Crypto Basics and Audit Considerations

Author: Robert K Minniti

NOTE: This course has been updated to include the FASB guidance on accounting for crypto assets released on October 12, 2022.

Companies, not-for-profits, and governments are increasingly accepting payments in crypto currencies and other crypto assets. Are you an auditor planning on performing an audit on crypto assets and liabilities? Whether you are a new auditor or just need a refresher on this topic this course is for you. We will review steps for planning the audit, testing internal controls over crypto assets & liabilities, conducting analytical procedures and performing substantive testing.
From an audit procedure standpoint this course will also focus on the techniques and documentation needs that an auditor needs to know. In addition, the course will offer practical advice to auditors on conducting an audit of crypto assets & liabilities.

This course is appropriate for CPAs, CMAs, CIAs, CGMAs, CFEs, MAFFs, internal auditors, external auditors, managers, CFOs and others responsible for auditing crypto assets & liabilities.

Publication Date: October 2022

Designed For
CPAs, CMAs, CIAs, CGMAs, CFEs, MAFFs, internal auditors, external auditors, managers, CFOs and others responsible for auditing crypto assets and liabilities.

Topics Covered

• Blockchain & Crypto Terminology
• Audit Requirements
• Audit Planning
• Guidance
• Internal Controls
• Testing
• Risk Assessment
• Sampling

Learning Objectives

• Identify audit procedures for auditing crypto assets & liabilities
• Identify a website or a tool that allows one to browse through blocks, view wallet addresses, network hashrate, transaction data and other key information on the blockchain
• Identify the second step in the revenue recognition process
• Identify the financial statement assertion that is unique to account balances
• Identify the year in which the International Financial Reporting Interpretations Committee (IFRIC) noted that the treatment for holding cryptocurrency follows the International Accounting Standard (IASB 38) on Intangible Assets (IASB 2004)
• Identify the type of distribution that occurs when a series of tests are conducted with two possible answers such as yes/no, true/false, or correct/incorrect

Level
Basic

Instructional Method
Self-Study

NASBA Field of Study
Auditing (2 hours)

Program Prerequisites
None

Advance Preparation
None