Blockchain for Accounting and Auditing—Accounting and Auditing for Cryptocurrencies: A Systematic Literature Review and Future Research Directions

Ifigenia Georgiou, Svetlana Sapuric (), Petros Lois and Alkis Thrassou
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Ifigenia Georgiou: Department of Accounting, Economics and Finance, School of Business, University of Nicosia, 46 Makedonitissas Avenue, Nicosia CY-2417, Cyprus
Svetlana Sapuric: Department of Accounting, Economics and Finance, School of Business, University of Nicosia, 46 Makedonitissas Avenue, Nicosia CY-2417, Cyprus
Petros Lois: Department of Accounting, Economics and Finance, School of Business, University of Nicosia, 46 Makedonitissas Avenue, Nicosia CY-2417, Cyprus
Alkis Thrassou: Department of Management, School of Business, University of Nicosia, 46 Makedonitissas Avenue, Nicosia CY-2417, Cyprus

JRFM, 2024, vol. 17, issue 7, 1-43

Abstract: The aim of this study is to analyze and synthesize the key challenges that are prevalent in the application of blockchain in accounting and auditing, to study the approaches to account for cryptocurrencies, to study the effect of blockchain on the accounting and auditing profession, and to identify the current direction of research of blockchain in accounting and auditing, as well as identify potential avenues of future research. The research is based on 75 peer-reviewed academic studies on the topic of blockchain in accounting and auditing, followed by a descriptive and thematic analysis of the literature. Our results indicate that there is a need for more empirical studies to be carried out, which coincides with the notion of growing digitization and blockchain adoption in accounting and auditing. Based on our thematic analysis of the literature, we recommend that future research on blockchain in accounting and auditing should concentrate on the following specific areas: skills and education, governance, auditor independence, accounting standards and regulation, and the challenges faced by the accounting and auditing professions due to the adoption of blockchain technology.

Keywords: blockchain; accounting; auditing; cryptocurrency; digitalization; systematic literature (search for similar items in EconPapers)
JEL-codes: C E F2 F3 G (search for similar items in EconPapers)
Date: 2024
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