In the third of our guest articles from IAP’s partners, Paul Ashburn, the Co-Managing Partner of BDO Thailand discusses why BDO chose to partner with the IAP Network.
BDO is the 5th largest network of accounting firms in the world. One of our largest service lines is in auditing, which involves attesting to financial information and forming an opinion on it. We believe that blockchain technology is going to dramatically disrupt the auditing side of accounting practices.
Blockchain will dramatically help auditors to manage risk
We currently use a variety of technologies and common platforms around the world, but blockchain will reduce risks in auditing and allow auditors to have greater assurance that they are relying on the right opinions.
There are many policies and guidelines that auditors have to meet around the world, including both national and international regulations. It is never an exact science and can be subjective, so it is all about how to form an opinion using a risk based approach. So what you prefer as an auditor is to get more coverage and have more assurances before you give an opinion that’s relied upon by capital markets. That’s where blockchain is going to make a big difference. It is going to reduce the risk that auditors perceive when they try and form opinions on financial information.
We believe the IAP Network has unique potential to meet our needs
When looking for blockchain platforms that we could partner with, the IAP Network stood out because it is a very focused platform that is specifically focusing on regulatory and compliance requirements. Working with the IAP Network, we feel very confident that we will be able to provide practical solutions to our clients. The IAP Network really fits with our approach and we believe it can play a big role in the future of BDO in terms of advising in this blockchain space. We believe it can cut out middle men, make us less reliant on humans, reduce the risk of errors and give us greater assurance when forming an independent opinion on regulatory compliance matters.
Blockliance will help us deliver a more robust service for our clients
We are also very excited about the prospect of using Blockliance, the first application to be built on the IAP Network. Our clients need to comply with both national and international regulations, so they need something modular that they can adapt to each country. This is exactly what Blockliance offers. It is a product that will allow us to meet our clients’ requirements, cut their costs, reduce their risk and provide a global solution for them. This will help strengthen our offering as the go-to provider of advisory services to clients seeking guidance on how they can use blockchain technology to solve compliance challenges.
We are excited to see how both the IAP Network and Blockliance develop in the coming months and also look forward to providing advice to them on how they can best meet the needs of prospective platform users like BDO.