Is a database that stores information in a distributed way, without depending on a single centralized entity. Instead, information is shared and maintained by a network, in which all participants contribute to its validation and security.
Published in Chapter:
Cryptocurrencies and Blockchain: Impact on Accounting and Financial Auditing
Diogo Barbosa (Polytechnic of Cávado and Ave, Portugal),
Sara Serra (Polytechnic of Cávado and Ave, Portugal), and
João Novais (Católica Porto Business School, Portugal)
Copyright: © 2024
|Pages: 17
DOI: 10.4018/979-8-3693-0847-9.ch006
Abstract
This study aims to assess the impacts that cryptocurrencies and blockchain have on financial accounting and auditing through eight interviews. The results allowed the authors to conclude that cryptocurrencies are considered cryptoassets, which can be classified in different ways, but above all, as inventories and intangible assets. Respondents believe that cryptocurrencies will have an impact on auditing, triggering a dematerialization of paper in its various stages. Therefore, the auditor will spend less time collecting and verifying information, focusing on activities with greater risk and complexity. It will also be possible to carry out an audit in real time and on the entire population. Regarding audit risk, accounting and auditing standards respond indirectly to the topic, yet the risk is considered high for most auditors, as they did not deepen their knowledge on the topic. Despite limitations, such as sample size, this study contributes to understanding the impact of cryptocurrencies on financial accounting and auditing in Portugal, being a pioneer in this field.