Blockchane Technology in Accounting and Audit

Yaroshchuk, Oleksiy; Savitska, Svitlana

doi:10.35774/ibo2020.03.028

Cited by 7 publications

(2 citation statements)

References 14 publications

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“…BT provides better tracking of audit traces in real time, rendering financial audits significantly simpler and cheaper (Dai and Vasarhelyi, 2017). These increased advantages will allow auditors to focus on more important tasks, especially in shifting focus to issues requiring the auditor's judgement such as complex but rare processes; enhancing the effectiveness of internal control analysis and forecasting; and adopting and evaluating new IT systems (Yaroshchuk and Belova, 2020). Thus, due to the time saved for the auditors in terms of monitoring transactions, reconciling, comparing and disputing records from clients, financial audits will become more efficient and effective.…”

Section: Literature Review and Developing Hypothesismentioning

confidence: 99%

A survey study of Iraqi auditors' adoption of blockchain technology

Majeed,

Taha

2023

ARA

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PurposeThis paper seeks to investigate the factors influencing auditors' behavioural intentions towards blockchain technology (BT) adoption in Iraqi government banks. It also highlights the relationships between these factors to determine if the proposed model can provide a more comprehensive means of comprehending how auditors in government banks have adopted BT.Design/methodology/approachThe study uses the unified theory of acceptance and use of technology and expands it by incorporating five external constructs: “system trust”, “cost”, “transparency”, “security” and “auditor's skill.” This study employed a quantitative and exploratory methodology through the gathering and examination of data from 300 auditors. For the evaluation of the measurement and structural models, the authors adopted the partial least squares structural equation modelling approach with SmartPLS v4.FindingsThe findings demonstrate that “auditor's skill and four government features of BT adoption” are major factors in government bank auditors' adoption of BT. Additionally, the findings indicate that social influence is a potent indicator of one's intention to adopt BT in the banking industry.Research limitations/implicationsOne limit of this study is the selection of governmental perspective. This study is limited to auditors' opinions, who work at the government banks. Further studies may consider other perspectives in order to provide an in-depth analysis of blockchain.Practical implicationsThis paper offers valuable insights into the factors influencing the adoption of blockchain technology in Iraqi governmental banks. It provides empirical evidence supporting auditing units and internal auditors in enhancing their job performance through the adoption of such technology.Originality/valueThis study contributes to the existing literature on technology adoption within the audit profession, specifically examining the use of blockchain technology. By exploring the features of technology adoption within government institutions in the auditing field, it introduces a new perspective, emphasizing the importance of auditor skills.

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Section: Literature Review and Developing Hypothesismentioning

confidence: 99%

A survey study of Iraqi auditors' adoption of blockchain technology

Majeed,

Taha

2023

ARA

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“…Зокрема, аналіз впливу блокчейну на підприємство знайшов відображення у працях Р. Капіл [25], М. Хамбираловича та Р. Карлсона [23]. Науковці М. Дубініна [3], С. Сирцева [3], О. Буганов [3], Н. Тусова [3], К. Ілляшенко [4], О. Ярощук [21], І. Белова [21], Ю. Попівняк [10], В. Степура [18], Н. Шишкова [20] обґрунтовували сутність технології блокчейн, її особливості, класифікацію та перспективи застосування у фінансовій сфері, зокрема у бухгалтерському обліку. Доцільність посилення ролі держави як найголовнішого стейкхолдера, яка полягає в розвитку цифровізації країни, зазначили С.В.…”

Section: Introduction Of the Blockchain In The Accounting System: Steps Towardsunclassified

Introduction of the Blockchain in the Accounting System: Steps Towards

Pravdiuk¹,

Obniavko²

2022

Efektyvna Ekonomika

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but the benefits outweigh the problems associated with them, so be aware that a number of significant measures will be needed to facilitate the transition to full digitalization. For the successful application of digital technologies it is necessary to study the leading experience of foreign countries. It is noted that it is necessary to create new legislation for regulatory and legal regulation of accounting on the basis of blockchain and make changes to existing ones. It is analyzed which normative-legal acts regulating accounting need to be improved first of all. When forming the legal framework, it is important to involve scientists, chief accountants and auditors so that they participate in the development of standards, conducting active research work in this area. According to experts, the cost of implementing the technology is quite high, because it requires significant material and energy costs. The main factors influencing the cost of blockchain implementation are presented.The transition to a blockchain system will provide a number of incentives for the accounting profession, as it has the potential to influence how the blockchain will be implemented and used in the future. It is emphasized that accountants, teams, management and government agencies that implement the blockchain and make decisions based on data obtained from the blockchain will need new skills to adapt to changing environments. Therefore, this transformation should involve the interaction of business and government, be gradual, and prevent negative consequences. Ключові слова: блокчейн; організація потрійного обліку; зміна постулатів; інноваційна трансформація.

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Blockchain technology in accounting: advantages and limitations

NASHKERSKA¹

2023

Fìnansi Ukr.

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Introduction. The application of blockchain technology has a significant potential to increase the efficiency of accounting compared to the traditional system and will ensure the digital transformation of the accounting process. Problem Statement. The introduction of blockchain technology into the accounting system is at an initial stage and requires significant refinement due to existing limitations. Purpose. To carry out a comparative analysis of the advantages and limitations of using blockchain technology in accounting in comparison with traditional accounting. Methods. The main research methods were general and special scientific approaches to theoretical generalization and grouping, systematization, comparative analysis, logical generalization. Results. Substantiated that the relationship and functionality of the blockchain are perfectly combined with the basic logic of accounting systems. The immutability of the transactions recorded in the blockchain process, the strong ongoing control of the procedures and compliance guaranteed in each phase meet the cardinal principles of accounting summarized in terms of informative data reliability and transparency. Conducted a comparison between pre- and postblockchain accounting characteristics. This established the advantages of blockchaintechnology compared to traditional accounting. The study defines confidentiality issues, scalability and interoperability as important significant constraints for adoption and deployment of blockchain based accounting. Procedural automation of blockchain technology always requires support and monitoring of the correctness of the interpretation of accounting phenomena that require professional judgment. Identified groups of asset transactions that reflect a high probability of outcome uncertainty and measurement uncertainty. Conclusions. Blockchain integration in accounting at enterprises supports consistent with Ukraine's digital transformation strategy. Accounting from this technology perspective would significantly reduce the amount of time and effort used by accountants for traditional and repetitive daily accounting records and constant control over their reliability. The introduction of blockchain in accounting requires overcoming limitations, the main one is the need to make changes to transactions, which require adjustments due to uncertainty and require accounting judgment.

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Blockchane Technology in Accounting and Audit

Cited by 7 publications

References 14 publications

A survey study of Iraqi auditors' adoption of blockchain technology

A survey study of Iraqi auditors' adoption of blockchain technology

Introduction of the Blockchain in the Accounting System: Steps Towards

Blockchain technology in accounting: advantages and limitations

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