Blockchain technology and audits

Important User Information: Remote access to EBSCO's databases is permitted to patrons of subscribing institutions accessing from remote locations for personal, non-commercial use. However, remote access to EBSCO's databases from non-subscribing institutions is not allowed if the purpose of the use is for commercial gain through cost reduction or avoidance for a non-subscribing institution. Abstract: In today's debate on the potential disruptive effects of blockchain, audit and control professions are rarely in the spotlight although applications such as smart contracts and distributed ledgers could significantly impact them We conducted a study based on the grounded theory to understand how auditors in Switzerland anticipate the impacts of blockchain on their activities. Based on our findings, three hypotheses have emerged. First, the potential effect of blockchain on the profession is not fully anticipated. Second, the profession will go through a paradigm shift in two ways: become more IT oriented and forward looking.

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Blockchain technology and audits

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Content:

• Northern Trust Offers Blockchain Technology to Audit Private Equity
• Follow the Author
• Application of Blockchain Technology in Internal Audit
• Blockchain Technology and its Potential Impact on the Audit & Assurance Profession
• Opinion Blockchain in Auditing
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• Audit and blockchain
• Blockchain: A game changer for audit processes
• Blockchain Implications for Audit and Assurance

WATCH RELATED VIDEO: Understanding Blockchain - For Internal Auditors

Northern Trust Offers Blockchain Technology to Audit Private Equity

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Thesis information Title:. Blockchain technology and the audit profession. Leusink, Jurrian. Nowadays, technological developments are going faster than ever, also in the field of accounting and auditing.

Blockchain technology is identified as a potentially disruptive technology. Scientific literature has shown that there is a need for insights into the current and expected influence of blockchain technology on the auditing profession; 'how does it influence the role of the auditor?

This report describes the research on the influence of BT on the auditing profession. This is done on the basis of literature research regarding the traditional audit process, the traditional auditor and the audit expectations gap. Subsequently, a link was made between the subjects of the literature review and the empirical results. This showed that BT has the greatest influence on starting and junior auditors, because their simple manual-based activities can be simplified or eliminated by blockchain technology.

Moreover, the important professional judgment of the auditor will become even more important. Finally, it can be concluded that a new audit space is emerging, namely the assurance on BT.

Keywords: Blockchain technology, audit profession, audit expectations gap, traditional audit, professional judgement.

Boldyrev, Ivan. Faculteit der Managementwetenschappen. Master Economics. Search Search This Collection. General information Notice and Takedown.

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Stay up-to-date with the latest business and accountancy news: Sign up for daily news alerts. Details on the potential of blockchain, its implications for auditors, how the accountancy profession can lead and what skills are necessary for the future. Blockchain and the future of accountancy Tech Faculty's report on Blockchain describes the technology and its likely impact on business, in particular on the accounting profession. Blockchain has the potential to enhance the accounting profession by reducing the costs of maintaining and reconciling ledgers, and providing absolute certainty over the ownership and history of assets.

Application of Blockchain Technology in Internal Audit

Abstract : The objective of the paper is to examine auditors' awareness and knowledge of cryptocurrencies and the underlying blockchain technology. Furthermore, the study attempts to emphasise the potential changes that might occur in auditing and accounting practices with the usage of cryptocurrencies and blockchain technology. The study applied a qualitative research method and phenomenology research design. Data were collected from eight auditing professionals in Malaysia using semi-structured interviews. The findings revealed that the interviewees have a good understanding of cryptocurrency and blockchain technology. Furthermore, the general consensus from the interviews was that blockchain technology will make auditing and accounting practices much easier and more efficient. Nevertheless, the accounting profession is required to enhance efforts to innovate their field to cope with the latest technological developments. This is one of the earliest studies focusing on cryptocurrency and blockchain technology, as well as their implications on accounting and auditing practices. This study is exploratory in nature as there are limited studies on cryptocurrency and blockchain, particularly in the context of a developing country like Malaysia.

