BLOCKCHAIN AUGMENTED AUDIT – BENEFITS AND CHALLENGES FOR ACCOUNTING PROFESSIONALS

The accounting profession, and specifically the attestation and assurance branches of the profession, appear to be in the midst of a technological transformation. Increasing stakeholder pressures, the digitization of ever increasing amounts of information, automation of entry level procedures, and the integration of technology into accounting processes have the potential to disrupt the profession. An additional change and shift in the accounting landscape is the concept of blockchain technology, and the potential effect this platform will have on the audit and attestation segment of the profession. This research, applicable and timely for both academics and practitioners, analyzes some of the implications this technology and platform is positioned to have on the accounting profession. Specifically, this research conducts a review of existing research in the areas of blockchain and accounting, postulates how this technology will potentially impact the profession, and provides a comparative analysis of how processes will be changed as this technology becomes more mainstream.