burger menu
Blockchain Technology and Its Potential Impact on the Audit and Assurance Profession

Blockchain Technology and Its Potential Impact on the Audit and Assurance Profession

    Add to bookmarks
SUMMARY

This paper discusses the potential impact of blockchain technology on the financial statement audit, as well as presents possible new assurance services and new roles for the CPA auditor in the blockchain ecosystem.

According to this study, blockchain could impact all recordkeeping processes. This includes the way transactions are started, processed, approved, saved and reported. Back-office activities including financial reporting and tax preparation could also change as a consequence of the emergence of blockchain technologies. At the same time, auditors will also have to understand the new technologies as these are implemented at their clients, the study explains.

The paper indicates that the role and skillset of CPA auditors are likely to experience changes as new blockchain-technologies are developed and with the new procedures. On top of that, the report also notes that there is potential for increased standardization and transparency in reporting and accounting. This could actually enable more efficient data extraction and analysis.

Traditional audit and assurance services will still be important in the future, the report notes. However, the CPA auditor’s approach is likely to be different in the near future. Blockchain technology could have an important impact on the way auditors manage their engagements. The paper highlights that CPAs are likely to have to broaden their skill sets and knowledge to meet new business demands as blockchain technology is increasingly adopted.

OUTLINE

Executive Summary

Blockchain and smart contracts

Blockchain in the Audit and Assurance Profession

Conclusions

 

 

DETAILS

Overview

Researchfinder Rating
5 out of 5 stars
Title
Blockchain Technology and Its Potential Impact on the Audit and Assurance Profession
Region
Global
Published
Jan. 1, 2018
Publisher
CPA and others
Author(s)
William Bible, Jon Raphael, Matthew Riviello, Peter Taylor, Iliana Oris Valiente
Price
FREE
Language
ENGLISH

Content

Number of Pages
28
Number of Tables
2
Number of Exhibits
1
Topics
blockchain
Tags
assurance, audit, blockchain, CPA, DLT, ethereum, financial services, global, nodes, smart contracts
Author(s)
William Bible, Jon Raphael, Matthew Riviello, Peter Taylor, Iliana Oris Valiente
Methodology
Not available.
EVALUATION

This is an insightful and easy to read report on blockchain by Deloitte with an excellent executive summary and conclusions.

Positives:

  • Excellent writing style
  • Great executive summary and conclusions
  • Appealing design 
  • Great graph with the characteristics of blockchain

 

Similiar Reports

Digital identification

FREE

Gartner Top 10 Strategic Technology Trends for 2019

FREE

Bitcoin, Blockchain, and the Energy Sector

FREE