EY Blockchain Analyzer: Ernst & Young’s Crypto Transaction Audit Tool?
EY, a global leader in assurance, tax, transaction and advisory services, announced on 23rd April the launch of its new blockchain feature, EY Blockchain Analyzer. The feature has been described by the company as a suite of blockchain audit technologies that enhances the ability to perform an in-depth review of cryptocurrency business transactions.
The new tool is designed to facilitate EY audit teams in gathering an organization’s entire transaction data from multiple blockchain ledgers. Auditors can then interrogate the data and perform analysis of transactions, reconciling and identifying transaction outliers. The technology has been designed to support testing of multiple cryptocurrencies including BitCoin, Ether, BitCoin Cash, LiteCoin, and a number of other crypto-assets managed or traded by exchanges or asset management firms.
Regarding this new development, Jeanne Boillet, EY Global Assurance Innovation Leader, said “As digital technology continues to advance, we are focused on developing innovative approaches to the audit process and providing confidence and trust to the capital markets. As companies are also focusing on how they embed technologies like blockchain into their financial processes, we are innovating the audit to meet their evolving needs and those of investors.”
Paul Brody, EY global innovation blockchain leader, said that understanding these technologies and exchanges was the first step in developing specific tools to test various blockchain-based business contracts. “These technologies lay the foundation for automated audit tests of blockchain assets, liabilities, equities and smart contracts,” he said.
This blockchain technology has drawn on EY’s previous experience in dealing with big companies in the US, Europe, and Japan, among them exchange platforms, investment funds, cryptocurrency mining ventures, and wallet services.
EY’s next step will be launching several other pilots to scale its blockchain audit technology, working on the development of personalized regulatory compliance and reporting nodes, among other things.