Blockchain Technology and its Potential Impact on the Audit & Assurance Profession

Skip to Main Content. A not-for-profit organization, IEEE is the world's largest technical professional organization dedicated to advancing technology for the benefit of humanity. Use of this web site signifies your agreement to the terms and conditions. Blockchain technology in the auditing environment Abstract: Blockchain technology is already being talked about as one of the megatrends for the next years.

Opinion Blockchain in Auditing

But as the use of the technology becomes more widespread, it also has the potential to change the audit process itself. To prepare for the changes that lie ahead, auditors need to understand how blockchain works and the benefits it could bring to their work. In the future, blockchain could have an impact on virtually every sector of the economy, but its main use is currently within transaction-based financial services. One of the main benefits of this type of service is its high level of security. For auditors, working with transactions and ledgers is familiar territory — and the opportunity blockchain presents, if all transactions were to be recorded through it, is that of a real-time, permanent and accurate audit trail. If every transaction can be recorded with absolute certainty, there would in theory be no need to verify those transactions — removing the task of reconciliation altogether.

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Blockchain offers a drastically new way to record, process, and store financial transactions and information, and has the potential to fundamentally change the landscape of the accounting profession and reshape the business ecosystem. In this article, we introduce two types i. We further discuss implications of blockchain to auditing and elaborate on opportunities and challenges of the two types of blockchain to auditors. We conclude by making specific recommendations for auditors to adapt, adjust, and elevate themselves to the role of strategic partners in blockchain implementation. Known as the underlying technology for cryptocurrencies such as Bitcoin, blockchain has been regarded as one of the most important disruptive technologies after the internet Swan ; Yermack It has wide-ranging implications for data processing, transmission, storage, and security Brandon ; Gross, Hemker, Hoelscher, and Reed , and has the potential to create a new ecosystem for the handling of accounting information Dai and Vasarhelyi ; Kokina, Mancha, and Pachamanova Although blockchain technology is still in its infancy, the Big Four accounting firms and many financial institutions have already noticed blockchain's potential and actively engaged in its experiments, development, and investments Bajpai Deloitte, for instance, took the first step in launching a blockchain initiative in Deloitte

Audit and blockchain

Blockchain technology is still in its nascent stages but it holds tremendous opportunities. The technology platform has the potential to have a significant impact on the way companies build their processes and, in turn, on how they are audited, offering the audit process greater accuracy, transparency and ease. One day, the use of blockchain may reduce the need for confirmations and reconciliations and allow for real-time transparency to external parties. A blockchain is a ledger where transactions and data are pseudo-anonymously recorded and confirmed.

Blockchain: A game changer for audit processes

RELATED VIDEO: BHIS - Getting Started in Blockchain Security and Smart Contract Auditing - Beau Bullock

Blockchain and its potential impact on the audit profession has been saved. Blockchain and its potential impact on the audit profession has been removed. An Article Titled Blockchain and its potential impact on the audit profession already exists in Saved items. While traditional audit and assurance services will remain essential, blockchain business applications and new accounting technology are likely to have a significant impact on the way auditors execute engagements. With more companies exploring blockchain business opportunities—including the blockchain audit trail—many accounting firms have undertaken blockchain initiatives to further understand the implications of this important and versatile technology. Audit and assurance professionals should stay abreast of developments and continue to learn more about blockchain business applications, blockchain in accounting, and blockchain audit technology.

Blockchain Implications for Audit and Assurance

Welcome to ComplianceWeek. This site uses cookies. Read our policy. Blockchain was first introduced as the core technology behind Bitcoin, the headline-grabbing decentralized digital currency ecosystem proposed in The appeal of blockchain technology lies in its use of peer-to-peer network technology combined with cryptography. This combination enables parties who do not know each other to conduct transactions without requiring a traditional trusted intermediary such as a bank or payment processing network.

Blockchain provides a extreme brand-brand new method towards document, procedure, as well as keep monetary info and deals. It has actually the prospective towards essentially alter the yard of the bookkeeping occupation as well as improve business community. Within this particular short post, our team talk about the ramifications of Blockchain in the business of bookkeeping as well as bookkeeping. Using a blockchain can help provide clarity on asset ownership and the existence of liabilities, and can dramatically increase efficiency for an accountant.