As the talks about blockchain technology continue, an important question that many enthusiasts have always asked is, “How far have the accounting and auditing firms adopted the technology?” In this piece, we discuss the moves the “Big Four” accounting and auditing firms are making in an effort to deploy the cutting-edge blockchain technology.
In a bid to pilot the deployment of blockchain technology in the industry, Deloitte has set up Blockchain Center of Expertise and Blockchain Lab. As a result, there is a Deloitte blockchain and a host of other blockchain-based applications. Deloitte blockchain and its ilk effectively tackle the challenges associated with supply chain and auditing services. In addition to that, Deloitte has also developed Minimum Viable Ecosystem, which allows key players to interact and exchange important information. However, the ecosystem has gone beyond auditing and accounting as Deloitte has approached other industries in the hopes of bringing them into the blockchain space. In addition, Deloitte has established a blockchain central source where accountants can fetch data for assessment.
Ernst and Young (EY)
Here is another giant deploying blockchain technology to transform the way they approach accounting. To start with, EY accepts Bitcoin (BTC) at its Swiss office. Also, upon going into partnership with software giant Microsoft, EY branched out into the gaming industry. As a result, its foray into the industry has caught the attention of blockchain industry’s players. More importantly, EY developed a finance-resolution solution using smart contracts. Indeed, the solution works by displaying sales transactions online real-time for media creator. It also reconciles royalty dispute without intermediary interference. What’s more? EY built EY Blockchain Analyzer, which fetches and arranges an organization’s crypto-transactions for easy audit.
KPMG believes that blockchain can increase service efficiency, curb fraud, and improve customer experience. Additionally, the auditing giant is currently refining blockchain services with the most notable move being the development of blockchain services suite. The blockchain-based suite enables banks to build their own blockchain services. KPMG calls it Digital Ledger Services.
Feel free to call it PriceWaterhouseCooper, PwC is one of the Big Four using the blockchain technology to achieve amazing results. PwC assures businesses with a broad spectrum of services it has on offer. These services include risks reporting, transaction-continuous tracking and continuous assurance. PwC has made public its intention to offer blockchain services, focusing on ground-up blockchain solution implementation and third-party solutions. Furthermore, its auditing services allow companies to engage external assistance in corporate finance review.
Last Words on the Auditing and Accounting Ecosystem
Without mincing words, the Big Four have shown that they are committed – more then ever before – to transitioning the audit and accounting sector to the next level. Many blockchain and cryptocurrency proponents promote the blockchain in the hopes of eliminating a lot of business-related bottlenecks, including middlemen. It’s critical that they also pay attention to enterprise adoption. Indeed, the Big Four are doing their bit to reserve a place for themselves in the dynamic blockchain industry. Obviously, the crypto-space will be incomplete without them.
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