An exploratory study of the perceptions of auditors on the impact on Blockchain technology in the United Arab Emirates

Abdollah Mohammad Parmoodeh; Esinath Ndiweni; Yasser Barghathi

doi:10.1111/ijau.12299

An exploratory study of the perceptions of auditors on the impact on Blockchain technology in the United Arab Emirates

Abdollah Mohammad Parmoodeh, Esinath Ndiweni, Yasser Barghathi^*

^*Corresponding author for this work

School of Social Sciences

Research output: Contribution to journal › Article › peer-review

10 Citations (Scopus)

3 Downloads (Pure)

Abstract

The purpose of this paper is to explore the prospects of blockchain technology (BCT) on audit practice. Semi-structured interviews were conducted with practitioners from the Big Four and non-Big Four firms; their responses were analysed thematically. The findings are significant regarding the three main themes identified: namely, audit practice, procedures and the challenges associated with the adoption of BCT. The adoption of BCT has the potential to impact audit procedures to a certain extent. The interviewees believed that BCT would transfer Audit 3.0 to Audit 4.0. For instance, external confirmations could be enhanced by the move towards a more automated verification process. In addition, the audit budget time could be decreased with the help of this technology in the long run. The need for physical observation could be diminished because of this technology, as it could track observations on a real-time basis. This technology could also facilitate analytical procedures, as it has the potential to incorporate other analytical tools simultaneously. Furthermore, it could reduce the costs associated with fraud detection to a great extent, as it provides a tamper-proof, immutable audit trail.

Original language	English
Pages (from-to)	24-44
Number of pages	21
Journal	International Journal of Auditing
Volume	27
Issue number	1
Early online date	27 Nov 2022
DOIs	https://doi.org/10.1111/ijau.12299
Publication status	Published - Jan 2023

Keywords

audit practice
audit procedures
blockchain
disruption theory
UAE

ASJC Scopus subject areas

Accounting
Economics, Econometrics and Finance(all)

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This is the peer reviewed version of the following article: Parmoodeh, A. M., Ndiweni, E., & Barghathi, Y. (2023). An exploratory study of the perceptions of auditors on the impact on Blockchain technology in the United Arab Emirates. International Journal of Auditing, 27(1), 24–44, which has been published in final form at https://doi.org/10.1111/ijau.12299 This article may be used for non-commercial purposes in accordance with Wiley Terms and Conditions for Use of Self-Archived Versions. This article may not be enhanced, enriched or otherwise transformed into a derivative work, without express permission from Wiley or by statutory rights under applicable legislation.
Accepted author manuscript, 1.28 MB

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An exploratory study of the perceptions of auditors on the impact on Blockchain technology in the United Arab Emirates

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