Reprinted from CPA Canada
New white paper identifies potential Blockchain聽implications for audit and assurance
TORONTO, March 15, 2018 鈥 A new white paper from the national professional accounting organizations in Canada and the United States, along with the University of 蓝莓视频, finds .
from Chartered Professional Accountants of Canada (CPA Canada), the American Institute of CPAs (AICPA) and 蓝莓视频 discusses how financial statement auditing might evolve with blockchain technology and also considers new assurance services and future roles for CPAs. The paper was authored by several leaders in blockchain technology from Deloitte鈥檚 U.S. and businesses, as well as blockchain leaders of Deloitte Canada, CPA Canada, the AICPA and 蓝莓视频.
The white paper concludes that while blockchains are unlikely to replace judgments by a financial statement auditor, 鈥淐PA auditors need to monitor developments in blockchain technology because it will impact their clients鈥 information technology systems ... and work with experts to audit the complex technical risks associated with blockchains. CPA auditors should be aware of opportunities to leverage their clients鈥 adoption of blockchain technology to improve data gathering during the audit 鈥 and should consider whether blockchain technology will allow them to create automated audit routines.鈥
鈥淐hange comes quickly,鈥 says Gord Beal, vice president of research, guidance and support at CPA Canada. 鈥淎nticipation, early understanding and integration of innovative technologies is critical to the success of our members and the organizations they serve. Blockchain is already starting to affect CPAs and its impact on the profession is anticipated to grow. We are committed to providing guidance to help CPAs navigate these changes and create opportunities for the future.鈥
鈥淭his white paper sheds light on a key technological development that CPA auditors in North America 鈥 and around the world should stay abreast of,鈥 says Susan S. Coffey, CPA, CGMA, Association of International Certified Professional Accountants鈥 Executive Vice President for Public Practice. 鈥淏lockchain is bringing new challenges and opportunities to the audit and assurance profession. As the paper makes clear, CPAs will need to evolve their skillsets and knowledge to meet the anticipated demands of the business world as blockchain and other new technologies are more widely adopted.鈥
鈥淭here is no doubt that blockchain technology, cryptocurrencies and smart contracts have captured the imaginations of people around the world,鈥 says Efrim Boritz, professor, School of Accounting and Finance, University of 蓝莓视频, director, UW CISA. 鈥淭he University of 蓝莓视频鈥檚 Centre for Information Integrity and Information Systems Assurance (UW CISA) is monitoring developments in this area and conducting research to ensure that we understand the strengths and weaknesses of these technologies 鈥 to look beyond the hype 鈥 to help decision makers make sound choices when considering the opportunities and risks represented by these technologies.鈥
The white paper contains a call to action that urges CPAs, including those in auditing, to continue to monitor developments in blockchain technology.聽 Additionally, CPA Canada and the AICPA encourage auditing and accounting standard setters to monitor progress and adoption of blockchain technology in the business ecosystem. The CPA profession needs to envision the future skills that will be required to allow CPAs to meet the demands of the market in a business world where blockchain technology is widely accepted.
This white paper continues CPA Canada鈥檚 ongoing work in this area which also includes examining and exploring the . For its part, the AICPA last October its collaboration with the , a leading nonprofit trade association promoting the comprehensive adoption of blockchain technology across global markets. All the organizations are working to define the impact of blockchain technology for the accounting profession and advance the interests of the public and the profession.
About CPA Canada
The new Canadian designation, Chartered Professional Accountant (CPA), is now used by Canada鈥檚 accounting profession across the country. The profession鈥檚 national body, Chartered Professional Accountants of Canada (CPA Canada), is one of the largest in the world with more than 210,000 members, both at home and abroad. The Canadian CPA was created with the unification of three legacy accounting designations (CA, CGA and CMA). CPAs are valued for their financial and tax expertise, strategic thinking, business insight, management skills and leadership. CPA Canada conducts research into current and emerging business issues and supports the setting of accounting, auditing and assurance standards for business, not-for-profit organizations and government. CPA Canada also issues guidance and thought leadership on a variety of technical matters, publishes professional literature and develops education and professional certification programs.
About the American Institute of CPAs
The American Institute of CPAs (AICPA) is the world鈥檚 largest member association representing the CPA profession, with more than 418,000 members in 143 countries, and a history of serving the public interest since 1887. AICPA members represent many areas of practice, including business and industry, public practice, government, education and consulting. The AICPA sets ethical standards for its members and U.S. auditing standards for private companies, nonprofit organizations, federal, state and local governments. It develops and grades the Uniform CPA Examination, offers specialized credentials, builds the pipeline of future talent and drives professional competency development to advance the vitality, relevance and quality of the profession.
The AICPA maintains offices in New York, Washington, DC, Durham, NC, and Ewing, NJ.
Media representatives are invited to visit the AICPA Press Center at .
About Deloitte
Deloitte refers to one or more of Deloitte Touche Tohmatsu Limited, a UK private company limited by guarantee (鈥淒TTL鈥), its network of member firms, and their related entities. DTTL and each of its member firms are legally separate and independent entities. DTTL (also referred to as 鈥淒eloitte Global鈥) does not provide services to clients. In the United States, Deloitte refers to one or more of the US member firms of DTTL, their related entities that operate using the 鈥淒eloitte鈥 name in the United States and their respective affiliates. Certain services may not be available to attest clients under the rules and regulations of public accounting. Please see 聽to learn more about our global network of member firms.