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For accountants and auditors, distributed ledgers and Blockchains allow for 
increased clarity
and 
transparency
in the recording of business transactions. This is because transactions can also be posted 
to a public ledger on a Blockchain. This extra information means that there are more resources available 
for business planning and valuation, especially in regards to 
measuring the value of assets
(since 
transactions concerning assets will have an indelible record). Distributed ledgers also reduce the need 
for auditors to audit transactions and 
verify the ownership of assets
because they have a source of 
information about the assets that they can trust. 
BPP Tutor Toolkit Copy

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PART C: ACCOUNTING AND REPORTING SYSTEMS, CONTROLS AND COMPLIANCE 
 
264
 
 

 
Internal controls
should help organisations counter risks, maintain the quality of reporting and comply 
with laws and regulations. They provide reasonable assurance that the organisations will fulfil their 
objectives. 

 
Internal control frameworks include the 
control environment
within which 
internal controls
operate. 
Other important elements are the 
risk assessment and response processes
, the 
sharing of information 
and 
monitoring
the environment and operation of the control system. 

 
The 
control environment
is influenced by 
management's attitude
towards control, the 
organisational 
structure
and the 
values
and 
abilities
of employees. 
