EY Sets High Bar to Take on Crypto ‘Startups’ as Audit Clients

Ernst & Young expects their audit clients to put in place financial reporting safeguards and hire a capable management team before the firm would agree to take on a young crypto company as a client, the firm’s global chairman said Wednesday.

“The issue we have is not such much that they’re a crypto company; it’s basically that they’re a startup. And a lot of them don’t have controls, don’t have good governance, don’t have the right personnel in place,” Carmine DiSibio said in remarks to chief finance officers at an event in New York. “And if we feel like those ...