Blockchain technology possesses a vast potential to transform traditional business models. Savvy business executives are already exploring how blockchain might impact their industries and their competitive positions within those industries. Yet, there are significant barriers and risks associated with blockchain technology. In this article, we highlight some of the major obstacles and risks associated with this transformative technology. The topics discussed here are neither definitive nor comprehensive; however, they provide accounting and finance professionals with a timely introduction to the barriers and perils related to blockchain technology. Although blockchain adoption is inevitable for business enterprises, careful consideration of the risks and challenges before, during, and after blockchain implementation will help ensure long‐term success.

In 2004, COSO published its first comprehensive guidance on enterprise risk management (ERM) ‐ Enterprise Risk Management — Integrated Framework. Then, in June of 2017, COSO released a new, more detailed and complex ERM framework titled Enterprise Risk Management—Integrating with Strategy and Performance. This article examines the relationship between ERM and internal control, and then examines the similarities and differences between the 2004 and 2017 COSO ERM Frameworks. While little is new in the 2017 Framework, its focus on the integration of ERM with strategy‐setting and performance and deeper recognition of the role of governance and culture provides a comprehensive framework and impetus for firms to be intentional about integrating these important concepts.

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WrecksAll Drug Company is a fraud investigation case in which students use financial and nonfinancial data to develop and test hypotheses related to irregularities in deposits. The case teaches the proper sequence of activities in conducting a fraud investigation and how to identify sources of evidence useful in evaluating fraud hypotheses. Students get hands-on experience in analyzing a large dataset using Excel and drawing and supporting conclusions about the case using the data and other evidence obtained in the case.

SUMMARY On November 18, 2022, the Public Company Accounting Oversight Board (the Board or PCAOB) issued a request for comment on its proposed quality control standard, A Firm’s System of Quality Control and Other Proposed Amendments to PCAOB Standards, Rules, and Forms (Public Company Accounting Oversight Board (PCAOB) 2022). This commentary summarizes the participating committee members’ views on (1) the overall standard and selected questions and (2) recent research that we encourage the PCAOB to consider.