The question: Refer to the above paragraphs, state who are the responsible bodies and how does the above issues being resolved by those responsible bodies?

The controversial issues with regard to the Blockchain and Auditing What are the controversial issues with regards to the accounting topic discussed? Blockchain is some sort of world-changing technology as it is a digital ledger of transactions which are very rigid to hack or change. This technology acts as security that enables individual to deal without knowing each other. Other than that, blockchain also enables transaction to occurs without traditional trusted intermediary such as government, third parties or bank. Basically, with eliminating the traditional trusted intermediary, blockchain eventually delivers new prospects in reducing transactions costs and cut transaction settlement time. For instance, audit firm usually verify with third parties such as creditors and bankers with regards to auditees debt and bank balances which could be eliminated with using blockchain technology. Blockchain technology are now progresses beyond bitcoin as it is being established in an extensive series of business and financial services such as auditing. Nevertheless, this technology is still developing and are yet to be proven at originality scale in which is an essential challenge to blockchain's transformative latent. There are many controversial issues with blockchain technology despite its being a world-changing technology. First and foremost, the controversial issues with blockchain technology are on environmental cost. Blockchain relies on encryption in order to offer security and prevent compromise over a dispersed network which require huge amounts of energy consumptions. It is among the controversial issues as there were protest taking place in United States to reduce the consumption to energy and to be greener. Most of blockchain technology uses Proof of Work (PoW) as a settlement method for transaction validation. Users must solve difficult mathematical riddles to apply these protocols, and this technology stresses a lot of computational power to validate, process transactions and protect the network. Even though power is still predominantly generated from fossil fuels across the world, more adoption of blockchain technology might undermine climate change mitigation efforts. Other controversial issues with regards to blockchain is it is slow and cumbersome. W This is mainly due to blockchain is complex, encrypted and is distributed widely which make it very much slower and cumbersome as compared to traditional systems. It consumes some time to process transactions. For instance, when the user network upsurge, transitions usually take much lengthier to process. might take few days to process the entire transactions. This will result in higher transaction costs than traditional method. If the audit firm use this technology to audit auditees it might take some time to process and received the information from the system. Moreover, another controversial issue includes the lack of privacy and security in this technology. This is because of many possible blockchain uses necessitate those smart transactions and contracts be irrefutably connected to identified identities, which raises serious concerns about the privacy and data security kept and available on the shared ledger. Basically, corporations work well with private and confidential rules established by regulation in which they trusted them with sensitive information of their companies. When sensitive information is all stored in public ledger it would not be private any longer. The unknown users of blockchain technology also raises potential for unlawful transactions and criminal activities to take place such as money laundering and tax evasion. Other than that, security of information is also at risk even though it is much more secured as compared to traditional computer system. This is because there are still chances for hacker to steal information by hacking the system. Lastly, audit firm that use blockchain technology would encounter concern in which unable to verify the as ction of financial statement. For instance, occurrence of a transaction could not be verified by the auditors. This is due to recording transaction in blockchain technology eventually provides appropriate audit evidence. Nevertheless, sometimes it did not offer adequate appropriate audit evidence which are connected to the transactions. For instance, transactions that are obtained from blockchain might be fraudulent transactions or might be transactions that are not approved by authorized official. Thus, blockchain technology do have a good part and bad part that need to take extra attention in order to successfully utilized it without having to face difficulties in near future