write 600 words critical reflective account

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The latest technology in the area of accounting and auditing utilizes Blockchain Technology (BT). This system uses algorithms to proof transactions that are stored in the form of blockchains and kept across many computers. This technology has led to innovations around cryptocurrencies like bitcoins. Although this technology is disruptive in certain sectors in the economy, it is still expected to yield significant effects in the field of accounting and auditing.

The technology contains tools that are capable of delivering trust and transparency of different levels. The technology in a position to create records that cannot be changed and thus impossible to falsify. Another view about blockchain technology is that they create efficiency in the process of accounting and auditing. The contemporary audit entails the use of a lot of labor which is not efficient. On the other hand, blockchain technology is capable of providing a validated record of transactions. Moreover, smart contracts can be added in blockchains such that no human involvement is needed but the action being executed is the version of human being that is programmed.

In conclusion, the profession of accounting has undergone a series of transformation from ordinary bookkeeping to the current day blockchain technology which is being considered disruptive to the accounting industry. From such improvements in technology, the role of the accountants and auditors is slowly decreasing. Many more areas in accounting and auditing are expected to be affected in the future. Consequently, the accounting and auditing industry should embrace the technology for the purposes of coming up with comprehensive, concise and accurate financial reports.

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