CPAs Warn of Related-Party Transaction Risks in Crypto Guidance

Auditors should watch out for related party transactions disguised by digital asset trading, according to crypto guidance released this week.

The American Institute of CPAs on Tuesday published its latest round of non-authoritative guidance to help accountants apply audit rules to digit assets held by their clients. The guidance is meant to fill in gaps in existing accounting and auditing requirements as companies and nonprofits increasingly report cryptocurrency coins and tokens on their books.

• The guidance applies to a range of digital assets such as a token, currency, or security, and includes a quick reference glossary of the unique ...