Technicals: ETH/USD resumes upside after brief pause, eyes 23.6% Fib at 174.83
04:46
Uzbekistan to launch national mining pool and licensed cryptocurrency exchange
04:27
Crypto Technicals: BTC/USD extends sideways below 200-DMA, bias bullish
04:21
Garanti BBVA conducts real-time blockchain transfers using Takasbank's BiGA Platform
Jan 16, 2020 (Thursday)
13:51
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
13:51
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
12:21
Litecoin Foundation, BlockFi partner to bring more liquidity to users
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft