Assessing the Impact of Blockchain Technology on Internal Controls Within the COSO Framework
Journal Title: Journal of Corporate Governance, Insurance, and Risk Management - Year 2023, Vol 10, Issue 1
Abstract
Developments in Blockchain technology and their increasing adoption have prompted examination of intersections with organizational internal control systems. Technological solutions leveraging blockchain reportedly enhance operational effectiveness and efficiency, core internal control objectives. Such improvements could increase financial and non-financial reporting reliability and facilitate regulatory compliance. The Committee of Sponsoring Organizations' (COSO) internal control framework provides a systematic methodology for designing and implementing effective controls utilizing blockchain technologies. Within the COSO 2013 framework's context, this study aims to identify risks that may arise from blockchain technology integration into financial reporting processes and outline corresponding control formulations. Specific focal points involve risk evaluation associated with blockchain technology adoption and control implementation proposals addressing identified issues. If properly designed, controls may optimize blockchain technology capabilities for transparent, accountable, and sustainable value generation. This initial examination offers strategic guidance on evidence-based advancement of business-community symbiosis locally and globally through continuous policy evolution. Regional contextualization and adaptability to emerging complexities will determine durability of theoretical edifices established.
Authors and Affiliations
Gülçin Kazan, Tuğçe Uzun Kocamış
Keywords
Related Articles
- EP ID EP732706
- DOI https://doi.org/10.56578/jcgirm100110
- Views 75
- Downloads 0
Investor Overreaction in the BIST Sustainability Index: An Empirical Analysis from 2014-2022
Recent emphasis on environmental stewardship by stakeholders has escalated demands for disclosures on social and environmental impacts from environmentally detrimental companies, underscoring the significance of sustaina...
Assessing the Impact of Blockchain Technology on Internal Controls Within the COSO Framework
Developments in Blockchain technology and their increasing adoption have prompted examination of intersections with organizational internal control systems. Technological solutions leveraging blockchain reportedly enhanc...
Formation and Development of Education in Nakhchivan (End of the XIX Century Before the Early XX Century)
The article discusses the development of school and pedagogical thought in Nakhchivan before and during autonomy. It has been established that, in Nakhchivan, which is an integral part of Azerbaijan, they always pay spec...
A Conceptual Approach to Exploring Board Effect on CSR Responsiveness
Our aim is to design a conceptual model illustrating the impact of corporate boards on corporate social responsibility (CSR). Scholars and researchers from various disciplines have all pointed out the increasing importan...
Comparative Evaluation of Statistical Models and Machine Learning Approaches in Modelling the Energy Dependency of the BIST Industrial Index: Balancing Predictive Performance and Interpretability
Energy dependency plays a pivotal role in shaping the performance of stock markets, particularly in energy-sensitive indices such as the BIST Industrial Index in Turkey. This study presents a comparative evaluation of tr...