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How Blockchain Innovation could affect the Audit Profession: A Qualitative Study

Authors
  • Elommal, Najoua
  • Manita, Riadh
Publication Date
Jan 01, 2022
Identifiers
DOI: 10.3917/jie.pr1.0103
OAI: oai:cairn.info:JIE_PR1_0103
Source
Cairn
Keywords
Language
French
License
Unknown
External links

Abstract

Blockchain is transforming not only the way of recording, processing and storing financial transactions and information, but also the way audit firms can practice their profession. The purpose of this article is to examine how this technology will affect the audit profession. Based on a qualitative study carried out on a sample of 17 auditors, this research shows that this technology could affect audit firms at six key levels. Blockchain will allow an auditor to (1) save time and improve the efficiency of their audit, (2) favor an audit covering the whole population instead of an audit based on sampling techniques, (3) focus the audit on testing controls rather than testing transactions, (4) set up a continuous audit process, (5) play a more strategic audit role and (6) develop new advisory services. The results underline the need for the establishment of a clear and coherent legislative system and new audit standards, allowing auditors to embed this technology and enhance audit practices. JEL Codes: M42

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