Abstract
Blockchain and smart contracts are evolving business practices by enhancing efficiencies and transparency in the value chain. The fusion of these innovations is also likely to transform auditing by automating workflows but more importantly, by enhancing audit effectiveness and reporting. This paper envisions the future financial statement audit by proposing an external audit blockchain that supports smart audit procedures. The external audit blockchain has the potential to improve audit quality and narrow the expectation gap between auditors, financial statement users, and regulatory bodies.
| Original language | English (US) |
|---|---|
| Pages (from-to) | 21-35 |
| Number of pages | 15 |
| Journal | Journal of Emerging Technologies in Accounting |
| Volume | 16 |
| Issue number | 1 |
| DOIs | |
| State | Published - Mar 2019 |
| Externally published | Yes |
Keywords
- Audit evidence
- Blockchain
- PCAOB inspection process
- Smart audit procedures
- Smart contracts
ASJC Scopus subject areas
- Accounting
- Computer Science Applications