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Blockchain will transform the role for audit

EY’s assurance head highlights the potential of Blockchain technology to revolutionise financial reporting and audit.

“Blockchain will do to corporate reporting and financial transactions, what the internet did for knowledge. It could fundamentally change the role of the finance function and has huge implications for us as auditors,” according to Hywel Ball, EY’s UK head of assurance.

Ball was commenting on a new government report about the use of blockchain, ‘Distributed Ledger Technology: beyond block chain'. He added: “This new technology has the potential to transform the speed of corporate reporting. Blockchain will theoretically allow transactions to be recorded and logged in real time, helping to provide greater transparency and trust in a company’s financial accounts. It could allow a company to publish their ‘annual’ results on an almost daily basis.”