The American Institute of Certified Public Accountants (AICPA) has developed new standards for audit evidence to include accommodation for blockchain-based data.
The new proposal, the so-dubbed Proposed Statement on Auditing Standards (SAS), Audit Evidence, sets guidelines on how auditors should evaluate audit evidence, based on blockchain and data analytics.
The new standard is a source-indifferent, multidimensional set of metrics to evaluate audit data.
AICPA Chief Auditor Robert Dohrer (photo):
“Given the rapid evolution of audit evidence sources that are available today, it is critically important that auditors have a robust, durable set of attributes [ ].”
Studies by KPMG suggest that blockchain based solutions would cut auditing time from around two weeks to one day.