Toward Blockchain-Based Accounting and Assurance

Author:

Dai Jun12,Vasarhelyi Miklos A.1

Affiliation:

1. Rutgers, The State University of New Jersey, Newark

2. Southwestern University of Finance and Economics

Abstract

ABSTRACT Since 2009, blockchain has served as a potentially transformative information technology expected to be as revolutionary as the Internet. Originally developed as a methodology to record cryptocurrency transactions, blockchain's functionality has evolved into a large number of applications, such as banking, financial markets, insurance, voting systems, leasing contracts, and government service. Despite such advancements, the application of blockchain to accounting and assurance remains under-explored. This paper aims to provide an initial discussion on how blockchain could enable a real-time, verifiable, and transparent accounting ecosystem. Additionally, blockchain has the potential to transform current auditing practices, resulting in a more precise and timely automatic assurance system.

Publisher

American Accounting Association

Subject

Management of Technology and Innovation,Information Systems and Management,Human-Computer Interaction,Accounting,Information Systems,Software,Management Information Systems

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4. American Institution of Certified Public Accountants (AICPA). 2015. Audit Analytics and Continuous Audit: Looking Toward the Future. Available at: https://www.aicpa.org/InterestAreas/FRC/AssuranceAdvisoryServices/DownloadableDocuments/AuditAnalytics_LookingTowardFuture.pdf

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