BLOCKCHAIN TECHNOLOGY AND VERIFICATION OF INFORMATION FROM FINANCIAL STATEMENTS

There are many models used to detect fraud, but also to detect manipulation of numbers especially in accounting. The objective of this paper is to describe and interpret the results applying blockchain technology on data from financial statements of companies. The paper examines the following hypothesis: The efficiencies that will be gained through forensic audit automation will be balanced by the requirements for new procedures to address the risks associated with the blockchain environment. Our study confirms that blockchain accounting is tamper proof and transparent and it can reduce manipulations and corrupt behavior, increase transparency of transactions and it can develop automated processes of accounting.