THE IMPACT OF BLOCKCHAIN TECHNOLOGY ON ACCOUNTING TRANSPARENCY AND AUDIT EFFICIENCY
Keywords:
Blockchain technology, accounting transparency, audit efficiency, immutability, smart contracts, real-time auditing, financial reporting, triple-entry accounting.Abstract
Blockchain technology is poised to revolutionize accounting and auditing by introducing immutable, transparent, and decentralized record-keeping. This paper examines the impact of blockchain on accounting transparency and audit efficiency through a systematic literature review. Key features such as immutability, real-time data access, and smart contracts significantly enhance data reliability, reduce fraud risks, and streamline audit processes, with reported reductions in audit time by 30-70%. However, challenges including integration issues, regulatory uncertainty, scalability, and skill gaps remain. The analysis highlights blockchain’s transformative potential while acknowledging barriers to widespread adoption.
References
1. Lukman, A. Impact of Blockchain Technology on Audit Quality and Efficiency.
2. Sheela, S. Blockchain’s Impact on Accounting and Auditing Practices.
3. Additional sources: World Bank reports, MDPI journals, and Big Four industry publications
