Wednesday, March 21, 2018 – 13:08 Accounting firms can now carry out audits of specific transactions directly from the blockchain and record audit transactions on it in real time. The tool was developed by asset management firm Northern Trust, working with PwC Channel Islands and other auditing firms in Guernsey.
The latest enhancement allows auditors to access from their own offices a “golden copy,” meaning an immutable master record, of blockchain data, explains Northern Trust. The auditors can then transfer the information into internal applications to complete the audit process.
Audit firms can also develop new tools to allow them to complete the audit directly from the blockchain. PwC Channel Islands, Northern Trust’s external auditor, is automating its audit process and continuing development of its audit capabilities to do just that.
“We are excited to be able to leverage the distributed ledger within Northern Trust’s private equity system to innovate our approach to auditing private equity funds,” says Nick Vermeulen, partner at PwC Channel Islands. “Our ability to directly access distributed ledgers .
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