The advent of the triple entry accounting: Implications for accountants and auditors

• Author(s) / Creator(s)

  • Aghili, Shaun
  • Mabo, Ibukunoluwa
  • Iroko, Oluwatobiloba
  • Oyenekan, Oyegbenga

• This chapter looks at the implications of blockchain technology in modern accounting and its possible implications for accounting and audit professionals. After a brief historical introduction about the evolution of financial accounting (the journey from single entry to double entry and now, triple-entry accounting), this chapter provides suggestions in terms of using blockchain as an antifraud control to help mitigate financial statement, cash larceny, and inventory and payroll schemes based on the Association of Fraud Examiners (ACFE) fraud tree model. This chapter also includes a proposed Purchase cycle audit template for internal and external auditors.

• Date created

  2021-06-01

• Subjects / Keywords

  • blockchain
  • accounting
  • audit
  • anti-fraud control
  • mitigation

• Type of Item

  Research Material

• DOI

  https://doi.org/10.7939/r3-tabh-h647

• License

  Attribution-NonCommercial 4.0 International