Those in the accounting profession who want to understand better the inherent risks, threats and vulnerabilities, and internal control best practices associated with the use of blockchain technology now have a first-of-its-kind framework to follow, thanks to the Accounting Blockchain Coalition.
The Accounting Blockchain Coalition, made up of a group of accounting and tax professionals, was established last year to educate the accounting profession on digital assets and distributed ledger technology, including blockchain, and its accounting and audit implications. Recently, the coalition’s Internal Control Working Group released its first framework, providing guidance on how to mitigate the threats and vulnerabilities of digital assets and blockchain technology.
