The extent to which blockchain technology can be leveraged to improve planning and evidence gathering for the auditing profession in Libya

(from the perspective of faculty members in the Accounting Department at the Faculty of Economics

Abstract

The study aimed to identify the extent to which block chain technology can be used to improve the auditing profession. In order to achieve this goal, the descriptive approached was used;, the questionnaire was designed and distributed to the study population including 32 academic staff members in the Accounting Department at the Faculty of Economics, Twenty-nine questionnaires were retrieved, with a recovery rate of approximately 90%. The statistical analysis of the data showed a set of results emerged, the most important was the possibility of benefiting from block chain technology in improving the auditing profession by developing an audit plan and collecting evidence. The benefit in developing an the audit plan was through the possibility of reducing the effort required to develop an audit plan when using this technology, In terms of evidence collection, block chain technology can contribute reducing the costs and effort in the audit process. The study also set of recommendations, the most important of which were: Incorporating block chain standards into the local audit framework by developing a regulatory guide issued by relevant regulatory authorities that specifies the technical requirements for documenting audit plans using this technology. A unified standard system for collecting digital evidence using block chain should be designed in collaboration between regulatory bodies (such as the Central Bank of Libya) and audit firms.