| On June 14, 2023, the PCAOB Staff released a report focusing on the responsibilities of auditors of public companies and brokers and dealers transacting in or holding crypto assets. The Staff report highlights common areas of audit deficiencies related to crypto assets in the auditor’s procedures, such as fraud and significant unusual transactions, ownership of crypto assets, relevance and reliability of information used as audit evidence, revenue recognition in crypto asset transfers, and arrangements with mining pool operators. The Staff report also highlights practices that the PCAOB Staff believes may enhance audit quality, including consultations with the members of firms’ professional practice groups related to this subject-matter, establishing centralized groups of subject-matter specialists, and developing technology-based tools to support public company audits involving crypto assets. A copy of the report is attached. |
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Auditor Liability Bulletin
June 16, 2023
