Český finanční a účetní časopis 2018(1):61-75 | DOI: 10.18267/j.cfuc.506

Possibilities of using blockchain in accounting and auditing: literary research

Robert Jurka1, Jaroslava Roubíčková2
1 Vysoká škola ekonomická v Praze, Fakulta financí a účetnictví, katedra finančního účetnictví a auditingu, nám. W. Churchilla 4, 130 67 Praha 3.
2 Vysoká škola ekonomická v Praze, Fakulta financí a účetnictví, katedra finančního účetnictví a auditingu, nám. W. Churchilla 4, 130 67 Praha 3.

This article discusses the basic issues associated with the blockchain. Blockchain logs transactions, so the usage is almost infinite. Blockchain can record virtually any transaction, both digital and physical. Blockchain technology would mean that trading and business have a trustworthy and transparent system, as the uniqueness is that one-time recordings cannot be edited retrospectively and therefore remain in history.
Blockchain technology could significantly reduce the cost of bookkeeping, tax advice, and auditing, to companies emerging from outsourced services or internal activities. If the transactions were to be accounted for centrally and not for separate books, then all records would be visible to notaries, banks, auditors, financial officers and other institutions transparently and in real time. These entities would be able to control transactions much easier and more efficiently, and could test much more information and data.
Blockchain technologies are expected to be used in a wide range of industries, including accounting and auditing. The aim of the article is to introduce this issue, to get acquainted with selected opinions published by relevant experts of consultancy companies, professional organizations and other institutions.

Keywords: Blockchain; Auditor; Audit; Bookkeeping; Tripple-entry accounting; Corporate governance.
JEL classification: G34, M40, M42

Published: May 1, 2018  Show citation

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Jurka, R., & Roubíčková, J. (2018). Possibilities of using blockchain in accounting and auditing: literary research. Czech Financial and Accounting Journal, 2018(1), 61-75. doi: 10.18267/j.cfuc.506
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