The analysis of the application of blockchain technology in audit processes

Abstract

With the rapid development of blockchain technology in various industries, it is increasingly being applied in the field of audit, as this technological solution can fundamentally transform existing audit processes, ensuring greater efficiency, security level and transparency compared to the modern audit process. This technology is characterized by decentralization and immutability when recording transactions in the database, which reduces the likelihood of errors, fraud and ensures the accuracy of existing data. Although blockchain provides advanced opportunities, there are still challenges related to legal regulations and regulations, implementation of technological solutions or compatibility with existing systems, as well as relevant scalability problems. Since the application of the technology is quite wide, there is a need to assess the possibilities of applying blockchain technology in the audit field and its impact on audit quality. The purpose of the article is to assess the effectiveness of blockchain applications in audit processes. The methods used in the article are literature and systematic analysis, methods of comparing theoretical and practical statements, and SWOT analysis.