Course Information

The Coronavirus (COVID-19) created an increased dependency on the digital economy, and the advantage of blockchain technology became even more apparent as the COVID-19 crisis unfolded. Blockchain is more than just the cryptocurrency bitcoin. The implementation is usually designed with a specific purpose or function (e.g., smart contracts, distributed ledger systems between businesses). With the growing adoption of this world-changing technology, accountants and auditors with a strong knowledge of blockchains are already increasingly in demand, as an intricate understanding of the technology and its impact is required to provide appropriate guidance.

This course is designed to help accountants and auditors gain a thorough non-technical understanding of blockchain technology. Part I identifies its built-in security features (e.g., distributed ledger, consensus models, and cryptography) and the types of blockchains to explain how blockchain reshapes the business ecosystem and how smart contracts are executed. Despite the security enhancements, management and auditors should be aware of blockchain challenges, risks, and vulnerabilities, which are also addressed. Part I also addresses key application considerations, and how blockchain solutions are not suitable for all existing processes.

To emphasize the value of this technology, Part II describes how blockchain technology can transform accounting and auditing practices, allowing us to understand the current landscape and potential hurdles.

1. Identify the features and benefits of distributed ledger technology
2. Identify the key components of blockchain technology
3. Recognize different types of blockchains
4. Recognize blockchain adoption challenges
5. Identify common threats to blockchain
6. Recognize smart contract functions
7. Identify current accounting and auditing challenges
8. Recognize how blockchain technology reshapes accounting and auditing practices