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Navigating the Future: Blockchain’s Impact on Accounting and Auditing Practices

Author

Listed:
  • Sundarasen Sheela

    (Department of Accounting, Prince Sultan University, Rafha Street, Riyadh 11586, Saudi Arabia)

  • Ahnaf Ali Alsmady

    (Department of Accounting, University of Tabuk, Al-Qadisiyah, Tabuk 47334, Saudi Arabia)

  • K. Tanaraj

    (School of Accounting & Finance, Quest International University, Ipoh 30250, Malaysia)

  • Ibrahim Izani

    (Department of Finance, Prince Sultan University, Rafha Street, Riyadh 11586, Saudi Arabia)

Abstract

This study seeks to meticulously analyze the scholarly discussion on the integration of blockchain technology into accounting and auditing. Based on a total of 67 articles from the Web of Science (WoS) database, this study adopts a bibliometrics and content analysis approach which uses both numerical and visualization techniques to examine the extant literature. It spans the timeframe between 2016 and 2022. Bibliometrix R-package (Biblioshiny, version 4 is employed to analyze the descriptive analysis, which includes publication trends, the most trustworthy sources of scientific publications, prominent scientific authors, prominent documents, and country collaborations. VOSviewer software Version 1.6.20, is used for a network visualization of keywords and bibliographic coupling. Leveraging the content analysis, this research reveals three fundamental themes: first, the use of blockchain technology to strengthen financial reporting systems; second, blockchain technology and the future of auditing; and third, the valuation of cryptocurrencies. Research gaps in the current literature include a lack of comprehensive studies on blockchain’s regulatory and governance aspects in accounting, insufficient exploration of risks and challenges in adopting new technologies in auditing, and a limited understanding of tax consequences, disclosure requirements, and regulatory frameworks for cryptocurrencies, necessitating future research endeavors. Thus, this study extends existing theoretical insights by exploring blockchain’s role in financial reporting, its transformative impact on auditing, and the possible adaptation or development of new valuation methods for cryptocurrencies. It further identifies and discusses future research directions, contributing to potential novel frameworks for addressing regulatory, governance, and socio-economic dimensions of blockchain integration into accounting and auditing practices.

Suggested Citation

  • Sundarasen Sheela & Ahnaf Ali Alsmady & K. Tanaraj & Ibrahim Izani, 2023. "Navigating the Future: Blockchain’s Impact on Accounting and Auditing Practices," Sustainability, MDPI, vol. 15(24), pages 1-26, December.
    • Handle: RePEc:gam:jsusta:v:15:y:2023:i:24:p:16887-:d:1301080
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    References listed on IDEAS

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    1. Paulina Roszkowska, 2020. "Fintech in financial reporting and audit for fraud prevention and safeguarding equity investments," Journal of Accounting & Organizational Change, Emerald Group Publishing Limited, vol. 17(2), pages 164-196, September.
    2. Albayati, Hayder & Kim, Suk Kyoung & Rho, Jae Jeung, 2020. "Accepting financial transactions using blockchain technology and cryptocurrency: A customer perspective approach," Technology in Society, Elsevier, vol. 62(C).
    3. Luca Ferri & Rosanna Spanò & Gianluca Ginesti & Grigorios Theodosopoulos, 2020. "Ascertaining auditors’ intentions to use blockchain technology: evidence from the Big 4 accountancy firms in Italy," Meditari Accountancy Research, Emerald Group Publishing Limited, vol. 29(5), pages 1063-1087, November.
    4. Dutta, Pankaj & Choi, Tsan-Ming & Somani, Surabhi & Butala, Richa, 2020. "Blockchain technology in supply chain operations: Applications, challenges and research opportunities," Transportation Research Part E: Logistics and Transportation Review, Elsevier, vol. 142(C).
    5. Tatiana Garanina & Mikko Ranta & John Dumay, 2021. "Blockchain in accounting research: current trends and emerging topics," Accounting, Auditing & Accountability Journal, Emerald Group Publishing Limited, vol. 35(7), pages 1507-1533, October.
    6. Asheer Ram & Warren Maroun & Robert Garnett, 2016. "Accounting for the Bitcoin: accountability, neoliberalism and a correspondence analysis," Meditari Accountancy Research, Emerald Group Publishing Limited, vol. 24(1), pages 2-35, April.
    7. Rosanna Spanò & Maurizio Massaro & Luca Ferri & John Dumay & Jana Schmitz, 2022. "Blockchain in accounting, accountability and assurance: an overview," Accounting, Auditing & Accountability Journal, Emerald Group Publishing Limited, vol. 35(7), pages 1493-1506, July.
    8. Marion Pauline Gauthier & Nathalie Brender, 2021. "How do the current auditing standards fit the emergent use of blockchain?," Managerial Auditing Journal, Emerald Group Publishing Limited, vol. 36(3), pages 365-385, June.
    9. John Kommunuri, 2022. "Artificial intelligence and the changing landscape of accounting: a viewpoint," Pacific Accounting Review, Emerald Group Publishing Limited, vol. 34(4), pages 585-594, May.
    10. Kent Baker, H. & Pandey, Nitesh & Kumar, Satish & Haldar, Arunima, 2020. "A bibliometric analysis of board diversity: Current status, development, and future research directions," Journal of Business Research, Elsevier, vol. 108(C), pages 232-246.
    11. Silvana Secinaro & Francesca Dal Mas & Valerio Brescia & Davide Calandra, 2021. "Blockchain in the accounting, auditing and accountability fields: a bibliometric and coding analysis," Accounting, Auditing & Accountability Journal, Emerald Group Publishing Limited, vol. 35(9), pages 168-203, August.
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    Cited by:

    1. Sheela Sundarasen & Usha Rajagopalan & Izani Ibrahim, 2024. "Financial Sustainability Through Literacy and Retirement Preparedness," Sustainability, MDPI, vol. 16(23), pages 1-20, December.
    2. Crismeire Isbaex & Francisco dos Reis Fernandes Costa & Teresa Batista, 2025. "Application of GIS in the Maritime-Port Sector: A Systematic Review," Sustainability, MDPI, vol. 17(8), pages 1-36, April.
    3. Mohamed Nofel & Mahmoud Marzouk & Hany Elbardan & Reda Saleh & Aly Mogahed, 2024. "From Sensors to Standardized Financial Reports: A Proposed Automated Accounting System Integrating IoT, Blockchain, and XBRL," JRFM, MDPI, vol. 17(10), pages 1-30, October.

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