The Case for Blockchain in the Financial Audit
Trends in professions change often. With the advent of technology and its introduction, in particular to accounting,It seems to be changing at an exponentially fast rate. Even more specifically to audit, blockchain(ing) is the new big thing.
As I contemplate the human connection of the audit team, my first thought is if blockchain is becoming more of the norm, won’t it replace auditors? As I have read several pieces in search of evidence on the contrary, the answer is “no!”
Blockchaining is so new that most folks don’t know the meaning or the value. A CPA may very well be the centerpoint between the system itself and the organization. With this point of contact, a CPA will be needed in a role that is next level. They could very well be auditors of Smart Contract and Oracles, serve as Administrator function and Arbitration function. The general pieces are still intact. For remember, a CPA auditors role is to apply objectivity and professional skepticism to provide reasonable assurance about whether their clients financial statements are free of material misstatements. Also, depending on the engagement, about whether the client’s internal controls over financial reporting are performing in the most efficient way.