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The effects of blockchain technology on the accounting and assurance profession in the UAE: an exploratory study
Journal of Financial Reporting and Accounting Pub Date : 2021-05-05 , DOI: 10.1108/jfra-05-2020-0151
Sonia Abdennadher 1 , Rihab Grassa 1 , Hareb Abdulla 1 , Abdulla Alfalasi 1
Affiliation  

Purpose

Blockchain looks to be the next step of technology transformation and would redesign the business landscape. It is expected to have an impact on business methods in the next few years; which add new challenges and complexity to the accounting and assurance profession. This paper aims to analyze the perceptions of accountants and auditors toward the implementation of blockchain technology in the UAE after the government decided to transform 50% of government transactions into the blockchain platform by 2021.

Design/methodology/approach

A qualitative approach has been used in this study. A semi-structural interview has been conducted with 19 accountants, internal auditors, auditors and risk managers on the potential opportunities and challenges of blockchain technology on accounting and auditing practices in the UAE.

Findings

The findings show that the blockchain impacts on the accounting profession in terms of recording of transactions, storing evidence and providing a secured environment for conducting business transactions. For the auditors, the results indicate that the blockchain changes their audit process and strategy. The blockchain has great potential to supplement traditional auditing by providing a low-cost and decentralized audit process and automated audit evidence. The accounting of the companies will not be changed but it will be automated with the development of cryptocurrencies and blockchain activities. The blockchain will be developed in assurance services through the awareness and involvement of accounts and auditors.

Originality/value

The study contributes to the existing literature as follows. First, the research is one of the very few studies that discussed empirically the effect of blockchain on the accounting and assurance profession, which contributes to improved knowledge about the potential of blockchain technology to accounting and assurance services. Second, our research is the first to explore the accountants and financial auditors’ perceptions regarding the potential effect of blockchain technology on their profession in the UAE context after the government decided to transform 50% of government transactions into the blockchain platform by 2021. Third, the research identifies the pending challenges for blockchain and possible factors for its effectiveness.



中文翻译:

区块链技术对阿联酋会计和鉴证行业的影响:一项探索性研究

目的

区块链看起来是技术转型的下一步,并将重新设计商业格局。预计将在未来几年对业务方法产生影响;这给会计和鉴证行业增加了新的挑战和复杂性。本文旨在分析在阿联酋政府决定到 2021 年将 50% 的政府交易转变为区块链平台后,会计师和审计师对在阿联酋实施区块链技术的看法。

设计/方法/方法

本研究采用了定性方法。对 19 位会计师、内部审计师、审计师和风险经理进行了半结构化访谈,探讨区块链技术对阿联酋会计和审计实践的潜在机遇和挑战。

发现

研究结果表明,区块链在交易记录、存储证据和为进行商业交易提供安全环境方面对会计行业产生了影响。对于审计员来说,结果表明区块链改变了他们的审计流程和策略。区块链通过提供低成本和去中心化的审计流程和自动化审计证据,具有补充传统审计的巨大潜力。公司的会计不会改变,但会随着加密货币和区块链活动的发展而自动化。区块链将通过账户和审计师的意识和参与在保证服务中发展。

原创性/价值

该研究对现有文献的贡献如下。首先,该研究是为数不多的从经验上讨论区块链对会计和鉴证行业影响的研究之一,这有助于提高对区块链技术在会计和鉴证服务中的潜力的认识。其次,在政府决定到 2021 年将 50% 的政府交易转变为区块链平台后,我们的研究首次探索了会计师和财务审计师对阿联酋背景下区块链技术对其职业的潜在影响的看法。第三,该研究确定了区块链面临的挑战及其有效性的可能因素。

更新日期:2021-05-05
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