CryptoAudit: Nature, requirements and challenges of Blockchain transactions audit

Charles Kamau and Abdulkerim Yavuzaslan
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Abdulkerim Yavuzaslan: Tomori Pál College, Hungary

African Journal of Commercial Studies, 2023, vol. 3, issue 2

Abstract: CryptoAudit, the process of auditing cryptocurrencies and blockchain-based transactions, is essential in ensuring the accuracy, security, and compliance of activities within the emerging digital asset landscape. This paper explores the unique challenges faced in CryptoAudit, including the absence of a comprehensive regulatory framework, the complexities of blockchain technology, security concerns, valuation difficulties, and the global nature of cryptocurrencies. It also highlights the differences between CryptoAudit and traditional financial audit, emphasizing the need for specialized expertise and adaptability in this evolving field. The study employs a literature review approach and AI-based data analysis to provide insights into existing research and publications related to CryptoAudit. Key findings reveal the importance of staying updated on regulatory developments, collaborating with experts, and developing specialized audit procedures to address these challenges effectively. While CryptoAudit presents significant obstacles, it also offers opportunities for enhancing transparency, efficiency, and trust in the digital financial ecosystem. Auditors play a critical role in ensuring the reliability of cryptocurrency audits, fostering confidence, and facilitating the integration of blockchain technology into accounting and auditing practices. As the cryptocurrency industry continues to evolve, auditors must remain proactive and adaptable to navigate this complex landscape successfully.

Keywords: CryptoAudit; Block chain technology; Audit challenges; Audit trail; Crypto transaction (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:cwk:ajocsk:2023-10

DOI: 10.59413/ajocs/v3.i2.3

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