Blockchain Adoption in Financial Audit: A Review

Abstract

Blockchain is a revolutionary technology that provides transparency, security, and efficiency in data management. In the context of financial audit, blockchain has the potential to increase transparency and accountability by allowing immutable transaction recording and real-time verification. This research aims to review the existing literature regarding the implementation of blockchain in financial audit, identifying challenges and opportunities that might happen in its adoption in the financial and accountancy sector. Using the Systematic Literature Review (SLR) approach, this research summarizes the results of recent studies published in indexed journals. Research results show that blockchain can provide significant benefits in increasing audit efficiencies and prevent data manipulation. But there are some challenges in implementation, including privacy issues, regulation, and the need for adequate technological infrastructure. These findings are expected to contribute to academics and practitioners in understanding the opportunities and challenge of blockchain adoption, as well as encourage further research into the implementation of blockchain in financial audit.