Background of the Study
Blockchain technology has emerged as a transformative tool for auditing, offering enhanced transparency, data security, and real-time verification of transactions. Its decentralized nature ensures that records are immutable, traceable, and tamper-proof, making it an ideal solution for auditing practices in the financial sector (Okonkwo & Adeyemi, 2023).
In Nigeria, where banks are faced with challenges such as fraud, regulatory compliance, and inefficiencies in auditing processes, blockchain technology presents a viable solution. This study evaluates the role of blockchain technology in auditing practices within Nigerian banks, focusing on its potential to address these challenges.
Statement of the Problem
Despite the promise of blockchain technology, its adoption in Nigerian banks has been slow due to high implementation costs, lack of awareness, and regulatory uncertainties. Traditional auditing methods are often inadequate for addressing issues such as fraud and data manipulation, leading to a demand for innovative solutions (Usman & Nwafor, 2024).
This study explores the role of blockchain technology in auditing practices in Nigerian banks, analyzing its benefits, challenges, and implications for the industry.
Objectives of the Study
To examine the adoption of blockchain technology in auditing practices in Nigerian banks.
To evaluate the benefits of blockchain technology for audit efficiency and fraud prevention.
To identify challenges hindering the adoption of blockchain technology in auditing.
Research Questions
How is blockchain technology adopted in auditing practices in Nigerian banks?
What are the benefits of blockchain technology for audit efficiency and fraud prevention?
What challenges hinder the adoption of blockchain technology in auditing?
Research Hypotheses
Blockchain technology significantly improves audit efficiency in Nigerian banks.
The adoption of blockchain technology reduces fraud in auditing practices.
High implementation costs and regulatory barriers hinder the adoption of blockchain technology in auditing.
Scope and Limitations of the Study
The study focuses on Nigerian banks and examines the role of blockchain technology in auditing practices. Limitations include the novelty of the technology and the limited number of banks currently using it.
Definitions of Terms
Blockchain Technology: A decentralized digital ledger that records transactions across multiple systems in a secure and transparent manner.
Auditing Practices: The processes and techniques used to examine and verify financial statements and records.
Fraud Prevention: Measures taken to detect and prevent fraudulent activities within organizations.
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