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


Conducted on Thursday, May 16, 2019

Recorded event now available

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Program Materials

This webinar 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.

Description

DLT/blockchain is already considered to be a disruptive force in the banking and financial services industries due to the use of the technology in documenting cryptocurrency transactions. Blockchain likely will dramatically alter accounting and audit practices, and accounting firm professionals need to grasp the impact of DLT on financial statement preparation and audit engagements.

A DLT/blockchain is a decentralized, peer-to-peer networked database that stores a ledger of assets and transactions, and uses its network to authenticate transactions. Authentication allows blockchain and DLT transactions to be verified, monitored and enforced without a third-party intermediary. For accounting and audit professionals, this creates a virtual real-time distribution of data. Verification processes which currently add days or weeks to an audit engagement can be done instantly.

CPAs utilizing the technology can deliver blockchain-enabled accounting, attest and advisory services to business clients. A critical first step for using DLT is understanding the difference between private and public blockchains and addressing data security and privacy concerns inherent in new technology. Forward-thinking firms will seek to get out ahead of the competition by grasping and adopting the new technology.

Listen as our authoritative panel provides a critical and practical early look at the impact and potential applications of blockchain technology for accounting and audit professionals.

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Outline

  1. Characteristics of DLT and blockchain
    1. Decentralized, peer-to-peer database
    2. No intermediary required
    3. Authenticated transactions
    4. Difference between blockchain and DLT
  2. Applications for financial accounting and audit engagements
  3. Public vs. private blockchains
  4. Automated tracking and enforcement
  5. Concerns and opportunities

Benefits

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?

Faculty

Appelbaum, Deniz
Dr. Deniz A. Appelbaum

Assistant Professor
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

Goldfine, Michael
Michael Goldfine, CPA

Founder
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

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