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Blockchain Technology: What Internal Auditors Should Know

Description:

We will provide insight on the research we completed with the IIA on blockchain during 2018. We would highlight the various areas from the research.

  1. Background: Blockchain Usage and Growth
  2. Current State of the Profession Regarding Blockchain Technology
  3. Limits to the U se of Blockchain by Internal Audit
  4. Current Blockchain Use Cases
  5. A Framework for Auditing Blockchain Application in the Organizations

We believe there are several promising applications of blockchain technology including:

  • Supply-chain for guaranteeing the identity and provenance of high value items such as diamonds
  • Securities trading for accelerating the clearing and settlement processes
  • Verified ID for allowing electronic signatures and trusted identification
  • Notarization and geolocation for verifying documents or files and tracking changes
  • Licensing and rights for creating permanent, unalterable records of the right to access a service or asset, such as software, music, or other creative works

Our session will:

  • Offer a concise, yet credible, introduction to blockchain technology for the many internal audit professionals who have had limited exposure to it
  • Provide examples and current use cases that illustrate both the potential of blockchain and the challenges it offered to the internal audit function in those organizations that applied it
  • Offer a limited discussion of opportunities for how blockchain technology might be applied to internal audit functions directly
  • Outline a framework for internal audit to use in developing audit plans that directly address blockchain usage
  • Encourage further study and knowledge acquisition to enable affected internal audit professionals to develop recognized leadership and expertise

Learning Objectives

  • To help attendees understand blockchain basics and its impact on internal auditors.
  • Provide case study examples about how blockchain has been used in various industries.
  • Understand how blockchain technology is evolving and will change the role of auditing.
  • Identify what internal auditors needs to start doing to embrace this change and prepare themselves and their departments for the future.

Attendees will be able to go back to their organizations with an understanding of what blockchain is and how it could impact them and their organizations.

Course Duration: 1 hour
CPEs Available: 1
Knowledge Level: Basic
Field of Study: Auditing
Prerequisites: None
Advance Preparation: None
Delivery Method: Group Internet Based

Speakers

Simon LittleSimon Little
Senior Manager, Crowe

Simon is a Senior Manager in Crowe’s Risk Advisory practice. He has over 12 years of risk mangement experience and co-leads Crowe’s Accounting Advisory practice advising clients on accounting guidance implementation with a focus on revenue recognition and lease accounting.