Crypto Auditors Tested by Revenue, Unusual Transactions (1)
Auditors fell short in rooting out unusual transactions and assessing whether crypto mining revenue was booked correctly when vetting the financial statements of crypto-involved companies, the US audit regulator said Wednesday.
The Public Company Accounting Oversight Board released a high-level overview of several years of inspection findings assessing how auditors tested their client’s crypto transactions or holdings. Crypto assets come with a host of “unique risks” that auditors must grapple with—including the risk of fraud, misstatements, market manipulation, and cyber breaches—the report said.
The board’s reviews of crypto-related audits date to 2017, and its routine inspections continue to cover crypto-related …
