PCAOB Issues Publication on Inspection Observations Related to Crypto Assets

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Jun 14, 2023

On June 14, 2023, the Public Company Accounting Oversight Board (PCAOB) has issued Spotlight: Inspection Observations Related to Public Company Audits Involving Crypto Assets. The publication discusses audit deficiencies in which the auditor failed to perform certain procedures in public-company audits of transactions involving crypto assets or crypto mining activities.

Specifically, audit deficiencies were observed in the following areas:

  • Fraud and significant unusual transactions.
  • Crypto asset ownership.
  • Relevance and reliability of information used as audit evidence.
  • Revenue recognition related to the transfer of crypto assets.
  • Arrangements with mining pool operators.

In addition, the publication addresses best practices and reminders for auditors to consider when performing their audit procedures.

Re­view the publication on PCAOB’s website.

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