Accounting and auditing literature review
Accounting and auditing with blockchain technology and artificial Intelligence : a literature review
Highlights
This review summarizes four themes emerging from the extant scholarly works focusing on the changes in recordkeeping in accounting with blockchain technology: event approach to accounting; real-time accounting; triple entry accounting and continuous auditing.
Accounting professionals can enhance decision-making based on blockchain’s ability to provide immutable, append-only, shared, verified, and agreed-upon (i.e., consensus-driven) data, and AI’s ability to learn from data to recognize and apply patterns to augment decision-making.
Continuous auditing will likely advance towards the integration of artificial intelligence and blockchain to form a coherent ecosystem for advanced continuous audits.
Smart contracts automate processes that can reduce managerial manipulation and opportunistic behaviour.
Blockchain needs to be developed, standardized, and improved to overcome technical, organizational, and regulatory challenges to become truly an integral part of the financial system.
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