As auditors our role is to ensure society can trust businesses. This trust comes at a high price as businesses need to maintain an effective control environment to produce reliable figures, prevent fraud and support the auditor with its audit work.
We believe Blockchain technology will innovate how we achieve this trust, as Blockchain provides us with something incredibly powerful - a single source of truth.
We believe Blockchain will achieve the following three breakthroughs:
We are the Blockchain Assurance Squad. In alignment with the PwC Purpose and the ever changing needs and expectations from society, we have developed a secure Blockchain platform.
We all acknowledge that for Assurance, our business is all about trust. As auditors we provide trust to society and our role is to ensure society can trust businesses. Currently this trust comes at a high price as businesses need to maintain an effective control environment to produce reliable figures, prevent fraud and support the auditor with its audit work.
Keeping summer period fun and challenging we kicked off our journey on August 3 where we combined our thoughts and insights on how Blockchain could change the world of Assurance.
Our starting point was to come to a clear and understandable definition of the real issue we aim to solve, as well as the envisaged solution. With a room full of auditors, consultants and Blockchain experts, and even so many views and opinions on the issue, this was a challenging but useful and fun experience which enabled us to come to the core of the issue.
On the second day of preparation, together with Startup Insight, who are helping us developing the Proof of Concept, we elaborated on the role of the auditor and how a typical audit for a purchase cycle would be performed. For that we designed a process flow for both buyer and supplier side and we indicated where the audit process would be focusing on.
On the 12th of August, we finally reached the last day of our program on which the Proof of Concept would be delivered. After a lot of stress, fun, pain and laughter, the release of the PoC was finally there; real and operational purchase cycle build in the Blockchain!
© 2015 - Tue Mar 02 13:24:27 UTC 2021 PwC. PwC. All rights reserved. PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see www.pwc.com/structure for further details.