World’s Largest Auditing Firms Adopting Blockchain
July 20, 2018
The four major auditing companies of the world –Deloitte, Ernst & Young, KPMG and PwC – have joined 20 Taiwan banks to apply blockchain for tax audits, as the STEE news agency reports.
The Big Four will join the consortium of large Taiwan banks to test blockchain for intermediate financial reports of auditing companies with focus on optimization of the so-called “external verification” processes.
Currently they require auditor to manually receive and verify company transactions with third parties.
This pilot project developed by bank consortium together with Taiwan's Financial Information Service Co. (FISC) makes use of distributed unvarying blockchain structure protected from unauthorized access to provide security and automation for verification process. This is supposed to help auditors assess financial standing of firms at a record pace.
Expanding of the test system is planned for over 1,400 China-based companies from the next year.