PCAOB's Franzel leans toward issuing blockchain and data analytics guidance

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Nov 01, 2017

On November 1, 2017, Accounting Today released an article on how the Public Company Accounting Oversight Board (PCAOB) is likely to issue guidance on the use of blockchain and data analytics technology as more auditing firms weigh the benefits and drawbacks of them.

Speaking at the National Association of State Boards of Accountancy annual meeting in New York on Tuesday, PCAOB member Jeanette Franzel discussed the need for auditing firms and regulators to get a better grasp on blockchain and data analytics.

Franzel believes firms will need to provide the right training. “What kind of training are we all going to need in the next two years so that in the next three to five years we can all be effectively dealing with these technologies and supervising the staff to assist with the work? In some cases, I think firms will be using data scientists and engineers to run the tools, but then accountants and auditors are going to need to be interpreting and trying to understand what that means,” she said. “How do we talk to these folks and ensure that we are continuing to employ professional skepticism, ethics, and integrity, in a trusted professional way? If we don’t do this right, the CPA brand really could be at stake.”

Review the full article on Accounting Today's website.

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