Blockchain

Updated: December 11, 2024

Learn about blockchain technology and familiarize yourself with the potential implications, opportunities and risks for capital markets and reporting. Awareness and understanding of the potential impact of emerging technologies are critical to the success of Chartered Professional Accountants (CPAs) as business leaders and trusted advisors in today’s rapidly changing business environment.

This practice aid contains nonauthoritative guidance on how to account for and audit digital assets.
Digital assets and the associated underlying blockchain technology have been expanding rapidly ever since the very first blockchain transaction occurred

The world of blockchain and digital assets comes with its own vocabulary. You may wonder what the difference is between blockchain and distributed ledger technology, or the difference between a digital asset and a crypto asset. By using this resource, you can start to unravel the world of blockchain and digital assets by gaining an understanding of the terms that are used.

A broad array of practitioners from CPAs and IT auditors to cybersecurity professionals and those in management roles should gain an understanding of blockchain risks.

Learn about collaborative possibilities between multiple disciplines in blockchain and how thought leaders across industries are thinking about blockchain for the profession. Distributed ledgers and blockchain are powerful and challenging technologies for business and accounting. They are powerful because of their potential to create new social and economic models much like the new business models enabled by Internet technology; they are challenging because of their complexity and our lack of understanding.

Learn about how blockchain technology may affect the audit and assurance profession, from its impact on the financial statement audit to opportunities that may arise in a blockchain-enabled world.

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Navigating blockchain risk

Blockchain Risk: Considerations for Practitioners highlights the unique risks and benefits of blockchain technology, advising that decisions to implement blockchain technology should be made only after careful risk assessment. The report describes specific blockchain-related risks in the areas of governance, infrastructure, data, key management and smart contracts. (Available free from ISACA following website registration.)

Published by American Institute of Certified Public Accountants, Chartered Institute of Management Accountants and ISACA (formerly Information Systems Audit and Control Association).

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