Issues,risks, and challenges for auditing crypto asset transactions |
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| Affiliation: | 1. Department and Graduate Institute of Accounting, College of Management, National Taiwan University, Taiwan;2. Rutgers Business School, Rutgers, the State University of New Jersey, United States;3. Lukka, Inc., United States;1. Florida State University, 1107 W. Call St., Tallahassee, FL 32306-4301, United States;2. Grand Valley State University, 3032 L William Seidman Center, 50 Front Ave SW, Grand Rapids, MI 49504-6424, United States;3. University of Tampa, JS 243, Mailbox O, 401 W. Kennedy Blvd., Tampa, FL 33606, United States;4. Florida State University, 346 RBB, 821 Academic Way, Tallahassee, FL 32306-1110, United States;5. Michigan State University, 632 Bogue St. Rm N220, East Lansing, MI 48824, United States;1. College of Business Administration, University of Seoul, Seoulsiripdaero 163, Dongdaemun-gu, Seoul 02504, South Korea;2. Shidler College of Business, University of Hawaii at Manoa, 2404 Maile Way, Honolulu, HI 96822, United States;3. School of Management, Clark University, 950 Main Street, Worcester, MA 01610, United States;1. University of Waterloo, School of Accounting and Finance, 200 University Ave W, Waterloo, ON N2L 3G1, Canada;2. California State University Long Beach, College of Business, 1250 N Bellflower Blvd, Long Beach, CA 90815, USA;1. University of Delaware, USA;2. University of Southern California, USA;1. Dept. of Business Informatics, Hanyang University, Seoul, Korea;2. School of Business, Hanyang University, Seoul, Korea |
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| 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. |
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| Keywords: | Crypto asset Audit framework Auditing Blockchain |
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