Blockchain Technology and Its Potential Impact on the Audit and Assurance Profession [Whitepaper]
In recent years, blockchain technology has evolved far beyond bitcoin and is now being tested in a broad range of business and financial applications. Blockchain technology could bring new challenges and opportunities to the audit and assurance profession. In this whitepaper the AICPA joined with CPA Canada and the University of Waterloo to explore the implications of blockchain technology on the future of audit and assurance. This whitepaper attempts to answer common questions and topics related to the blockchain impact on auditing.
The ABCs of Blockchain
- What Is Blockchain Technology?
- Characteristics of a Blockchain
- What Are the Benefits?
- Blockchains Are Not Made Equal
- Permissionless Blockchain
- Permissioned Blockchain
- Evolution of Blockchain: Smart Contracts
- Where Can Blockchain Be Applied?
The Potential Impact of Blockchain on the Financial Statement Audit and the Assurance Profession
- Financial Statement Auditing
- How Audit and Assurance Might Evolve with Blockchain
- Opportunities for Future Roles of the CPA in the Blockchain Ecosystem
- Auditor of Smart Contracts and Oracles
- Service Auditor of Consortium Blockchains
- Administrator Function
- Arbitration Function