Adoption of Blockchain Technologies into Forensic Accounting Practices

Blockchain technology has numerous prospective applications and benefits across industries. Several important characteristics, including decentralization, transparency, security, and immutability, contribute to its utility. The transparent and immutable ledger of blockchain can enhance auditing procedures by making it simpler to trace transactions and validate financial records. This study aimed to examine the factors influencing the integration of blockchain technology into forensic accounting practices in Bangladesh. In the Bangladeshi city of Dhaka, primary data has been gathered from forensic accountants employed by various accounting firms. In addition, the UTAUT 2 model was utilized to build the conceptual framework, and the PLS4 software was utilized to analyze the data and assess the hypotheses derived from the conceptual model. Expected performance, expected effort by respondents, and education and training were found to have a significant positive relationship with behavioral intent to use technologies in forensic accounting practice. As opposed to this, social influence has no appreciable effect on behavioral intentions. Additionally, behavioral intent as well as education and training have a substantial impact on the actual use of the technologies. Education and training also moderate the relationships between effort expectation, behavioral intention, and actual technology usage. The study concluded with a series of recommendations for incorporating blockchain technologies to modernize its forensic accounting practices, enhance its ability to detect and prevent financial crimes, and contribute to a more transparent and accountable financial ecosystem.