Blockchain adds a new dimension to the role of Audit, along with new risks and processes that need to be evaluated and managed. As such, it requires a different way of thinking.
That’s why we work alongside both in-house and external Auditors to help you decipher and navigate the blockchain landscape.
New Risks and Issues
Here are just some of the risks and issues you may encounter:
- Smart Contracts may not have the correct business logic;
- Fraudulent transactions could be made “off-chain”;
- Unauthorised transactions could still be processed. For example, an internal employee or a external hacker could steal cryptocurrency by transferring funds;
- Who controls the Blockchain?
- Who has access to it?
Independent Assurance and Due Diligence
Most organisations have not developed any Blockchain skills in-house. As such, it’s often difficult for both Auditors and IT Departments to formulate the right questions to ask. Thats where we drive real value for clients, by providing independent assurance, helping translate technical jargon into plain English and driving real business results.