• Mon, 26 Aug 2019, 06:54 AM
  • All times are UTC
  • Edition:
    International
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) $10,355.70 (+2.58%)
  • Ethereum (ETH) $190.85 (+0.65%)
  • XRP (XRP) $0.272600 (+0.57%)
  • Bitcoin Cash (BCH) $312.39 (+1.72%)
  • Litecoin (LTC) $74.46 (+1.98%)
  • Bitcoin (BTC) $10,355.70 (+2.58%)
Aug 26, 2019 (Monday)
04:09
Crypto startup Circle eyes $100M fundraise for its crowdfunding arm SeedInvest
04:05
BitPay, Blockchain.com team up to offer a new way of bitcoin spending
04:04
Binance offers lifetime VIP membership to hack victims, blames KYC vendor for image leaks
Aug 23, 2019 (Friday)
11:35
Stablecoin project Terra receives funding from HashKey Capital
10:49
Three of the founding members of Libra Association consider backing out: Report
08:55
Overstock's Patrick Byrne steps down as CEO
08:52
Pundi X brings XPOS crypto payments to Venezuela's Traki retail stores
07:22
Blockchain startup Blockstack scores strategic investment from Japan's Recruit Holdings
07:19
BitGo announces support for multi-signature EOS wallet and custody services
06:39
US Treasury blacklists crypto addresses of suspected Chinese fentanyl traffickers
06:14
Chainalysis launches ‘Chainalysis KYT Alerts’ to detect suspicious cryptocurrency activity in real-time
05:13
Cryptocurrencies used to buy fentanyl, other illicit drugs: White House
05:04
Blockchain energy startup Power Ledger extends energy trading trial in Fremantle
03:53
Blockchain accelerator initiatives launched at the University of California campuses
Aug 22, 2019 (Thursday)
13:05
Crypto exchange Coincheck mulls launching IEO Platform
12:46
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:53
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
11:42
Sierra Leone launches blockchain-based National Digital Identity Platform
10:43
Blockchain startup Blocko secures $7.4M in Series B+ round from major South Korean financial institutions
09:52
Crypto Technicals: Ethereum Classic ignores crypto space weakness, extends gains to break above 200-DMA
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft