The Auditing Standards Board (ASB) of the American Institute of CPAs is expanding its criteria. In revisions made to its auditing standards, the board will be embracing blockchain-based evidence as valid.
Blockchain technology’s promise is that of an immutable, distributed ledger that is completely transparent. Impossible to tamper with, it is meant to be an unalterable record. Therefore, it would make sense for data stored on blockchains to be considered as valid evidence. Yet, it seems that for audits in the US this was not the case—until now.
The Auditing Standards Board (ASB) is updating its criteria to include “emerging technologies.” These criteria will now include AI, robotic process automation, and, most importantly, blockchain technology. According to Robert Dohrer, AICPA chief auditor: “This proposed SAS modernizes our standards to recognize the sources of information and the technologies that were not available to auditors when the standard was last updated.”
Of course, the Auditing Standards Board stresses that any evidence taken from blockchain-based systems must, first, establish how reliable said blockchain is. Blockchain-based data may not always provide audit evidence about ownership of value. However, it’s a good place to start.

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