Cryptocurrencies, such at 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 has not deterred interest in the technology or the space, but is leading to every more practical, accessible and useful applications of blockchain technology.
This 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 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.
Publication Date: April 2021
Topics Covered
- 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
Learning Objectives
- Describe the applications of cryptocurrency and blockchain technologies
- Identify the audit consideration factors for client acceptance and continuance
- Identify and address specific audit risks unique to cryptocurrency transactions and balances
- Describe ethical issues arising that may arise while working in a new sector that has few regulations and undefined rules
- Recognize the role of miners in cryptocurrency
- Identify characteristics of blockchain technology speaks to the inability of any one person to change a transaction on the blockchain
- Describe QuadrigaCX's core business purpose
- Identify a key audit risk for a client engaged in cryptocurrency transactions
Level
Basic
Instructional Method
Self-Study
NASBA Field of Study
Auditing (1 hour)
Program Prerequisites
None
Advance Preparation
None
Instructors
Blair Cook
Blair Cook CPA, CA CPA (Ill) MBA, 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. He also 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.
Jennifer Ross Nicholson
Jen is a dynamic financial professional with over 25 years of experience in public practice, academia, government and industry. Jen is currently serving on the Board of the Nova Scotia Utilities and Review Board. Jen is the co-host of CPA Canada’s podcast series “CPA Success Podcast.” Jen brings to the classroom a broad skill set and experience in all key facets of an organization including operations management, strategic planning, business development, finance, accounting, investor relations, human resources, and project management. Jen has a passion for making finance more attainable, whether it’s working to articulate strategy in a financial context, bringing clarity to financial communication or teaching accounting to university students. Jen’s career epitomizes the diverse experiences and roles that CPAs play in industry – from financial to operational leadership.