Can a radically new approach to record keeping improve the trust, reliability and impact of the audit? Long time XBRL contributor, Eric E Cohen, is now working within the ISO blockchain community and with AuditChain, a startup exploring the possibilities for changing the way in which auditors and clients work together, using distributed ledger technology. Eric argues that new technology can significantly alter the role and impact of external review, but emphasises the need for standardisation and collaboration. In this talk he will explore some of the background to and hopes for these new approaches.
Smart Data for Distributed Ledgers: Using Inline XBRL to Deliver Information Certainty
Dennis Knochenwefel, Reportix
For all the talk of “Smart Contracts” in distributed ledgers, many of the initial ideas in this field don’t resemble contracts, and don’t seem terribly smart. What if a smart contract was a real contract, with key terms about the parties and their responsibilities captured in a structured form? What if that was human and machine readable? And what if these contracts were locked down and protected in a distributed ledger, making it impossible to tamper with what’s in the agreement? That’s the idea that the team at Reportix set out to explore with its commercial partners in Germany. Come to this session, from CEO Dennis Knochenwefel to find out more.
Very little in the commercial world is deemed as confidential as a company’s bank balance. But knowing exactly what is in the bank and whether it matches up with the company’s records is one of the key obligations of Auditors. These “bank confirmations” have, on rare – but usually devastating – occasions been the subject of fraud. This year a team from Taiwan have been working with banks and the audit profession to use distributed ledgers to deliver up this vital information in a way that is highly secure and should be entirely fraud-proof. The icing on the cake? Using Inline XBRL to deliver up the reports.