1. How Blockchain technology can impact Auditing? Blockchain technology is still in its early stages, but it has the potential to have a big impact on some business operations, such as auditing. Companies can record, store, and evaluate financial transactions by using blockchain. Also, this technology makes it easier to process the information and gives an audit that is very accurate. More importantly, it gives us a new way to look at how risky investments are. The development of blockchain can help keep track of transactions and make them clear to all parties. Also, its implications can help auditors think about the reliability of data, the exchange of value, and other things. So, before we talk about how blockchain technology affects auditing, let's talk briefly about what blockchain technology is. Also, we'll be able to use the platform to learn about blockchain, how it works, etc. What's in this book? ● ● ● What is the technology of Blockchain? What blockchain means for auditing Impacts of blockchain on auditing that are good

2. ● ● How blockchain technology is bad for auditing Some Final Thoughts What is the technology of blockchain? Blockchain technology is a list of transactions that can be approved, processed, recorded, and stored. This digital ledger is made up of entries that each represent a digital asset that is shared between the people who use it. Also, a node helps these participants connect to the blockchain network. Your computer, laptop, or any other device that can constantly exchange data can be one of these nodes. When new information is added to the database table, the technology tells the nodes in the table. So, it brings a high level of openness to the way data is shared. Also, participants can look at any of the information stored on the ledger that they want to. But they won't be able to change it unless most of the nodes agree to do so. The use of blockchain in accounting and auditing can help a lot when it comes to passing audits. How Blockchain Will Change Auditing 1] Good Things About Blockchain for Auditing Auditing means checking to see if the transactions that have been written down are relevant, correct, reliable, and can be checked. Auditors can do auditing procedures while a certain transaction is being added. It can speed up things like doing taxes and reporting on finances in the back office. Also, the development of blockchain can change the way accounting is done in a big way. In other words, it can change how the business works as a whole. This will make it easier to make sure that a lot of data has been checked. Blockchain technology could change the way audits are done. It will cut down on the need for audits to be done by hand, and audits can be run on a lot of data in a short amount of time. This lets an auditor collect the same kind of information over and over again. With this technology, it will only take 10 minutes to check the proof of a single block. At the same time, it will take 1 hour to check six blocks. Blockchain technology takes less time than more traditional ways of doing things. In addition to this, firms would be able to audit all the time, even when they are not open for business. The auditing world will also save money because of this. Automation can be a good thing for the auditing industry if the goal is to save time and money. Also, it can make audits easier to understand.

3. 2] How Blockchain Technology Could Hurt Auditing With the development of blockchain, the world wants to change how safe and clear online transactions are. Also, if we only use blockchain, it may or may not provide enough and appropriate audit evidence to show the nature of the transaction. So, it may still record transactions that are illegal or not supposed to happen. So, they may carry out the transaction between two people who aren't allowed to. Plus, it makes it more likely that you'll get wrong information about the transactions. Also, the estimated value of some transactions in the financial statements is different from what they actually cost in the past. So, auditors will still have to run checks on the estimates made by management. Also, one of the hardest things for auditors to do is get used to this new technology. Also, they need to look at accounting policies that aren't in the reports but are part of the country's accounting principles. Some Final Thoughts In terms of auditing, some of the pros and cons of the blockchain are still unknown. But we could think of it as a tool that can speed up the auditing process. Several companies use blockchain to do audits and other financial tasks. This shows that more and more people are getting used to this technology every day. So, if you choose to get a blockchain certification in India, it might help you get a job in the blockchain world. You should now know how to become a blockchain engineer now that you know about blockchain technology and how it works. So, if you want to work as a blockchain engineer and check the data on your own, go to the BLOCKCHAIN COUNCIL right now and get a blockchain certification.