New guidance released for crypto auditors

AICPA has enhanced its Digital Assets Practice Aid by adding a chapter focused on auditing cryptocurrency lending and borrowing transactions. This chapter provides auditors with examples of procedures to identify and address potential misstatements in financial reporting. It outlines two typical scenarios, detailing audit strategies from both the lender’s and borrower’s perspectives. Di Krupica, senior manager of digital assets at AICPA, said: “Auditing crypto lending and borrowing transactions can be complicated, and until now auditors have operated with a minimal amount of clear guidance.” The new resource aims to facilitate effective auditing and enhance transparency for investors and the public.