The American Institute of CPAs has added to its material on auditing to its practice aid for accounting and auditing of digital assets. Accounting For and Auditing of Digital Assets provides nonauthoritative guidance on the topic under GAAP for nongovernmental entities and GAAS. The AICPA says those with a fundamental knowledge of blockchain technology will find the guidance useful.
AU Chapter 4 also addresses issues surrounding System and Organization Controls reports, such as guidance around assessing whether a SOC report is sufficient for the needs of the audit.
Other topics are recruiting, developing and retaining talent with digital asset and blockchain expertise;identifying any noncompliance with procedures surrounding know-your-customer or anti-money-laundering regulations; and
determining the level of interaction between an entity and a third-party custodian that stores digital assets on behalf of an entity. The free aid can be downloaded.
