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Bye Audit! A Novel Blockchain-Based Automated Data Processing Scheme for Bank Audit Confirmation

  • Xiaoyan Chu
  • Tao Jiang
  • Xiaohu Li
  • Xiaowei DingEmail author
Conference paper
  • 18 Downloads
Part of the Communications in Computer and Information Science book series (CCIS, volume 1176)

Abstract

An audit confirmation letter is an inquiry that an auditor sends to a third party to verify the contents of accounting records of the entity that is being audited. Traditional process for delivering the paper confirmation is unnecessarily inefficient, relying much on manual processes and other outdated technologies, making it also vulnerable to fraudulent activities. In this paper, we adopt blockchain technology to address the low-efficiency and fraud risk in conventional bank confirmation process. Our solution involves two processes: Authorization Process and Data Acquisition Process. We integrate smart contract into these processes for automated authorization and automated data acquisition. We implemented our solution based on the open source FISCO-BCOS platform and used simulation of auditing process to prove its feasibility. Our evaluation benchmarks include latency and storage efficiency. The result shows that our system can support long-term stable operation.

Keywords

Blockchain Audit confirmation Automated authorization Automated data acquisition FISCO BCOS 

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Copyright information

© Springer Nature Singapore Pte Ltd. 2020

Authors and Affiliations

  • Xiaoyan Chu
    • 1
    • 3
  • Tao Jiang
    • 1
    • 3
  • Xiaohu Li
    • 2
    • 3
  • Xiaowei Ding
    • 2
    • 3
    Email author
  1. 1.School of BusinessNanjing UniversityNanjingChina
  2. 2.School of Information ManagementNanjing UniversityNanjingChina
  3. 3.Inclusive & Rural Financial Technology Innovation Research CenterNanjing UniversityNanjingChina

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