Blockchain and Internal Control: The COSO Perspective

Published on: Jul 31, 2020

As blockchain becomes more mainstream, it is appropriate to focus on how this technology intersects with an entity’s internal control. With careful implementation and integration of blockchain, the distinctive capabilities of blockchain can be leveraged to create more robust controls for organizations. Further, blockchain-enhanced tools have the potential to promote operational efficiency and effectiveness, improve reliability and responsiveness of financial and other reporting, and improve compliance with laws and regulations. At the same time, blockchain creates new risks and the need for new controls. The Committee of Sponsoring Organizations of the Treadway Commission’s (COSO) Internal Control — Integrated Framework provides an effective and efficient approach that can be leveraged to design and implement controls to address the unique risks associated with blockchain.


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