This site uses cookies to provide you with a more responsive and personalised service. By using this site you agree to our use of cookies. Please read our cookie notice (http://www2.deloitte.com/ca/en/legal/cookies.html) for more information on the cookies we use and how to delete or block them.
The full functionality of our site is not supported on your browser version, or you may have 'compatibility mode' selected. Please turn off compatibility mode, upgrade your browser to at least Internet Explorer 9, or try using another browser such as Google Chrome or Mozilla Firefox.

A plain and simple overview of auditing considerations related to cryptocurrencies

  • AASB Image

Jul 26, 2018

On July 26, 2018, the Au­dit­ing and As­sur­ance Stan­dards Board (AASB) has re­leased an In Brief entitled, ‘A plain and simple overview of auditing considerations related to cryptocurrencies’.

Canada is experiencing a surge in companies with cryptocurrency holdings or transactions. This creates new audit risks for auditors as most lack experience in dealing with cryptocurrencies. On top of that, each cryptocurrency has its own unique features and characteristics bringing unique challenges in auditing each particular cryptocurrency.

The In Brief, ‘A plain and simple overview of auditing considerations related to cryptocurrencies’ raises the following questions:

  • Should you accept or continue an engagement for a client with material cryptocurrency holdings or transactions?
  • Do you have the appropriate experience and skillset to identify and assess all the risks of material misstatement and related assertions?
  • Will you be able to obtain the audit evidence your need through designing and performing the right responses to those risks?

It also advises that CPA Canada has recently released guidance, Audit Considerations Related to Cryptocurrency Assets and Transactions, as a first step to assist auditors in this regard and provides a summary of the contents of this material.

 

Correction list for hyphenation

These words serve as exceptions. Once entered, they are only hyphenated at the specified hyphenation points. Each word should be on a separate line.