On July 27, 2023, the SEC’s Chief Accountant, Paul Munter, released a statement concerning non-audit service work provided for crypto asset clients. Munter stated that accounting firms have increasingly engaged in this type of non-audit work in the crypto industry and that their crypto asset clients falsely suggest that these non-audit arrangements are “at parity with, or even more ‘precise’ than, a financial statement audit.” Munter further stated that accounting firms should carefully consider the contents of any statements they or their clients make about the scope of the work performed and the procedures followed because material misstatements on these subjects could lead to legal liability for accounting firms.

Munter’s statement is available here.