On Tuesday, May 25, the American Institute of CPAs (AICPA) & Chartered Institute of Management Accountants (CIMA) issued nonauthoritative guidance for auditing digital assets such as cryptoassets in the areas of risk assessment, processes and controls, laws and regulations, and related parties.
The guidance was added to the free practice aid Accounting for and Auditing of Digital Assets. The AICPA created the practice aid in December 2019 with nonauthoritative guidance on accounting for digital assets and then added nonauthoritative guidance on auditing digital assets in July 2020.
The update released Tuesday complements the previously released guidance and is based on professional literature and experience from members of the AICPA & CIMA Digital Assets Working Group (DAWG) and AICPA & CIMA staff and is specific to U.S. generally accepted auditing standards (GAAS). Find details of the new nonauthoritative guidance here.