Blockchain for CPAs: Financial Reporting Opportunities and Audit Implications
Implementing and Verifying Distributed Ledger Technology on Financial Accounting Engagements
Recording of a 110-minute CPE webinar with Q&A
This course will provide accounting and audit professionals with a critical early look at the financial reporting and audit challenges for companies utilizing blockchain technology in their financial reporting. The panel will detail the fundamentals of blockchain as they apply to financial transactions, discuss the advantages of distributed ledger technology (DLT) in cost-efficiency, cybersecurity and fraud protection, and address structural concerns in implementation.
- Characteristics of DLT and blockchain
- Decentralized, peer-to-peer database
- No intermediary required
- Authenticated transactions
- Difference between blockchain and DLT
- Applications for financial accounting and audit engagements
- Public vs. private blockchains
- Automated tracking and enforcement
- Concerns and opportunities
The panel will review these and other key issues:
- What is a distributed ledger and how does it change the way transactions and information are documented?
- What are the advantages of DLT and blockchain as to data security, efficiency and fraud protection?
- What factors must accounting firms consider in setting up a private blockchain network to provide financial statement and audit services?
- What are the potential impediments to a CPA firm utilizing blockchain technology?
Dr. Deniz A. Appelbaum
Montclair State University Feliciano School of Business
Dr. Appelbaum is Assistant Professor of the Department of Accounting and Finance at the Feliciano School of Business of... | Read More
Dr. Appelbaum is Assistant Professor of the Department of Accounting and Finance at the Feliciano School of Business of Montclair State University. She has published manuscripts in Accounting Horizons, Journal of Accounting Literature, Auditing: A Journal of Practice and Theory, among others. Dr. Appelbaum research focuses on financial and occupational fraud detection and prevention with automated analytics, transparency of governmental financial reporting, analytical procedures in the external audit process, drones and robotics in auditing and accounting, and BlockChain and big data as audit evidence.Close
Michael Goldfine, CPA
Goldfine & Company CPA
Mr. Goldfine would be your central point of contact for services related to individuals and small business tax and the... | Read More
Mr. Goldfine would be your central point of contact for services related to individuals and small business tax and the rendering of accounting business management services, including bookkeeping, financial statement review and analysis, cash flow management and projection, general business consulting and business formation services.Close