{"title":"Issues, risks, and challenges for auditing crypto asset transactions","authors":"Sheng-Feng Hsieh , Gerard Brennan","doi":"10.1016/j.accinf.2022.100569","DOIUrl":null,"url":null,"abstract":"<div><p>Many entities are progressively engaged in crypto asset transactions. The distinct nature of crypto assets from typical financial instruments makes it more challenging for external auditors to provide reasonable assurance on financial statements encompassing material crypto asset activities and transactions. To provide more specific guidance in crypto asset-related audits, this paper aims to (1) identify various participants in the crypto asset ecosystem and illustrate their relationship with the audited entity, (2) identify and elaborate the new challenges and risks for financial statement audits related to the crypto asset ecosystem, and (3) summarize issues to be considered in crypto asset-related audits in an audit framework. The dynamically evolving crypto asset ecosystem not only brings challenges and risks but also new assurance opportunities to the auditing profession after identifying and addressing those critical issues.</p></div>","PeriodicalId":47170,"journal":{"name":"International Journal of Accounting Information Systems","volume":"46 ","pages":"Article 100569"},"PeriodicalIF":4.1000,"publicationDate":"2022-09-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"8","resultStr":null,"platform":"Semanticscholar","paperid":null,"PeriodicalName":"International Journal of Accounting Information Systems","FirstCategoryId":"91","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S1467089522000215","RegionNum":3,"RegionCategory":"管理学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q2","JCRName":"BUSINESS","Score":null,"Total":0}
引用次数: 8
Abstract
Many entities are progressively engaged in crypto asset transactions. The distinct nature of crypto assets from typical financial instruments makes it more challenging for external auditors to provide reasonable assurance on financial statements encompassing material crypto asset activities and transactions. To provide more specific guidance in crypto asset-related audits, this paper aims to (1) identify various participants in the crypto asset ecosystem and illustrate their relationship with the audited entity, (2) identify and elaborate the new challenges and risks for financial statement audits related to the crypto asset ecosystem, and (3) summarize issues to be considered in crypto asset-related audits in an audit framework. The dynamically evolving crypto asset ecosystem not only brings challenges and risks but also new assurance opportunities to the auditing profession after identifying and addressing those critical issues.
期刊介绍：
The International Journal of Accounting Information Systems will publish thoughtful, well developed articles that examine the rapidly evolving relationship between accounting and information technology. Articles may range from empirical to analytical, from practice-based to the development of new techniques, but must be related to problems facing the integration of accounting and information technology. The journal will address (but will not limit itself to) the following specific issues: control and auditability of information systems; management of information technology; artificial intelligence research in accounting; development issues in accounting and information systems; human factors issues related to information technology; development of theories related to information technology; methodological issues in information technology research; information systems validation; human–computer interaction research in accounting information systems. The journal welcomes and encourages articles from both practitioners and academicians.
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