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How Blockchain Innovation could affect the Audit Profession: A Qualitative Study

Author

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  • Najoua Elommal
  • Riadh Manita

Abstract

Blockchain is transforming not only the way of recording, processing and storing financial transactions and information, but also the way audit firms can practice their profession. The purpose of this article is to examine how this technology will affect the audit profession. Based on a qualitative study carried out on a sample of 17 auditors, this research shows that this technology could affect audit firms at six key levels. Blockchain will allow an auditor to (1) save time and improve the efficiency of their audit, (2) favor an audit covering the whole population instead of an audit based on sampling techniques, (3) focus the audit on testing controls rather than testing transactions, (4) set up a continuous audit process, (5) play a more strategic audit role and (6) develop new advisory services. The results underline the need for the establishment of a clear and coherent legislative system and new audit standards, allowing auditors to embed this technology and enhance audit practices. JEL Codes: M42

Suggested Citation

  • Najoua Elommal & Riadh Manita, 2022. "How Blockchain Innovation could affect the Audit Profession: A Qualitative Study," Journal of Innovation Economics, De Boeck Université, vol. 0(1), pages 37-63.
    • Handle: RePEc:cai:jiedbu:jie_pr1_0103
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    Citations

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    Cited by:

    1. Cordery, Carolyn J. & Goncharenko, Galina & Polzer, Tobias & McConville, Danielle & Belal, Ataur, 2023. "NGOs’ performance, governance, and accountability in the era of digital transformation," The British Accounting Review, Elsevier, vol. 55(5).
    2. Larysa Ivanchenkova & Liubov Shevtsiv & Lyazzat Beisenova & Aliya Shakharova & Temur Berdiyorov, 2023. "Analysis of the Risks of Using the Blockchain Technology in the Accounting and Audit of a Fuel and Energy Complex Enterprise," International Journal of Energy Economics and Policy, Econjournals, vol. 13(2), pages 316-321, March.
    3. Mohammad K. Shbeilat, 2024. "Managing Earnings Management: A Framework of Standards, Governance and Ethics," International Business Research, Canadian Center of Science and Education, vol. 17(3), pages 1-48, June.

    More about this item

    Keywords

    Blockchain; Auditing; Audit Process; Innovation; Digital Technologies;
    All these keywords.

    JEL classification:

    • M42 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Auditing

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