Dissertation Design on Blockchain Technology in Auditing


  • Selg Markus EBU


Blockchains, Effectiveness, Technology, US GAAS


Digitalization provides challenges for audit firms to adapt automated audit and advisory services. This article deals with the suitability of blockchain technology to perform regular external audits of financial statements. The potential of the blockchain in auditing is researched by analyzing, if the balance sheet positions of accounts receivables and the blockchain technology are suitable to eliminate weaknesses of traditional substantive auditing procedures that require external confirmations. Later, it is evaluated if blockchain-based auditing complies with the GAAS standard AU-C 505 “External Confirmations” that rules manual procedures or if new audit standards have to be codified. Based on a qualitative study, the literature research findings are verified by collecting primary data through interviews. The blockchain technology is highly efficient and effective. At the same time, audit firms must refine their business models, and auditors must rethink their role in a future blockchain-based audit environment. In contrast, adequate audit standards must be codified for auditing accounts receivable.

Key words: Blockchains, Effectiveness, Technology, US GAAS



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