Don't see how this happens. How do you verify the work? It works in a purely electric fashion which is what Bitcoin is but you still need someone to verify things in the real world. Audits exist so that third parties can verify the books. Literally in a blockchain you just put in whatever you want how did you verify that that is what happened in the real world?
the participants audit each other real time, one party cant cook its books, if youre all writing one shared book. both parties agreeing to work being done and pressing "this work was done" or a camera watching for the work being done, would be a prerequisite for the task being marked as complete in the system.
things like enron/toshiba happen when companies are maintaining multiple sets of books, one they present to the public, and others hidden in private.
Goes against the idea of blockchain. It's for untrusted parties to transact electronically. If you trust someone to review your books and sign off on it then both parties are trusting one another and no need for blockchain.
