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Instructions 1 . Minimum and Maximum Number of Words: 8 , 0 0 0 and 1 0 , 0 0 0 Respectively. Preamble Companies systems
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Minimum and Maximum Number of Words: and Respectively.
Preamble
Companies systems have enabled them to adopt new technological tools to simplify business processes and transform business model operations. Companies can access advanced computing power and large database. Academics, social media, industries, and governments spend much time attending to the digital forms of technology; blockchain, artificial intelligence AI big data, the Internet of things IoT and cloud computing. Since Nakamoto set the groundwork for what would become blockchain technology in the banking, financial, insurance, education, health care, and government sectors have been using blockchain technology to the extent that of global GDP will be recorded and stored on blockchain by World Economic Forum, PricewaterhouseCoopers PwC estimates that blockchain could boost global GDP by trillion US dollars by Deloittes global blockchain survey indicates that organizations are more committed than ever to implementing blockchain in their businesses Deloitte With blockchains growing maturity, innovators are discovering new opportunities to create value and enhance trust and resilience to digital transformation by combining blockchain with other technology forms, notably, big data, AI IoT or cloud computing. The literature widely acknowledges that current accounting and auditing practices face challenges. For example, accounting is currently far from automated and entails laborintensive tasks wherein data is manually added to spreadsheets or accounting software. Blockchain technology has the potential to address present challenges in accounting because it provides better transparency, traceability, timeliness, and evidence of tampering than other existing financial recordkeeping systems. The Institute of Chartered Accountants in England and Wales ICAEW refers to blockchain as an accounting technology. Deloitte argues that blockchain is a gamechange in accounting because it secures the integrity of records by providing completely traceable audit trails that enable fully automated audits. It is argued that blockchain has progressed financial recordkeeping more than any other facility since doubleentry bookkeeping was introduced centuries ago. Its innovative technology enables an accounting ecosystem that inherent works to validate transactions. Because many industries are currently exploring different forms in which blockchain can be applied, a set of acceptable models and standards for its use will eventually emerge. However, while digitization is increasing the demand for highskilled workers, it is expected that a large proportion of medium and low skilled jobs characterized as backoffice work will be eliminated in the near future. Consequently, questions are being asked about the future of the accounting profession due to digital transformation and what accountants need to do to remain relevant.
a Discuss the potential impact of digitalization on the accounting profession and the
required value addition of accountants to remain relevant.
b At the intersection of accounting and information technology IT identify a research
problemgap relating to accounting practice and Blockchain Technology BT to be addressed as follows:
i Introduction discuss the research problem identified giving reasons why the chosen research is relevant to specific organizations, identifiable groups, or individuals. Discuss the benefits that would be derived from the chosen research.
ii Literature Review present a systematic review of the literature relating to your topic in terms of theoretical underpinnings and hypothesis development.
iii Methodology identify appropriate methods used to answer the research question empirical data required, approaches to data collection, mode of data analysis, etc.
iv Data Analysis analyze the data using any statistical software eg SPSS Excel, etc.
v Discussion of Results discuss your findings and draw conclusions based on your key findings.
vi Theoretical contribution what theoretical contribution does your research make to literature?
vii Managerial implications what are the implications for managerial practice?
viii What limitations underpin your research? Provide avenues for future research.
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