Big Four’ Auditing Firms To Trial Blockchain Auditing System In Taiwanbr>
The so-called ‘Big Four’ auditing firms – Deloitte, EY, KPMG and PwC – are collaborating with 20 Taiwanese banks to trial a blockchain solution for auditing public companies’ interim financial reports
Developed by Taiwan’s Financial Information Service Co (FISC) together with the 20 banks, the solution allows tracking down all transactions on a separate blockchain, so there is no need for accounting firms to evaluate audit evidence manually. The trial will initially allow the auditing firms to conduct external confirmation for a group of selected companies that are publicly traded in Taiwan. The banks will act as validators of the process.
The FISC said that auditing is traditionally done manually, which can take about half a month. With blockchain, the process can be completed “within a day.” If the trial shows positive results, the platform will be rolled out to over 1,400 public companies in the country next year.
The FISC, which was initially an arm of the Ministry of Finance in Taiwan, is a company with both private and public capital. It has been working on the development of blockchain projects since 2017.