Issues, risks, and challenges for auditing crypto asset transactions

Hsieh, Sheng-Feng; Brennan, Gerard

doi:10.1016/j.accinf.2022.100569

Cited by 14 publications

(13 citation statements)

References 19 publications

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“…Sokolenko et al, 2019) or a general scale (62%) (e.g. Hsieh and Brennan, 2022). Due to the broad nature of the topic, most studies concerning the integration of cryptocurrencies in accounting and auditing do not pertain to a specific geographical location.…”

Section: (D) Locationmentioning

confidence: 99%

“…4.2.6 Auditing cryptocurrenciesissues, risks, solutions. The rise of cryptocurrencies has presented a new set of challenges and risks for the auditing profession (Hsieh and Brennan, 2022). Conducting an audit of cryptocurrency transactions implies a distinct set of techniques and methods, as well as a different level of understanding, compared to the audit of other operations (Ozeran and Gura, 2020).…”

Section: Exploring the Uncharted Territoriesmentioning

confidence: 99%

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Exploring the uncharted territories: a structured literature review on cryptocurrency accounting and auditing

Tiron-Tudor,

Mierlita,

Manes Rossi

2024

JRF

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PurposeThe objective of this study is to systematically review the current body of literature in order to gain insights into the progress of research in accounting and auditing of cryptocurrencies, while also highlighting the associated risks and identifying gaps for future exploration.Design/methodology/approachTo achieve this, a structured literature review was carried out, presenting a thorough and critical assessment of the available studies focused on cryptocurrencies within the accounting and auditing domain.FindingsThe analysis reveals that the majority of the research has concentrated on the reporting and measurement aspects of cryptocurrencies, neglecting the auditing aspect. Regarding the methodology, future investigations should incorporate both theoretical and empirical manners to address this gap. Various spheres require further exploration, as they have the potential to significantly impact practitioners and academics.Originality/valueThe significance of this paper lies in its comprehensive examination of the existing literature, synthesizing and organizing information pertaining to accounting and auditing considerations of crypto transactions. Moreover, it provides valuable insights into best practices and prompts identifying avenues for further research in this field.

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Section: (D) Locationmentioning

confidence: 99%

Section: Exploring the Uncharted Territoriesmentioning

confidence: 99%

Exploring the uncharted territories: a structured literature review on cryptocurrency accounting and auditing

Tiron-Tudor,

Mierlita,

Manes Rossi

2024

JRF

View full text Add to dashboard Cite

show abstract

“…In addition, there are challenges to overcome, including scalability, regulatory considerations and standardization. The synthesis of the previous studies on blockchainbased accounting shows that some technical and non-technical challenges are associated with blockchain-based accounting and auditing, as indicated in Table 1 (Hsieh and Brennan, 2022;Faccia et al, 2022;Papadaki and Karamitsos, 2021;Peprah et al, 2022;Bons on and Bedn arov a, 2019;Shi et al, 2022;Gauthier and Brender, 2021).…”

Section: Source(s): Figure By Authormentioning

confidence: 99%

“…The most prominent barriers include the complexity of understanding blockchain, limited knowledge about its practical implementation, regulatory uncertainties and data privacy and confidentiality concerns (e.g. Hsieh and Brennan, 2022;Faccia et al, 2022;Papadaki and Karamitsos, 2021;Peprah et al, 2022;Bons on and Bedn arov a, 2019;Shi et al, 2022;Gauthier and Brender, 2021). However, these barriers encountered when auditing can also vary according to the size of the audit firm due to the institutional differences between audit firms.…”

Section: Perceived Benefits Challenges and Impact Of Blockchain-based...mentioning

confidence: 99%

“…Although the interest in the adoption of BT in the accounting and auditing ecosystems has garnered significant attention from both academics and practitioners over the past decade, there is limited empirical accounting literature on blockchain-based accounting systems (Han et al ., 2023; Hsieh and Brennan, 2022). Table 2 summarizes the accounting literature's themes on the impact of BT on accounting and auditing practices.…”

Section: Literature Reviewmentioning

confidence: 99%

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Blockchain in accounting and auditing: unveiling challenges and unleashing opportunities for digital transformation in Egypt

Anis

2023

JHASS

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PurposeThis paper aims to examine the role of Blockchain in the accounting and auditing literature and profession. Specifically, the paper investigates auditors' perceptions about the role of blockchain in accounting and auditing and the perceived potential benefits and challenges of blockchain-based accounting systems in Egypt. Moreover, what are the capabilities required for successfully implementing blockchain-based accounting systems?Design/methodology/approachA mixed-method approach was adopted to achieve the research objectives. The qualitative study included 11 in-depth interviews with external auditors, and the results of the interviews and the literature review helped develop a survey collected from 58 auditors.FindingsThe findings revealed low-to-moderate awareness of Blockchain-based accounting systems. Also, there were significant differences between auditors from large audit firms and small-and-medium audit firms regarding the benefits and challenges associated with Blockchain-based accounting systems.Practical implicationsThe results provide valuable insights for practitioners, researchers and policymakers.Originality/valueUnderstanding blockchain-based accounting systems and the benefits and challenges associated with their application is crucial for developing effective strategies and frameworks to overcome barriers and realize the transformative potential of blockchain in the accounting and audit market.

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Financial investment by non-financial firms: does it affect audit quality?

Wang,

You,

Chen

2024

J Manag Gov

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In the context of the global trend of increasing financial investment by non-financial firms, this study investigates how this process affects the audit quality of these firms. Employing data of Chinese listed non-financial firms from 2011 to 2020, we first examine whether the increasing proportion of financial assets in the total assets has an adverse impact on the audit quality of these firms. We then analyze the mediation effect of operational volatility on such impact by adopting the mediation test of the modified Sobel’s z and the bootstrap test. We find that a higher proportion of financial assets to total assets lowers the audit quality, confirming that the financialization of non-financial firms deteriorates their audit quality. Furthermore, the mediation tests show that operational volatility is an important channel for this negative effect.

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Issues, risks, and challenges for auditing crypto asset transactions

Cited by 14 publications

References 19 publications

Exploring the uncharted territories: a structured literature review on cryptocurrency accounting and auditing

Exploring the uncharted territories: a structured literature review on cryptocurrency accounting and auditing

Blockchain in accounting and auditing: unveiling challenges and unleashing opportunities for digital transformation in Egypt

Financial investment by non-financial firms: does it affect audit quality?

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