Blockchain Based Auditing

A qualitative research into the suitability of Blockchain-based auditing to eliminate weaknesses of contemporary auditing their effectiveness in auditing of accounts receivable and compliance towards GAAS standard AU-C505


  • Marcus Selig


Blockchain, Auditing, Finance, GAAS Standard


As a consequence of advancing digitalization, public accounting firms must adapt and refine their business models by offering digitalized auditing and consulting services. In this context, the doctoral thesis is researching the characteristics of blockchain technology and its suitability for auditing. Further analysis is made on the ability of blockchains to eliminate weaknesses of contemporary auditing. In particular, the balance sheet position accounts receivable is researched, if blockchain-based auditing provides higher efficiency to replace traditional substantive auditing procedures of requesting external confirmations. As audits have to be performed in compliance with a codified audit framework, compliance with blockchain-based auditing by the example of accounts receivable is evaluated if it complies with the requirements of GAAS audit standard AU- C 505. Research of the doctoral thesis was performed by a qualitative approach based on a critical literature review. The results of the literature research were verified with primary data collected through interviews. In conclusion, blockchains are suitable tools for auditing purposes. Due to consensus mechanisms and characteristics, blockchains are highly efficient and effective for audit procedures. They provide a high potential to eliminate traditional auditing weaknesses and to disrupt the audit profession. Auditors must rethink their role in a future blockchain-based audit environment, whereas adequate audit frameworks and standards for blockchain-based auditing must be codified.


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