The TikTok Takeover: The Unbelievable Journey of the World's Most Addictive App

 

By Norizam Binti Ahmad @ Muhammad, Faculty of Accountancy, Universiti Teknologi MARA, Cawangan Perlis.

TikTok, a social media platform that has taken the world by storm, has experienced a meteoric rise to fame since its inception a few years ago. This article explores the evolution of TikTok, examining its global success and impact on popular culture. Additionally, it examines the platform's potential for financial gain and its role in promoting education. By delving into these aspects, we gain an understanding of TikTok's journey and its influence on various spheres of society.

TikTok's rapid popularity can be attributed to its unique and addictive format. Users can create short-form videos accompanied by music or sound bites, utilizing an array of creative tools and filters to enhance their content (Abidin & Ots, 2020). This format has proven highly engaging, with users spending countless hours scrolling through their personalized "For You" page, which showcases content curated to their interests.

Viral trends and challenges have also played a crucial role in TikTok's rise to fame. From dance challenges to lip-syncing videos, these trends have rapidly spread, capturing the attention of millions of users worldwide. Moreover, many TikTok trends have crossed over into mainstream media, with songs and dances from the platform making their way onto music charts and popular TV shows and movies (Abidin & Ots, 2020). However, it is important to assess the impact of these trends on culture and question the potential for appropriation or trivialization of certain aspects.

TikTok has made a significant impact in Malaysia, with numerous local users achieving fame on the platform. One noteworthy example is Alieff Irfan, also known as "Mat Rempit TikTok," who has garnered a massive following for his videos showcasing his skills as a motorcycle stunt rider (Nasir, 2021). Another popular Malaysian TikToker is Khaby Lame, a comedian who has gained a global audience with his humorous videos commenting on common life situations (Nasir, 2021). These Malaysian influencers exemplify the diverse talent and content that has emerged from the country's TikTok community.

While TikTok is predominantly known for its entertainment value, it has also demonstrated its potential as an educational tool. Educators worldwide have embraced the platform, creating TikTok accounts to share educational content in a fun and engaging manner (Khaerunnisa & Kurniasih, 2020). Science experiments, language lessons, and historical trivia are just a few examples of educational content that has found a home on TikTok. By leveraging the platform's popularity, educators have been able to reach a broader audience and make learning more accessible and enjoyable for students (Khaerunnisa & Kurniasih, 2020). However, it is essential to critically evaluate the accuracy and reliability of educational content on TikTok, as misinformation and misinterpretation can also proliferate on the platform.

Beyond its entertainment and educational aspects, TikTok offers users the potential for financial gain. Many individuals have successfully transformed their TikTok fame into lucrative careers, with the most successful influencers earning millions of dollars (Sharma, 2021). Opportunities for monetization on TikTok include brand partnerships and sponsorships, where influencers promote products to their audience. Additionally, the Creator Fund allows eligible TikTok creators to earn money directly from the platform based on views and engagement (Sharma, 2021). However, it is essential to recognize that financial success on TikTok is not guaranteed for all users, and the pursuit of monetary gains should not overshadow the importance of creating authentic and meaningful content.

TikTok has emerged as a global phenomenon (Moreno, 2021), captivating audiences with its unique format and viral trends (Olajide, 2023). From its rise to fame to its impact on education and the potential for financial gain (Casperson, 2023), TikTok has left an indelible mark on popular culture. However, it is crucial to approach the platform critically, considering potential challenges such as cultural appropriation, misinformation, and the sustainability of financial success. By navigating these aspects thoughtfully, we can fully appreciate the evolution of TikTok and harness its positive influence while addressing its limitations.

 

References:

Abidin, C., & Ots, M. (2020). Memes as a mode of political communication on TikTok. Social Media + Society, 6(3), 2056305120948169. https://doi.org/10.1177/2056305120948169

Casperson, N. (2023, March 27). How the future of TikTok may impact a generation’s financial literacy. Forbes. Retrieved from https://www.forbes.com/sites/nicolecasperson/2023/03/27/why-the-future-of-tiktok-impacts-the-fintech-industry/?sh=6fe28aa63487

Moreno, J. (2021, Dec 29). TikTok surpasses Google, Facebook as World’s most popular web domain. Forbes. Retrieved from https://www.forbes.com/sites/johanmoreno/2021/12/29/tiktok-surpasses-google-facebook-as-worlds-most-popular-web-destination/?sh=28f0b1943efb

Khaerunnisa, M., & Kurniasih, N. (2020). TikTok as an edutainment platform for language learning in the millennial era. Journal of Language Teaching and Research, 11(6), 669-676. https://doi.org/10.17507/jltr.1106.03

Nasir, M. (2021, March 17). TikTok in Malaysia: 11 popular Malaysian TikTok creators to follow. Vulcan Post. Retrieved from https://vulcanpost.com/727531/malaysia-tiktok-creators-follow/

