Blockchain-Based Audit Trails: A Paradigm Shift in Accounting (Completed)

As businesses explore the enticing possibilities from blockchain ledger technology, there are important questions being raised about how assertion-based auditing may be impacted by the introduction of blockchain technology into financial reporting. The nature of distributed ledger technology suggests that the auditor’s view of both inherent risk and control risk and the related assertions might be affected when a client operates in a blockchain-enabled environment that supports a substantial part of its financial information system. This workshop delves into the transformative impact of blockchain technology on audit trails. Participants will unravel the potential of blockchain in ensuring transparency, security, and efficiency in financial transactions, marking a significant shift in traditional accounting practices.

Topics Covered

• The core principles of blockchain technology and its implications for audit trails in accounting
• How blockchain ensures transparency and immutability, revolutionizing the reliability of financial records
• Strategic considerations and challenges associated with implementing blockchain-based audit trails

Learning Objectives

• Summarize how blockchain ensures transparency, immutability, and security in financial transactions
• Recognize the differences between permissioned and permissionless blockchain
• Evaluate the current audit assertions and how they may apply to distributed ledger technology
• Evaluate different risk factors that may be introduced vis-a-via a blockchain-enabled environment

Level
Basic

Instructional Method
Group: Internet-based

NASBA Field of Study
Information Technology (2 hours)

Program Prerequisites
None

Advance Preparation
None