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Auditors spend a significant amount of their time gathering audit evidence. Both the quality, quantity, and time spent on this process can be improved with a new technique called Triple Entry Accounting. In this article, I will explain the concept of Triple Entry Accounting and how it can greatly assist in the execution of audits. No technical background knowledge is required.

Triple-entry accounting is an extension of double-entry bookkeeping. A third entry can be recorded in a shared ledger in the form of a blockchain.

Auditors and accountants can leverage global public blockchain technology as a secure shared ledger to make accounting ledgers more efficient to verify, unlocking new techniques for continuous audits in a way that is compliant with the ISA standards. UNISOT (Abendum) is researching and developing Triple Entry Accounting technology to help accounting professionals leverage the new technology by extending the current double entry ledgers into triple-entry-compatible ledgers on the chain.”