Blockchain-Driven Change in Auditing: Qualitative Insights from the Big Four

This chapter examines the impact of blockchain technology on financial auditing within the Big Four accounting firms, focusing on identifying its key benefits and challenges. To explore how blockchain is transforming audit practices, we conducted qualitative research using semi-structured, in-depth interviews. Out of 500 auditors contacted, 65 participated in the study. Thematic analysis of the recorded and transcribed interviews was performed using QDA Miner, a qualitative data analysis software. The findings confirm that blockchain technology has a significant and positive influence on financial auditing. Auditors from the Big Four recognize blockchain as both innovative and disruptive, with the potential to enhance audit transparency, security, and reliability, core attributes aligned with the technology’s foundational principles. Moreover, blockchain contributes to greater audit efficiency and effectiveness, improving audit quality and auditor performance while reducing the risk of errors and fraud, thereby increasing overall audit assurance. This study offers a unique perspective by capturing the views of Big Four auditors, who are among the early adopters of blockchain. The qualitative approach provides a nuanced understanding of how audit professionals perceive the technology’s impact on their work. However, the research also highlights three significant challenges: the need to upskill auditors and adapt training programs, the necessity to revise audit standards and regulatory frameworks, and the dependency on clients’ adoption of blockchain systems. These insights offer valuable implications for audit firms, regulators, and educators seeking to navigate the evolving landscape of blockchain-enabled auditing.