Has your service organization incorporated blockchain into its delivery systems?
The Journal of Accountancy recently published a summary of the American Institute of Certified Public Accountants’ (AICPA’s) white paper on how blockchain systems affect performing SOC for Service Organizations reports.
One key takeaway is that “management is responsible for identifying, assessing, documenting, and responding to blockchain-related risks through the design and implementation of controls that mitigate those risks”.
The paper aims to educate service auditors about blockchain, the considerations with using the technology as part of a system that delivers services to user entities, and how examinations may be affected by blockchain. The authors organize the paper into two parts:
- Part 1: Blockchain overview, types of blockchain networks, how blockchain compares to other technologies, and risks associated with using blockchain
- Part 2: Overview of governing SOC for Service Organization examinations, how being knowledgeable about blockchain is useful for auditors, and how to form an opinion about the service organization’s blockchain system and design controls
For more information on how blockchain will affect SOC for Service Organization reports, view the Journal of Accountancy summary, read the full AICPA white paper, or contact us to discuss your options.