Title: Implications of cryptocurrency and blockchain on auditing and accounting practices: the Malaysian experience

Authors: Abdullah Mohammed Ayedh; Abdelghani Echchabi; Fatima Abdul Hamid; Supiah Salleh

Addresses: Faculty of Economics and Muamalat, Islamic Science University of Malaysia, Malaysia ' Higher Colleges of Technology, Dubai Men's Campus, United Arab Emirates ' Faculty of Economics and Management Sciences, International Islamic University Malaysia, Malaysia ' Faculty of Economics and Muamalat, Islamic Science University of Malaysia, Malaysia

Abstract: The objective of the paper is to examine auditors' awareness and knowledge of cryptocurrencies and the underlying blockchain technology. Furthermore, the study attempts to emphasise the potential changes that might occur in auditing and accounting practices with the usage of cryptocurrencies and blockchain technology. The study applied a qualitative research method and phenomenology research design. Data were collected from eight auditing professionals in Malaysia using semi-structured interviews. The findings revealed that the interviewees have a good understanding of cryptocurrency and blockchain technology. Furthermore, the general consensus from the interviews was that blockchain technology will make auditing and accounting practices much easier and more efficient. Nevertheless, the accounting profession is required to enhance efforts to innovate their field to cope with the latest technological developments. This is one of the earliest studies focusing on cryptocurrency and blockchain technology, as well as their implications on accounting and auditing practices. This study is exploratory in nature as there are limited studies on cryptocurrency and blockchain, particularly in the context of a developing country like Malaysia. Therefore, this study could be an initial reference for the extension of future accounting literature on emerging technologies such as blockchain and cryptocurrencies in developing countries.

Keywords: blockchain; cryptocurrency; auditing; Malaysia.

DOI: 10.1504/IJBC.2021.118116

International Journal of Blockchains and Cryptocurrencies, 2021 Vol.2 No.2, pp.172 - 186

Received: 28 Feb 2021
Accepted: 15 May 2021

Published online: 12 Oct 2021 *

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