Perceived Benefits and Barriers to Blockchain Adoption in Nigerian Audit Firms

David Dominic Etim; Iliya Agbu Aji; Iniabasi Thomas Essien

doi:10.56201/jafm.vol.12.no8.2026.p300.309

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Perceived Benefits and Barriers to Blockchain Adoption in Nigerian Audit Firms

David Dominic Etim, Iliya Agbu Aji, Iniabasi Thomas Essien

Abstract

Blockchain technology has emerged as an important digital innovation with the potential to transform accounting and auditing by improving the availability, reliability, transparency and timeliness of financial information. However, despite its potential, adoption within the auditing profession remains constrained by technological, organisational, professional and regulatory challenges. This article examines the perceived benefits and barriers to blockchain adoption in Nigerian audit firms. The article is based on a review of relevant literature on blockchain, accounting and auditing, with particular attention to the Nigerian institutional environment. The discussion indicates that the major perceived benefits of blockchain adoption include improved audit evidence and data integrity, enhanced transparency and traceability, real-time or continuous auditing, improved audit efficiency, reduction in reconciliation requirements, enhanced fraud-risk monitoring, and greater confidence in financial information. Conversely, major barriers include high implementation costs, inadequate technical knowledge and skills, difficulties integrating blockchain with existing accounting systems, regulatory and auditing-standard uncertainties, scalability concerns, cybersecurity risks, organisational resistance to change, and uncertainty regarding the immediate return on investment. The article argues that blockchain adoption by Nigerian audit firms should be approached as a gradual transformation rather than an immediate replacement of conventional audit procedures. Investment in professional training, regulatory guidance, pilot projects, technological infrastructure and collaboration between audit firms, professional accounting bodies, regulators and technology providers is therefore necessary. The article concludes that the long-term value of blockchain to Nigerian auditing will depend not merely on the availability of the technology but on audit firms' capacity to integrate it appropriately within professional standards, existing information systems and the Nigerian regulatory environment. JAFM JAFM JAFM

Keywords

Blockchain technologyaudit firmsperceived benefitsadoption barriersauditingNigeriadigital transformation.

References

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Perceived Benefits and Barriers to Blockchain Adoption in Nigerian Audit Firms

Abstract

Keywords

References

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