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Ethical & Audit Considerations of Cryptocurrency

  • CIA
  • CMA
  • CPA (US)
  • IAP
  • QIAL

Published: July, 2021

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  • Course Description
  • Course Qualification
  • Presenter
  • Faq

Course Description

Overview

  • Cryptocurrency Business: how it started?
    1 mins
  • QuadrigaCX Crypto Currency Exchange: Introduction
    6 mins
  • Cold Wallet Vs Hot Wallet
    13 mins
  • Cash to Bitcoin and Bitcoin to Cash
    27 mins
  • Quadriga Quandary: An Ethical Dilemma
    38 mins
  • Unique audit risks arising in Cryptocurrency
    46 mins
  • The case of Cotton's missing coins
    64 mins
  • Old principles applied to new risks
    70 mins

Course Description

Cryptocurrencies, such as Bitcoin and Ethereum, are just two of thousands of emerging solutions to create frictionless global transactions between counterparties.  Additionally, cryptocurrencies are positioning themselves to become the “new gold” of the modern world as a store of value and immune from geo-political risk.

The rise and fall of cryptocurrency prices have not deterred interest in the technology or the space, but is leading to every more practical, accessible and useful application of blockchain technology.

It is becoming common for financial statements to show material cryptocurrency balances and to reflect the results of cryptocurrency transactions. However, many auditors may have little or no experience with cryptocurrencies and therefore may not fully appreciate the challenges that auditing these items may present.

This online CPE webinar provides auditors with examples of matters to consider when:

  • Deciding whether to accept or continue an audit engagement when an entity has engaged in material cryptocurrency transactions
  • Obtaining an understanding of the entity's information system for cryptocurrency transactions
  • Identifying and assessing risks of material misstatements in financial statements related to cryptocurrency transactions and cryptocurrency balances

This online CPE course uses several case studies to illustrate the audit and ethical considerations in the newly emerging sector.  Few accountants and auditors are conversant with cryptocurrency technology and this online continuing course is designed to improve your level of awareness and deepen your understanding of issues associated with issuing an audit opinion for clients in this space.

Major topics covered in this online CPE webinar:

  • Cryptocurrency the Business
  • Cryptocurrency 101
  • Blockchain 101
  • The Rise of Cryptocurrency
  • Audit Client Acceptance Issues
  • Quadriga Quandary: An Ethical Dilemma
  • Unique Audit Risks Arising in Cryptocurrency
  • The Slow Demise of Quadriga
  • The Curious Case of Cotton’s Missing Coins


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Learning Objectives

  • To describe the applications of cryptocurrency and blockchain technologies 
  • To identify the audit consideration factors for client acceptance and continuance
  • To identify and address specific audit risks unique to cryptocurrency transactions and balances
  • To discuss ethical issues arising that may arise while working in a new sector that has few regulations and undefined rules.
  • To recognize the role of miners in cryptocurrency
  • To identify characteristics of blockchain technology speaks to the inability of any one person to change a transaction on the blockchain
  • To describe Quadriga CX's core business purpose

Recommended For

  • This online CPE webinar for CPAs is recommended for internal as well as external auditors interested in improvising their level of awareness and deepen their understanding of issues associated with issuing an audit opinion for clients in this space.

Who Should Attend?

  • Accountant
  • Accounting Firm
  • Accounting Managers
  • Accounting Practice Owners
  • CPA (Industry)
  • CPA - Mid Size Firm
  • CPA - Small Firm
  • CPA in Business
  • Entrepreneurial CPA
  • Senior Accountant
  • Staff of Accounting Firm
  • Young CPA

Course Qualification

Webinar Qualifies For

  • 1.5 CPE Credit for Qualification in Internal Audit Leadership (QIAL)
  • 1.5 CPE Credit for Internal Audit Practitioner (IAP)
  • 1 CPE Credit of Auditing for Certified Public Accountants (CPA-US)
  • 1 CPE Credit of Auditing for Certified Public Accountants (CPA-US)
  • 1.5 CPE Credit for Certified Management Accountants (CMA)
  • 1 CPE Credit of Accounting & Auditing for Certified Internal Auditors (CIA)
  • 1 CPE Credit of Accounting & Auditing for Certified Internal Auditors (CIA)

Presenter

About Presenter

Blair Cook, CPA (US), CA-UK, MBA

Partner Executive Finance Partner Inc.

Blair is a many-time and active financial executive, corporate director, author, speaker, and thought leader.  His educational videos of accounting and finance have million of views on YouTube. He has keynoted and spoken at national conferences from New York to Toronto. Along with Jen, he co-hosts CPA Canada’s podcast series “CPA Success Podcast.” He works with real businesses experimenting with theories and best practices to share his experiences and stories with others of what works, what doesn’t, and what was learned.  He is the author of The Illiterate Executive: An Executive’s Handbook for Mastering Financial Acumen.


About Company

Executive Finance Partner Inc.

www.executivefinance.ca/

Executive Finance Partners is a globally focused professional development, strategic consulting, and thought leadership firm. We are a group of passionate financial executives and professional corporate directors focused on development of aspiring finance executives.

Faq

FAQs content

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