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Ethical & Audit Considerations of Cryptocurrency

5 (1)

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

Executive Finance Partner Inc.

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

Published: July, 2021

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Before starting this self study program, please go through the instructional document.

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

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

Testimonial

5

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PP

Great instructor and course.