Deloitte establishes FinTech audit promotion team

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On February 14th, Deloitte Touche Tohmatsu announced that it has established a FinTech audit promotion team for settlement transactions based on virtual currency trading and block chain technology.

Because it is expected that virtual currency transaction will become active with the amendment of the funds settlement law in June 2016, the company considered that it is necessary to construct an audit system corresponding to the block chain which is the basic technology of the virtual currency, He said that he established a FinTech audit promotion team.

The FinTech Audit Promotion Team consists of experienced auditors of financial institutions, those who are familiar with payment systems at major financial institutions, and engineers who are familiar with block chain technology, which is the basic technology of virtual currency, and which conduct virtual currency transactions In addition to developing auditing procedures related to virtual currency transactions for virtual currency exchange operators, he also advises on the internal control required for the transaction.

In addition, regarding the application of block chain technology to areas other than virtual currency transactions, we will proceed with development to enable audit response.

It is assumed that block chain technology will be used for future automated transactions and billing by Smart Contract, and also to create a database of information collected by IoT technology, etc. These dramatically change the audit environment It is expected that it will be said.