A follow on from “block chains and the future of audit”

Roger Willis
Jul 14, 2015 · 12 min read

Focusing on audit misses part of the problem

“Financial audit and the audit firms need reforming”

A common busy season occurence
Mission critical spreadsheet workflow
At the “audit innovation” meeting…

Back to the block chain

SRL as a concept, block chain as an implementation

“What things do we need to transact and account for, what’s the problem with the current method and what do we want to achieve?”

“What can we apply block chain technology to?”

Workflows and infrastructure

“Parties to the same transaction, record all source data and subsequent accounting journals unilaterally, in separate systems”

Bob and Alice are at it again!

Triple entry as a concept, SRL as an implementation

“is the transaction as well as the raw accounting data for that transaction”

“combines the act of performing the transaction with the recording of that transaction and its associated audit trail

Note the existence, occurence and valuation procedures — we get these for free with triple entry.

Bitcoin in an audit context

Auditors will have to leave bitcoin completeness checks to the crypto-boffins. Image credit O’reilly

What about bonds?

Practical SRLs

Closing remarks

Roger Willis

Written by

R3, Corda, DLT, CorDapp developer, Cash on ledger, electronic-money, central bank digital currency

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