Issues, risks, and challenges for auditing crypto asset transactions

Sheng-Feng Hsieh and Gerard Brennan

International Journal of Accounting Information Systems, 2022, vol. 46, issue C

Abstract: Many entities are progressively engaged in crypto asset transactions. The distinct nature of crypto assets from typical financial instruments makes it more challenging for external auditors to provide reasonable assurance on financial statements encompassing material crypto asset activities and transactions. To provide more specific guidance in crypto asset-related audits, this paper aims to (1) identify various participants in the crypto asset ecosystem and illustrate their relationship with the audited entity, (2) identify and elaborate the new challenges and risks for financial statement audits related to the crypto asset ecosystem, and (3) summarize issues to be considered in crypto asset-related audits in an audit framework. The dynamically evolving crypto asset ecosystem not only brings challenges and risks but also new assurance opportunities to the auditing profession after identifying and addressing those critical issues.

Keywords: Crypto asset; Audit framework; Auditing; Blockchain (search for similar items in EconPapers)
JEL-codes: M40 M42 (search for similar items in EconPapers)
Date: 2022
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:ijoais:v:46:y:2022:i:c:s1467089522000215

DOI: 10.1016/j.accinf.2022.100569

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