How do the current auditing standards fit the emergent use of blockchain?

Marion Pauline Gauthier and Nathalie Brender

Managerial Auditing Journal, 2021, vol. 36, issue 3, 365-385

Abstract: Purpose - Blockchain is expected to impact reporting and auditing processes. Indeed, the increasing use of blockchain could affect the nature and extent of information available to auditors and how audits are performed. This paper aims to investigate how auditors are assessing the relevance of the current auditing standards in light of the emergent use of blockchain technology. Design/methodology/approach - Based on qualitative content analysis, this paper analyzed semi-structured interviews with auditors to understand their shared perception of how the current auditing standards address blockchain’s emergence. Findings - The findings reveal a growing demand for information technology (IT) auditing standards, as well as a mismatch in timing between the quickly changing IT environment and the regulators’ slowness in releasing new standards or updating standards. Research limitations/implications - The findings reflect the external auditors’ points of view and cannot be generalized to all countries, but future studies should address the development of specific IT-related auditing standards to better fit the fast-evolving technology environment in ways that consider the other stakeholders’ points of view, including those of the standard setters. Practical implications - The results of this study show that auditors consider the current auditing standards for IT to be too vague, and they need more guidance on both auditing blockchain and using technologies as audit tools. Originality/value - The original contribution of this study lies in the in-depth understanding it provides of the adequacy of the current auditing standards to audit companies using blockchain, which is an under-researched topic.

Keywords: Auditing; Blockchain; New technologies; Auditing standards (search for similar items in EconPapers)
Date: 2021
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Citations: View citations in EconPapers (3)

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Persistent link: https://EconPapers.repec.org/RePEc:eme:majpps:maj-12-2019-2513

DOI: 10.1108/MAJ-12-2019-2513

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