As cryptocurrencies such as Bitcoin, Ethereum and Ripple become more established, so the establishment needs to encompass them. For the profession, this means adapting audit techniques to accommodate these new forms of financial asset. Cryptocurrencies need to be audited if they have a material impact on an entity's financial statements. This could be the case for a large trader that accepts cryptocurrency payments and organisations directly involved in this new sphere of activity, such as an investment company with significant cryptocurrency holdings. It could also be the case for Bitcoin miners, the entities operating computers to validate blockchain transactions by solving complex mathematical puzzles and receiving Bitcoins in return.
展开▼