The Advent of the Triple Entry Accounting
Ibukunoluwa Mabo, Oluwatobiloba Iroko, Oyegbenga Oyenekan · 2022
This chapter looks at the implications of blockchain technology in modern accounting and its possible implications for accounting and audit professionals. After a brief historical introduction about the evolution of financial accounting (the journey from single-entry to double-entry and now, triple-entry accounting), the chapter provides suggestions in terms of using blockchain as an anti-fraud control to help mitigate financial statement, cash larceny, inventory and payroll fraud schemes based on the Association of Fraud Examiners (ACFE) fraud tree model. This chapter also includes a blockchain-focused purchase cycle audit template for internal and external auditors.