A Research Report Submitted to School of Business in Partial Fulfilment of the Requirement of the Bachelor of Accounting and Finance in business sector (BAF-BS) of Mzumbe University
This study was designed to examine the effects of blockchain technology on auditing in Zanzibar. The objectives of the study were to assess the familiarity of auditors on blockchain technology, to assess adoption and adaptation of blockchain technology among the audit firms and audit clients and finally to assess challenges that are faced by auditors on blockchain technology. The finding of the study shows that 70% of respondent responded that auditor should be familiar with blockchain technology,100% of respondent responded that there is no any audit firm that adopt and adapt blockchain technology, 100% of respondent responded that there‟s no any client that adopt and adapt blockchain technology. It also revealed that there are some challenges that are faced by auditors on this technology such as lack of IT knowledge, no project of blockchain technology, no development of audit standards on blockchain, lack of personnel experience and poor technology support. The study recommended that audit firm should provide technological education for both audit institutions and audit team and professional board should update new laws, regulation and standards that will describe how to perform an audit on blockchain and finally government should improve our technology so as cope with changes.