On the impact of smart contracts on auditing

  1. Javier de Andrés 1
  2. Pedro Lorca 1
  1. 1 Universidad de Oviedo
    info

    Universidad de Oviedo

    Oviedo, España

    ROR https://ror.org/006gksa02

Revista:
The International Journal of Digital Accounting Research

ISSN: 1577-8517

Año de publicación: 2021

Volumen: 21

Número: 27

Páginas: 155-181

Tipo: Artículo

DOI: 10.4192/1577-8517-V21_6 DIALNET GOOGLE SCHOLAR lock_openArias Montano editor

Otras publicaciones en: The International Journal of Digital Accounting Research

Resumen

The use of smart contracts has grown exponentially over the last few years. This is a phenomenon associated with the development of other technologies, such as the blockchain and the Internet of Things (IoT). Smart contracts run in a decentralized way on the blockchain and are self- executing. This is a source of advantages in business operations, but there are also some limitations and drawbacks. Regulatory issues are also of key importance, as the legal frameworks differ across countries. Smart contracts are likely to have an impact on external auditing, as external auditors will have to adapt their capabilities and procedures to an environment where many companies use this technology. But smart contracts may also be used to define a framework which ensures continuous audit reports and direct access of authorized stakeholders to the results of audit procedures. Conversely, internal auditing will also experiment changes, both caused by a series of new risks that will have to be adequately addressed and new tools to monitor business operations. In addition, some promising research opportunities arise, both in the IT, the Legal and the Business field.

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Fuente de los datos: Dialnet