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Block Chain Technology and its Potential Impact on Audit and Assurance…

- - - - Valid OR Invalid
        
        Consensus
  - - - identical copy of transaction
- - - - information is inaccurate
      - fraud cannot be fully eliminated
    - - executed between related parties
      - linked to a side agreement that is “off-chain.”
      - unauthorized, fraudulent, or illegal
      - incorrectly classified in the financial statements
  - - - occurrence of transaction
        
        blockchain ledger
        
        traditional stand-alone ledger
      - standardization of reporting
      - efficient data and analysis
    - - reduce lag
        
        increase the effectiveness of financial reporting