Internal Control Considerations

Smith, Sean Stein

doi:10.1007/978-3-030-29761-9_11

Cited by 1 publication

(1 citation statement)

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“…Internal controls are processes and procedures that help ensure the accuracy of information reported and communicated by the organization and the protection of business assets (Smith, 2020). COSO published its "Internal Control-Integrated Framework" in 1992.…”

Section: Blockchain Technology: Effects In the Context Of Coso And In...mentioning

confidence: 99%

Assessing the Impact of Blockchain Technology on Internal Controls Within the COSO Framework

Kazan,

Kocamış

2023

JCGIRM

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Developments in Blockchain technology and their increasing adoption have prompted examination of intersections with organizational internal control systems. Technological solutions leveraging blockchain reportedly enhance operational effectiveness and efficiency, core internal control objectives. Such improvements could increase financial and non-financial reporting reliability and facilitate regulatory compliance. The Committee of Sponsoring Organizations' (COSO) internal control framework provides a systematic methodology for designing and implementing effective controls utilizing blockchain technologies. Within the COSO 2013 framework's context, this study aims to identify risks that may arise from blockchain technology integration into financial reporting processes and outline corresponding control formulations. Specific focal points involve risk evaluation associated with blockchain technology adoption and control implementation proposals addressing identified issues. If properly designed, controls may optimize blockchain technology capabilities for transparent, accountable, and sustainable value generation. This initial examination offers strategic guidance on evidence-based advancement of business-community symbiosis locally and globally through continuous policy evolution. Regional contextualization and adaptability to emerging complexities will determine durability of theoretical edifices established.

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Section: Blockchain Technology: Effects In the Context Of Coso And In...mentioning

confidence: 99%