ACCOUNTANT_SUMMER18_AMENDED_PG12

BLOCKCHAIN
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on the use of distributed ledger technology and on
the acceptance of virtual currencies is meant to serve
as a potential ‘test and learn’ live environment as part
of the preliminary acceptance of an online gambling
regulated environment.
The MGA strategy to be at the forefront of
remote gaming regulation while embracing
innovation, is balanced with the recognition
that a prudent approach in this area is sensible
and needed
THE IMPLICATIONS FOR THE MALTESE
ACCOUNTANT
As blockchain oriented start-up companies are set up
in Malta, other globally renowned gaming companies
have become compelled to plan their next move in
light of blockchain technology. What this implies for
professional accountants is that, while blockchain
allows for greater efficiency in the accountant’s work,
it opens up the possibility for the accountant to focus
time and resources towards the value-adding areas
that are becoming increasingly dependent upon by
these companies.
Blockchain technology brings to the table clarity
across the ownership of assets and existence of
obligations. Furthermore, ledger reconciliation as
we know it is changing, with verifiable blockchain
records automating the bookkeeping process for
the accountant. Henceforth, the accountant directs
attention on the significance of the data itself and its
implications, while keeping a professional skeptical
mindset when applying their professional judgement.
Additionally, blockchain opens up the possibility for
‘real-time reporting’ as distributed ledgers enable
more timely recordings of corporate cash positions.
As advancements in digital technology continue
to evolve and regulations are set out, the auditors’
role will also progress towards the digital era; one
where auditors’ express governance over the types
of blockchains being used within the online gambling
industry. While it has already started to take effect
at present, there is no doubt that in the near future,
auditors need to provide an exhaustive level of
assurance on the digital systems being used by these
businesses, rather than solely focusing their testing
on the transactions themselves.
theaccountant.org.mt
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