THE DISRUPTION OF BLOCKCHAIN TECHNOLOGY IN PUBLIC ACCOUNTING

Open Access
Author:
Bettenhausen, Kaitlyn
Area of Honors:
Accounting
Degree:
Bachelor of Arts
Document Type:
Thesis
Thesis Supervisors:
  • Scott Collins, Thesis Supervisor
  • Samuel Bonsall, Honors Advisor
Keywords:
  • Public Accounting
  • Major Trends in Audit
  • Blockchain Applications
  • Auditing a Blockchain
Abstract:
Certain emerging technology have the power to completely disrupt professions as new procedures are created and old procedures are eliminated through advancement. This paper explores the newest technological disruption, known as the blockchain. The technology structuring the blockchain is discussed as well as current applications in differing industries. The thesis delves specifically into a field study of blockchain technology’s impact on the public accounting industry from the perspective of an external auditor. Key topics explored include large firm blockchain initiatives, a blockchain’s impact on audit assertions and standards as well as its impact on the relationship between internal and external auditors, blockchain’s effect on a continuous audit, the change in skillset needed, and, finally, the risks resulting from the implementations of this new technology.