New Guidance on Auditing Digital Assets
Auditors understand the risks associated with digital assets and comes from professional literature and the experience of the AICPA Digital Assets Working Group and AICPA staff.
1. Auditor Skill Sets and Competencies –
(a) Following technologies, regulations, and financial reporting standard that affect current and potential clients.
(b) Recruiting and developing talent
(c) Properly supervising engagement team members
(d) Establishing an ongoing curriculum of training
(e) Create a firm-wide criteria for client acceptance
(f) Build a general awareness of digital asset risks
(g) Identify individuals with demonstrated competence
(h) Adapt existing quality controls
2. Management Skill Sets and Competencies – (a) Identify and address the risks associated with digital assets
(b) Implement internal controls
(c) Update its record keeping practices
(d) To have competent personnel
3. Management Integrity – (a) Management have to established a climate of honest and ethical behavior.
(b) Auditor also needs to understand the legal and regulatory framework.