How to properly account for and audit digital assets has been increasing over the last decade as more and more private companies have been incorporating cryptocurrency, tokens and other digital assets in their operations and recorded them on their financial statements. This course will address the most frequently asked questions, specific risks, and challenges emerging in this arena.
Publication Date: December 2022
Designed For
CPA firms and sole practitioners who perform audits for small to mid-size private entities who regularly transact using digital assets.
Topics Covered
- Introduction
- Overview
- Definitions
- Advantages & Disadvantages
- How Crypto is Used
- Regulatory Considerations
- Balance Sheet Classification
- US GAAP Accounting Treatment Challenges
- Auditing Digital Assets Challenges
- Resources
- Closing Remarks
Learning Objectives
- Identify how to answer frequently asked questions related to the fair presentation and disclosure of cryptocurrency and other digital assets
- Recognize common risks associated with these instruments and how to properly audit them
Level
Intermediate
Instructional Method
Self-Study
NASBA Field of Study
Accounting (1 hour), Auditing (1 hour)
Program Prerequisites
Some experience in performing audit engagements.
Advance Preparation
None
Instructor
Salvatore Collemi
Salvatore A. Collemi, CPA is the Managing Member and Founder of Collemi Consulting and Advisory Services, LLC where he relies on over two decades of global business experience to guide U.S. and International public accounting firms, litigation attorneys, valuation experts, the C-suite and related institutions that support the profession in order to promote and enhance audit quality.
His practice provides outsourced high-level strategic and technical accounting & auditing guidance. Services include a full range of U.S. and International accounting & auditing consultations, technical reviews of financial statements and workpapers, AICPA Peer Review & PCAOB Inspection preparation, perform internal inspections, customized CPE training, independence & ethics consultations, etc. Salvatore is also a keynote speaker at company retreats and conferences. His past work experience at the U.S. Securities and Exchange Commission and the AICPA, combined with his previous roles as external auditor and technical partner to both national and international public accounting firms, gives him a keen understanding into the mindset of both regulators and standard-setters that he shares with his clients.
As a recognized subject matter expert on International Financial Reporting Standards (IFRS), Salvatore was named by the AICPA as an official participant in the development and review of IFRS questions for the Uniform CPA Examination and served as the IFRS Expert-at-Large for the AICPA Board of Examiners Content Committee from 2011-2014. Salvatore also served as AICPA liaison to the International Federation of Accountants (IFAC) Transnational Auditors Committee and Global Peer Review Subcommittee to assist in the development of their international quality assurance review program.
For more information about Salvatore, visit Collemi Consulting & Advisory Services, LLC and LinkedIn.