Intermediate Audit Staff Training: Auditing Crypto Assets

Author: Robert K Minniti

As organizations increasingly adopt crypto assets—including cryptocurrencies, stablecoins, NFTs, and tokenized financial instruments—auditors must be prepared to evaluate complex, rapidly evolving risks. This intermediate level course equips audit professionals with the skills needed to assess crypto‑related transactions, controls, and valuations in accordance with U.S. GAAS, PCAOB standards, and the latest regulatory guidance, including the 2025 GENIUS Act.

Through real world examples and practical demonstrations, participants will learn how to audit digital wallets, custodial arrangements, blockchain transactions, and crypto valuation models. The course highlights fraud risks, cybersecurity concerns, and the importance of blockchain analytics tools in determining existence, ownership, and fair value. Attendees will gain actionable techniques for designing and documenting risk responsive audit procedures that align with professional standards and emerging best practices.

Publication Date: May 2026

Designed For
This course is designed for audit professionals seeking deeper expertise in auditing crypto assets.

Topics Covered

• Overview of crypto assets and blockchain technology
• Audit risks related to valuation, existence, rights, and transaction integrity
• Internal controls: wallet security, private key management, and segregation of duties
• Substantive audit procedures for crypto: confirmations, valuation testing, blockchain tracing
• Using blockchain analytics tools in audit testing
• Fraud schemes and cybersecurity concerns including hacks, wash trading, and unauthorized transfers
• Regulatory considerations and GENIUS Act audit requirements
• Documentation expectations and common audit pitfalls

Learning Objectives

• Describe key characteristics of crypto assets and how they appear in financial reporting
• Identify risks of material misstatement unique to crypto—including valuation, existence, rights, and cybersecurity risks
• Evaluate internal controls over digital wallets, private keys, custodians, and blockchain‑based transactions
• Design and perform substantive procedures to verify ownership, transaction completeness, and fair value of crypto holdings
• Recognize fraud risks, illicit activity indicators, and vulnerabilities stemming from decentralized systems
• Apply relevant auditing standards and accounting guidance—including GENIUS Act requirements—to crypto asset audits
• Apply blockchain analytics and third‑party verification tools into audit testing strategies

Level
Intermediate

Instructional Method
Self-Study

NASBA Field of Study
Auditing (2 hours)

Program Prerequisites
Basic understanding of auditing and financial reporting principles

Advance Preparation
None