Bloomberg Tax
Dec. 11, 2019, 6:43 PM

Digital Assets Land on U.S. Audit Regulator’s Inspection Radar

Amanda Iacone
Amanda Iacone

The way auditors test and evaluate their clients’ digital assets and cryptocurrency holdings will go under the microscope in 2020 as part of routine regulatory inspections.

The Public Company Accounting Oversight Board will review how firms apply U.S. audit standards to the assets, said George Botic, the board’s director of inspections.

Lapses noted by inspectors over the past year or so are driving the increased scrutiny, Botic said during Dec. 11 remarks at the American Institute of CPAs conference in Washington.

Auditors have failed to consider whether the evidence they pulled from a company’s wallet or exchange accounts are ...