Please answer the question provided in this document using APA format.I need at least 2 paragraphs for each question.Please write it coherently no repetition .use the references provided to answer the...

Name of Topic - The Impact of Blockchain & Cryptocurrency upon Auditing and Assurance
Name of Topic - The Impact of Blockchain & Cryptocurrency upon Auditing and Assurance
Assignment
Introduction
With drastic changes in the industry taking place at much faster rate, technologies have transformed how they perform different business activities. For instance, in accounting and auditing domain, blockchain technology is widely used for detecting the human errors at various areas and bringing all aspects to the utmost precision. Leveraging computes as well as artificial intelligence in finance and accounting can help identify hidden patterns as well as frauds in the company. Blockchain technology is a well-aligned structure with stores various transactional records also referred as the blocks in various databases. These are called as the chain within a network that are connected to peer-to-peer nodes. Technically, the storage can be referred as digital ledger (The United States Government., 2022, March 9).
A blockchain can be explained as method to decentralized distributed mechanisms comprising of packages which includes sets of information and data bundles. These data packages can also be referred as blocks that can be interlinked to one another synchronised in the chronological method. In the blockchain, any type of data can be installed in the record like financial transactions. It was usually made to undertake various activities like cryptocurrency and Bitcoin. After that blockchain has been very useful in many domains like commercial, accounting, financial as well as real estate. By the virtue of this report, I have performed extensive analysis on blockchain technology, its impact on accounting and auditing along with implications on the responsibilities of independent auditor (Appelbaum, D. & Smith, S., 2018).
A blockchain brings both advantages and disadvantages. It offers the stakeholders to address how things can transpire in the network as well as comprehend if it can be authorized for change. For instance, if the hacker desired to make certain modification in the given data can be recorded in several packages, then he or she can have the access to all the blocks simultaneously. This can create further challenges in the process. According to blockchain, there is always reconciling along with settling the active transactions which is for a very short period of time relative to third party systems.
Potential Impact of Crypto Tech on the Financial Statement Audit and Auditing Profession
Cryptocurrency is a platform of exchange which is designed and stored digitally in the form of blockchain leveraging encryption techniques to control various monetary aspects. It is also used to verify the transfer of the capitals and funds. Remove friction, ensure trust as well as unlock the new value across business as well as industries leveraging the power of IBM Blockchain. Cryptocurrencies can be referred as the financial assets that are available digitally. There is a massive rise in the market for cryptocurrencies with its growing relevance in the business domain.
Cryptocurrencies like Bitcoin are becoming essential part of the global economy present digitally. As the penetrations along with penetration enhances, there are various CPA that have been realized since they can harness the cutting-edge financial instruments. This can offer much more sophisticated services to organisation since their practices are technology advanced. As per the recommendation coming from the CPA offering the cryptocurrency services of taxes. Opportunities for the CPA can be understood with growing set of investors in the sector which are perhaps evident. The IRS takes into consideration the bitcoin which are perhaps similar in the currencies and can generate the issues for the customers during declaration of taxes. The sheer quantum of cryptocurrency can develop strong exchange with respect to both domestic as well as foreign avenues for the investment. Developing a strong proficiency in the overall accounting for the cryptocurrency is perhaps trading that make it profitable avenue for CPA.
The primary aspects of audit can be explained in the financial statement with a core objective of unbiased evaluation. The audit can be explained internally by employee of the organisation by an external Certified Public Accountant (CPA). Majority of organisation receive the yearly audit of the financial statements like income statements, cash flow statements and balance sheet. Shareholders often needs to require the explanation of external audit annually as important element of covenants for their debts. For many companies, audits usually as the legal requirement because of the urging initiatives to purposefully misstate financial information in attempt to commit any fraud.
Proper standards for the external audits in the USA can be...