Hacking on Social Media Platforms

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Assessment

Part One: Comparative Analysis

1. Compare and Contrast

a. Methodology

It is important to note that Boylan and Hull (2022) utilized qualitative research design to

gain more in-depth insight into how fraudulent activities manifest in accounting. However, both

T&R Staff (2022) and Associated Press (2022) are secondary sources that rely on the utilization

of primary data to make their conclusions. Therefore, the methodological comparison is greatly

different between these sources, but T&R Staff (2022) and Associated Press (2022) are similar to

each other.

b. Findings

Both T&R Staff (2022) and Associated Press (2022) find that there is a substantial risk

behind cryptocurrencies due to the potential of fraudulence and volatility if left unregulated.

However, all three sources (Boylan & Hull, 2022; T&R Staff, 2022; Associated Press, 2022)

recognize the great opportunity offered by block chain technology, which is increased

accountability.

c. Recommendations

The study (Boylan & Hull, 2022) suggests using block chain technology to improve

accountability and recommends its use to combat fraudulent activities. However, both T&R Staff

(2022) and Associated Press (2022) acknowledge that there are risks associated with the current

state of cryptocurrencies, which is why they suggest adopting the technology but not the existing

forms of electronic money.

Part Two: Review

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Fraud and Block Chain

Fraudulence is a core problem in accounting and finance overall, which has ethical,

economic, and legal implications. Boylan and Hull (2022) assert that prevention of fraud is

impossible to prove, and fraudulent activities can be reduced through the use of automatic

identification system (AIS) systems. In contrast, T&R Staff (2022) claims that the wild volatility

of cryptocurrencies makes them unappealing as a solution to the issue. Similarly, such currencies

carry their own host of fraudulence, such as pyramid schemes (Associated Press, 2022). In other

words, electronic solutions are possible, but the existing ones are problematic.

Accountability Through Block Chain

It should be noted that fraudulence in finance is best combatted through transparency,

accountability, and openness. Recent developments in money and payment methods, such as

instant payment systems and stable coins, are two examples of innovations that have the

potential to have far-reaching implications. It is reported that there are five technological systems

that can help in the improvement of the accounting role (Boylan and Hull, 2022). According to

Boylan and Hull (2022), the use of block chain can improve accountability, which leads to a

reduction in the rate of fraudulent activities. Similarly, cryptocurrencies can help ordinary

citizens to fight inflation, but with a surge in demand, new forms of fraudulence take place as a

result. However, on the contrary, some experts suggest that “the wild volatility in

cryptocurrencies’ value has made it easy for many corporate treasurers to ignore the opportunity

hidden behind the substantial risk” (T&R Staff, 2022, para. 2). In other words, one should not

dismiss cryptocurrencies entirely, because they bring a higher level of accountability despite

their flaws.

Block Chain is the Answer

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By reviewing the literature, it is evident that the answer to fraudulence and other major

accounting issues is block chain technology, not cryptocurrencies. The study (Boylan & Hull,

2022) suggests using block chain technology to improve accountability and recommends its use

to combat fraudulent activities. On the contrary, both T&R Staff (2022) and Associated Press

(2022) acknowledge that there are risks associated with the current state of cryptocurrencies,

which is why they suggest adopting the technology but not the existing forms of electronic

money.

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References

Associated Press. (2022, January 22). Bitcoin pyramid schemes wreak havoc on Brazil’s ‘New

Egypt.’ Market Watch. https://www.marketwatch.com/story/bitcoin-pyramid-schemes-

wreak-havoc-on-brazils-new-egypt-01642870663

Boylan, D. H., & Hull, J. E. (2022). Have accounting information systems significantly helped in

detecting fraudulent activities in accounting? The Journal of Applied Business and

Economics, 24(3), 45-56.

https://www.proquest.com/openview/6e001b2172b0df47a6a938b044975b5d/1?pq-

origsite=gscholar&cbl=38282

T&R Staff. (2022, May 10). Digital currencies underpin a sci-fi future for treasury. ALM:

Treasury and Risk. https://www.treasuryandrisk.com/2022/05/10/digital-currencies-

underpin-a-sci-fi-future-for-treasury/?slreturn=20220930184148