The Impact of Block Chain in Accounting and Auditing Domain - A Critical Approach for Enhanced Efficiency and Transparency
Shiva Johri, Kamakshi Mehta, J Suhashini, Prashant Kumar Shukla, Venkateswararao Podile, Devesh Pratap Singh · 2022 2nd International Conference on Advance Computing and Innovative Technologies in Engineering (ICACITE) · 2022
Digital archive management solutions have become increasingly popular in archive management as information technology and wireless technology have advanced. Unlike traditional paper archives, which have inherent distinctiveness and strong tamper-proof modification, electronic files and data are stored in centralized databases, which are more vulnerable to network attacks, data loss, or attempting to steal through malicious software, and are more likely to be crafted and tampered with by internal managers but rather external attackers. Accounting system digitization is still very much in infancy in comparison to other businesses, which have also been severely affected by technological breakthroughs. Some of the explanations may be discovered in the very stringent regulatory standards for authenticity and integrity. The whole accounting system is designed in such a way that counterfeiting is either impossible or prohibitively expensive. This is accomplished through the use of mutual control mechanisms, as well as checks and balances. This will certainly have an impact on day-to-day operations. There is systematic duplication of work, detailed documentation, and periodic controls, among other things. The majority of them that are manual, labor-intensive operations that are far from mechanized. To date, it seems to be the cost of telling the truth As a result, electronic information management is required for its capacity to properly store and retrieve huge amounts of data while ensuring computer system performance integrity.