New auditing perspectives for a blockchain-based accounting system in the public sector
Ilse Morgan · 2024
The application of continuous auditing technologies in the public sector within a blockchain-based accounting environment has become necessary due to technological advancements. The chapter begins with an overview of blockchain technology and its possible integration with other artificial intelligence applications. The integration of blockchain with machine learning, smart contracts, the Internet of things, the Internet of services, robotic process automation, intelligent process automation, and data analytics to enhance access to information, performance, and functionality is also discussed. The chapter explores how blockchain can improve data quality, security, and efficiency while also automating decision-making and rule enforcement through smart contracts. It examines the benefits and challenges of employing smart contracts in the public sector, particularly in terms of transparency and accountability. The chapter outlines how blockchain can provide reliable data for real-time insights and predictive analytics and facilitate continuous auditing in the public sector. The benefits and features of blockchain-based audits are outlined, including the main audit steps and the technical, legal, and regulatory challenges that auditors may encounter. Future research on the practical implications of adopting continuous auditing and blockchain in the public sector is suggested.