What do you all think about blockchain being used in Auditing?

What are some of the concerns ?

Existence/rights and obligations- Blockchain allows for firms to be there own bank.and maintain full control over there own funds. Completeness The balance presented on the financial statements should generally match the wallet listing provided by the client. Accuracy a blockchain can not be edited so data is more accurate than a typical database. Cutoff key feature of blockchain technology is a time stamp of every transaction and data input Valuation Since transactions on a blockchain are denoted only in the underlying digital asset(s), said digital asset(s) must be translated to the entity’s reporting currency for purposes of financial statement presentation But like anything new i does not come without its own risk of objection and need for better understanding of how it all works and implementation. As referenced by the article a board member of PCAOB said " Blockchain does not magically make information contained within it inherently trustworthy. Events recorded in the chain are not necessarily accurate and complete. Recording a transaction on a blockchain does not alleviate the risk that the transaction is unauthorized, fraudulent or illegal. Blockchain also does not address threats that parties to a transaction are related, or that side agreements exist that are not reflected in the chain (Schulman,Wilson,2019)."

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Blockchain system being used in auditing would have following implications All events and observations during course of audit would be recorded This w... View the full answer