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Journal article
Blockchain security risk assessment and the auditor
The Journal of corporate accounting & finance, Vol.31(2), pp.47-53
04/2020
Web of Science ID: WOS:000499096800001
Abstract
A blockchain is an Internet‐based peer‐to‐peer system that forms a network of independent and connected computers that simultaneously record and verify transactions. This peer‐to‐peer system focuses on who owns the information and how that information is transferred. Blockchains offer significant advantages over traditional databases where users can delete, modify, and change records. The advantages include improved efficiencies, lower costs, enhanced transparency, and an immutable audit history of all transactions. The advantages, however, are not without significant risks. The risks include technological risks, data security risks, interoperability risks, and third‐party vendor risks. Because of the inherent advantages in blockchains, auditors are being called upon to provide assurance services to clients who use blockchains and to advise clients on blockchain technology. Therefore, auditors must be equipped with the knowledge and expertise of not only blockchain technology, but also the assessment of risks inherent in blockchain technology.
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Details
- Title
- Blockchain security risk assessment and the auditor
- Publication Details
- The Journal of corporate accounting & finance, Vol.31(2), pp.47-53
- Resource Type
- Journal article
- Publisher
- John Wiley & Sons, Inc
- Number of pages
- 7
- Copyright
- © 2019 Wiley Periodicals, Inc.
- Identifiers
- WOS:000499096800001; 99381500493906600
- Academic Unit
- Lewis Bear Jr. College of Business; Accounting and Finance
- Language
- English