The Impact of Blockchain Technology on Internal Auditing in the Financial Sector

Blockchain Technology and Virtual Asset Accounting in the Metaverse: A Comprehensive Review of Future Directions

“…Furthermore, the use of blockchain technology in accounting for virtual assets in the Metaverse has the potential to alter the character of financial reporting [21]. The tamperproof feature of blockchain technology assures that every transaction is recorded on the ledger and cannot be changed, allowing financial statements to be produced in real-time [140]. This results in increased financial reporting accuracy and transparency, giving investors greater trust in the financial accounts of enterprises operating in the Metaverse.…”

“…This results in increased financial reporting accuracy and transparency, giving investors greater trust in the financial accounts of enterprises operating in the Metaverse. The quality and dependability of financial information can lead to improved investment decisions and opportunities [140].…”

أثر تفعيل الدورين التوكيدى والاستشارى للمراجع الداخلى فى مجال الرقابة الداخلية ذات الصلة بتقنية سلسة الكتل على إدراك المستخدمين لجودة المعلومات- دراسة على مصلحة الجمارك المصرية(باللغة الانجليزية)

“…Fourth, because of the cryptographic encryption technology, blockchain technology ensures financial data privacy as external participants can only access it with authorization (Zhang and Shah, 2022). Consequently, it is expected that the accuracy of the information recorded on the blockchain will help managers in making better decisions and in their future projections.…”

“…Internal auditors should have an ap-propriate background in internal audit and accounting background and specific technical skills such as coding and cybersecurity, which are necessary to deal with this technology (Kloch and Little, 2019). In addition, they need to update their understanding of the internal and external risks related to blockchain technology and develop their own framework to verify the blockchain components and to make sure that functioning correctly, such as access rights, encryption, smart contract transaction codes, and control and security procedures (Kloch and Little, 2019;Zhang and Shah, 2022).…”

“…As a result, audit efforts and fees are expected to be lower in case the firm being audited is using blockchain. Furthermore, blockchain technology will help auditors to move toward continuous auditing by offering realtime access to transaction data and records (Liu, et al, 2019;Zhang and Shah, 2022). This will result in the instant detection of errors and anomalies and improvement in the related internal controls (Elommal and Manita, 2022) and will allow for real-time monitoring and auditing (Sheldon, 2019;Garanina, et al, 2021;Hasan, 2022).…”