PCAOB Provides Guidance on Audits Involving Cryptoassets

PCAOB Provides Guidance on Audits Involving Cryptoassets

Noting an increase in the number of transactions involving cryptoassets, PCAOB has released a document highlighting considerations for auditors of issuers transacting in or holding cryptoassets. This may include firms that are earning fees for validating new blocks on a blockchain, purchasing goods or services in exchange for cryptoassets, exchanging one cryptoasset for another or selling cryptoassets for a fiat currency (such as the U.S. dollar).

In addition to addressing certain responsibilities under PCAOB standards, the document also suggests questions that audit committees may consider asking their auditors when transactions involving cryptoassets are material to an issuer’s financial statements.

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