Olajide, D. (2023, May 4). Is it time to switch off Tik Tok? PR Insider. Retrieved from https://www.curzonpr.com/theprinsider/is-it-time-to-switch-off-tik-tok/

Sharma, S. (2021, April 30). How to make money on TikTok: 4 ways to monetize your TikTok account. Business Insider. Retrieved from https://www.businessinsider.in/business/startups/news/how-to-make-money-on-tiktok-4-ways-to-monetize-your-tiktok-account/articleshow/82239814.cms

Navigating the Uncharted Waters: The Complexities and Challenges of Auditing Cryptocurrency

 

By Norizam Binti Ahmad @ Muhammad, Faculty of Accountancy, Universiti Teknologi MARA, Cawangan Perlis.

Cryptocurrency has emerged as a revolutionary digital asset class that has gained significant traction in the global financial landscape. As the popularity of cryptocurrencies continues to soar, so does the need for effective auditing practices to ensure their transparency, reliability, and security. However, auditing cryptocurrency presents a unique set of challenges that differ from traditional financial audits. This article delves into the challenges faced by auditors in assessing the financial statements and controls of cryptocurrency entities, shedding light on critical aspects that must be considered.

One of the primary challenges faced in auditing cryptocurrencies is the absence of a robust regulatory framework and widely accepted auditing standards specific to this emerging asset class (Griffiths, 2020). As a result, auditors often struggle to define the scope and methodology of audits for cryptocurrency entities. The decentralized nature of cryptocurrencies and the absence of a central authority make it difficult to establish clear guidelines for auditors.

Cryptocurrencies operate on blockchain technology, which is complex and continually evolving. Auditors must possess a deep understanding of blockchain fundamentals, cryptographic algorithms, and smart contracts to adequately assess the underlying technology and its impact on financial reporting (Aminanto, 2021). The intricate nature of blockchain introduces unique risks, such as the potential for data manipulation or unauthorized transactions, which require specialized knowledge to identify and mitigate.

Another significant challenge faced by auditors is the limited availability of complete and reliable data for auditing purposes. While blockchain provides transparency by recording transactions on a public ledger, auditors often struggle to access relevant information due to pseudonymity, data privacy concerns, and the use of off-chain or private transactions (Holland et al., 2020). This lack of access hinders auditors' ability to verify the accuracy and completeness of financial statements, increasing the risk of fraud or misrepresentation.

Cryptocurrencies' volatile nature poses challenges for auditors in determining fair value and recognizing these assets on the financial statements (Hester & Heitfield, 2019). The absence of standardized valuation models, coupled with the high degree of price fluctuations, makes it challenging to establish reliable valuation techniques. Additionally, auditors must address issues related to the recognition and disclosure of cryptocurrency transactions, including classification, measurement, and disclosure requirements (American Institute of CPAs [AICPA], 2019).

Security is a paramount concern in auditing cryptocurrencies. The decentralized and pseudonymous nature of blockchain technology creates vulnerabilities that can be exploited by malicious actors. Auditors face the challenge of evaluating the adequacy and effectiveness of internal controls implemented by cryptocurrency entities to safeguard digital assets and prevent unauthorized access or theft (Griffiths, 2020). Additionally, auditors need to assess the integrity of the wallet systems, key management protocols, and security measures adopted by cryptocurrency exchanges.

Auditing cryptocurrencies presents a unique set of challenges due to the absence of regulatory frameworks, complex technology, limited data availability, valuation issues, and security concerns. Addressing these challenges requires auditors to possess specialized knowledge of blockchain technology, cryptography, and evolving regulatory developments. Collaboration between auditors, standard-setting bodies, and regulatory authorities is essential in developing robust auditing standards and guidelines tailored to cryptocurrencies. Overcoming these challenges will enhance transparency, trust, and investor confidence in the rapidly evolving world of cryptocurrency.

 

References:

Aminanto, A. (2021). The audit of cryptocurrency financial statements: Challenges and opportunities. Indonesian Journal of Sustainability Accounting and Management, 5(1), 41-50.

American Institute of CPAs. (2019). Audit and accounting guide: Entities with cryptocurrency holdings. AICPA.

Griffiths, M. (2020). Auditing the use of blockchain and cryptocurrency. Journal of Corporate Accounting & Finance, 32(3), 87-91.

Hester, J., & Heitfield, E. (2019). Fair value measurement for cryptocurrencies. Journal of Accountancy, 228(6), 38-44.

Holland, K., Freitas, R., & Davis, R. (2020). Auditing and accounting for blockchain-based cryptocurrencies: Problems and perspectives. Journal of Emerging Technologies in Accounting, 17(1), 119-138.