Why crypto needs to be audited
Accounting Today
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Cryptocurrency investors are finding that the limited "proof of reserves" audits touted by some crypto companies don't provide much reassurance after the meltdowns of prominent crypto exchanges like FTX, and more of today’s top stories.?
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A proof of reserves audit is more like a limited form of assurance rather than a full audit and mainly checks to see whether the assets listed on the crypto exchange balance sheet would be enough to balance their customers' holdings.
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Working towards CPA certification.
2 年Better tell Aramanio during the FTX audit… Oh wait never mind.
Director at ALWARA International BPO Services
2 年After reading this article, it is clear that the lack of audited accounting in the crypto industry is a major issue that needs to be addressed. The author makes some excellent points, especially regarding the need for transparency and accountability in the industry. As the crypto market continues to grow and evolve, it is becoming increasingly important for companies and investors to have access to accurate and reliable financial information. By implementing auditing standards, the crypto industry can increase trust and confidence, which will ultimately lead to more widespread adoption and growth. It is time for the industry to take this issue seriously and work towards creating a more secure and trustworthy environment for all stakeholders.