Audit Services on the ICO Market: Opportunities and Prospects

Редченко, К. І.

doi:10.31767/su.1(80).2018.01.11

Cited by 4 publications

(3 citation statements)

References 3 publications

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“…Reduced Investor Confidence: A lack of blockchain auditing clarity and standards may deter institutional investors from entering the crypto market, slowing mainstream adoption of blockchain technologies and assets (Yermack, 2017;Redchenko, 2018;Ponte, 2019).…”

Section: Consequences Of Continued Hesitancymentioning

confidence: 99%

Blockchain auditing dilemma: Exploring hesitation among audit firms

Hoti,

Krasniqi,

Qehaja

et al. 2024

Multidiscip. Rev.

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Blockchain technology, initially developed for the cryptocurrency Bitcoin, has expanded its reach into various sectors, such as supply chain management, healthcare, and real estate. The technology's transparency, and security have led many to view it as self-auditing. On the other hand, as blockchain integrates into traditional business models, the necessity for formal auditing processes akin to those in the nonblockchain corporate (business) world becomes evident and highly important. The present research explores the hesitancy among audit firms (statutory auditors) to engage in blockchain auditing, delving into the technological, regulatory, and inherent risks that make blockchain a challenging terrain for auditors and their work. The present research outlines the evolution of the blockchain environment, detailing its historical progression and diverse platforms. This finding underscores the crucial role of auditing in ensuring transparency, trust, and corporate (business) sustainability. The challenges faced by audit firms in the blockchain space, including technical complexities, regulatory ambiguities, and inherent risks such as cryptocurrency market volatility/risk, are extensively discussed. Practical case studies such as those of DAO attack, QuadrigaCX's missing funds, and the scrutiny of Bitfinex and Tether illustrate the consequences of inadequate auditing in blockchain platforms. Potential solutions for these challenges have been put forth, with an emphasis on the following: collaborative learning and training, advocacy for regulatory clarity, technological advancements, and the development of auditing standards specific to blockchain. The study culminates by emphasising the consequences of audit firms' ongoing reluctance towards blockchain technology and the advantages that can be gained by surmounting these obstacles. The aforementioned discovery implies that a mutually beneficial association between auditors and the blockchain industry may usher in an unprecedented epoch characterised by enhanced market economy transparency, confidence, and ingenuity. A comparison of conventional and blockchain auditing methods is presented in the appendices, with an emphasis on the distinctions between the two approaches.

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Section: Consequences Of Continued Hesitancymentioning

confidence: 99%

Blockchain auditing dilemma: Exploring hesitation among audit firms

Hoti,

Krasniqi,

Qehaja

et al. 2024

Multidiscip. Rev.

View full text Add to dashboard Cite

show abstract

“…In the field of audit Redchenko [3] identifies two areas of blockchain technology development: application in accounting systems to provide assurance or fulfillment of financial reporting procedures agreed with the client; providing services to companies that use blockchain in their own activities. The implementation of blockchain technology necessitates the continuous training of auditors and accountants, the continuous improvement of their knowledge in the field of information technology.…”

Section: Distributed Bookmentioning

confidence: 99%

“…It was only after 2014 that blockchain publications began to appear in the economic literature. We study the peculiarities of the use of blockchain technology in the works [1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19]. Ukrainian enterprises have been slow to adapt their accounting and auditing systems to modern information technologies.…”

Section: Introductionmentioning

confidence: 99%

Application of blockchain technology in accounting and audit: international and domestic experience

2021

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The article is devoted to the study of blockchain technology in the financial sphere of Ukraine, as well as accounting and audit of their application in domestic and international practice. The article contains data on the prospects of blockchain development in the world and in Ukraine, as well as information on the peculiarities of the use of such technologies in the perspective areas – accounting and audit. The article argues that the development of blockchain technology will enable the transition to more modern methods and techniques, which in turn will allow to modernize the accounting and auditing system. The principle of triple entry as a major component of blockchain technology in accounting is emphasized. One of the most promising areas of application of blockchain is accounting for accounts payable and receivable, tax accrual and payment, record keeping and documentation. The article highlights the advantages and disadvantages of using blockchain technology in the financial sphere of Ukraine.

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Impact of Digital Technologies on Audit

Yankovska,

National

2023

AGRARIAN ECONOMY

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Audit Services on the ICO Market: Opportunities and Prospects

Cited by 4 publications

References 3 publications

Blockchain auditing dilemma: Exploring hesitation among audit firms

Blockchain auditing dilemma: Exploring hesitation among audit firms

Application of blockchain technology in accounting and audit: international and domestic experience

Impact of Digital Technologies on Audit

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