Blockchain

Blockchain is transforming the way organisations operate both within Australia and globally. Distributed ledger technology, also known as blockchain, is helping to strengthen Australia’s regulatory compliance and mitigate risks as we navigate through a post-Royal Commission landscape. It seeks to bring efficiency to everyday business transactions and processes, while adding strategic value to high-level operations.

There is no doubt blockchain is revolutionary. It allows for the secure transfer of cryptocurrency transactions and enables faster trade settlement 'on chain' for asset tokenisation. Blockchain’s potential to increase transparency across the chain of custody throughout the supply chain will no doubt disrupt products and services.

At BDO, we are not afraid of this revolution – we embrace it. We are passionate about supporting the Financial Services sector and helping to provide the suitable level of support and structure through a holistic view, being mindful of the regulatory, tax, accounting, and risk considerations.

How BDO can help

BDO’s blockchain team are financial services and technology specialists who have a drive and passion to embrace change and bring customised solutions to our clients. Our network has powerful global connections so you are supported in your local market, whilst having access to insights from around the globe via the BDO blockchain network.

Our team provides audit and assurance, tax, cyber security, governance, risk management, internal audit, compliance, and regulatory advice. In particular, we are able to provide comprehensive audit and assurance services for blockchain companies and assets including cryptocurrencies, security tokens, stablecoins, trading platforms along with Initial Coin Offerings (ICOs) and funds.

Our team can help you with:

Financial statement audits:

Financial statement external audit services for operating entities
Agreed-upon procedures and limited assurance engagements
AFSL compliance engagements
AML/CTF independent assurance and reviews
Accounting advice related to treatment of tokens

Asset audits:

Verification of existence and ownership of underlying assets
Process controls review and assurance reports supporting asset valuation and existence
Periodic investor asset statement verification assurance reports

Smart contract audits:

Technology reviews, blockchain and smart contract assurance engagements
Legal compliance advice reviews
Holistic reviews of linkage of smart contract coding to core business processes and client interaction

Other services:

Internal audit outsource or co source solutions
Tax return and structuring support
End-to-end business services to drive your back office
Preparation with listing and capital raising.