Blockchain in accounting and auditing: unveiling challenges and unleashing opportunities for digital transformation in Egypt

Ahmed Anis

Journal of Humanities and Applied Social Sciences, 2023, vol. 5, issue 4, 359-380

Abstract: Purpose - This paper aims to examine the role of Blockchain in the accounting and auditing literature and profession. Specifically, the paper investigates auditors' perceptions about the role of blockchain in accounting and auditing and the perceived potential benefits and challenges of blockchain-based accounting systems in Egypt. Moreover, what are the capabilities required for successfully implementing blockchain-based accounting systems? Design/methodology/approach - A mixed-method approach was adopted to achieve the research objectives. The qualitative study included 11 in-depth interviews with external auditors, and the results of the interviews and the literature review helped develop a survey collected from 58 auditors. Findings - The findings revealed low-to-moderate awareness of Blockchain-based accounting systems. Also, there were significant differences between auditors from large audit firms and small-and-medium audit firms regarding the benefits and challenges associated with Blockchain-based accounting systems. Practical implications - The results provide valuable insights for practitioners, researchers and policymakers. Originality/value - Understanding blockchain-based accounting systems and the benefits and challenges associated with their application is crucial for developing effective strategies and frameworks to overcome barriers and realize the transformative potential of blockchain in the accounting and audit market.

Keywords: Blockchain-based accounting systems; Triple-entry ledger; Real-time auditing; Digital auditing (search for similar items in EconPapers)
Date: 2023
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Citations: View citations in EconPapers (1)

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Persistent link: https://EconPapers.repec.org/RePEc:eme:jhassp:jhass-06-2023-0072

DOI: 10.1108/JHASS-06-2023-0072

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