Navigating the Future: Blockchain’s Impact on Accounting and Auditing Practices

Sundarasen Sheela (), Ahnaf Ali Alsmady, K. Tanaraj and Ibrahim Izani
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Sundarasen Sheela: Department of Accounting, Prince Sultan University, Rafha Street, Riyadh 11586, Saudi Arabia
Ahnaf Ali Alsmady: Department of Accounting, University of Tabuk, Al-Qadisiyah, Tabuk 47334, Saudi Arabia
K. Tanaraj: School of Accounting & Finance, Quest International University, Ipoh 30250, Malaysia
Ibrahim Izani: Department of Finance, Prince Sultan University, Rafha Street, Riyadh 11586, Saudi Arabia

Sustainability, 2023, vol. 15, issue 24, 1-26

Abstract: This study seeks to meticulously analyze the scholarly discussion on the integration of blockchain technology into accounting and auditing. Based on a total of 67 articles from the Web of Science (WoS) database, this study adopts a bibliometrics and content analysis approach which uses both numerical and visualization techniques to examine the extant literature. It spans the timeframe between 2016 and 2022. Bibliometrix R-package (Biblioshiny, version 4 is employed to analyze the descriptive analysis, which includes publication trends, the most trustworthy sources of scientific publications, prominent scientific authors, prominent documents, and country collaborations. VOSviewer software Version 1.6.20, is used for a network visualization of keywords and bibliographic coupling. Leveraging the content analysis, this research reveals three fundamental themes: first, the use of blockchain technology to strengthen financial reporting systems; second, blockchain technology and the future of auditing; and third, the valuation of cryptocurrencies. Research gaps in the current literature include a lack of comprehensive studies on blockchain’s regulatory and governance aspects in accounting, insufficient exploration of risks and challenges in adopting new technologies in auditing, and a limited understanding of tax consequences, disclosure requirements, and regulatory frameworks for cryptocurrencies, necessitating future research endeavors. Thus, this study extends existing theoretical insights by exploring blockchain’s role in financial reporting, its transformative impact on auditing, and the possible adaptation or development of new valuation methods for cryptocurrencies. It further identifies and discusses future research directions, contributing to potential novel frameworks for addressing regulatory, governance, and socio-economic dimensions of blockchain integration into accounting and auditing practices.

Keywords: blockchain technology; financial reporting; accounting; auditing; bibliometric analysis; content analysis (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2023
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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