Blockchain, Smart Contracts and Financial Audit Implications
Sean Stein Smith · SSRN Electronic Journal · 2019
Blockchain technology and cryptoassets may have seized the attention of the financial services space, but as the technology ecosystem continues to mature there are additional considerations coming to the forefront. Smart contracts represent an important piece of the blockchain conversation and play a critical role in how blockchains interact with other technology platforms. Accounting and auditing professionals will need to understand both how smart contracts function, and also how these applications will impact accounting and auditing processes. The present paper, written keeping both the academic and practitioner audience in mind, seeks to examine how smart contracts interact with blockchain technology, analyze how these applications can change audit processes, and propose potential future roles for the profession.