Using the blockchain platform, auditors no longer have to manually collect and verify data on business’ payments to third parties for several months. The four world’s largest audit companies — PwC, KPMG, Deloitte and EY — joined the Association of 20 banks in Taiwan to test the blockchain service for financial analysis of public companies. Using the platform, auditors will be able to collect external confirmation, analyze data on Taiwanese companies, search for information about hidden assets and real accounts. In addition, within the framework of the platform, consulting will be able to verify the authenticity of company’s financial transactions to other legal entities. In total, the system will reduce this work on authentication of documents from one and a half months to one or two days. Financial Information Service Co. (FISC) supported by 20 banks was engaged in the development of the platform. It is planned that after tests, the services will be used by at least 1.5 thousand public companies. Recently, Microsoft and KPMG announced the opening of innovative Blockchain Nodes workshops aimed at the development of blockchain technology. |
