The AICPA recently updated its digital assets practice aid to assist practitioners with scenarios involving crypto lending and borrowing.
Accounting for and Auditing of Digital Assets features a new chapter in its auditing section titled “Considerations for Crypto Intangible Asset Lending and Borrowing.”
The new section provides examples of substantive procedures that could address risks of material misstatement associated with crypto intangible asset lending and borrowing transactions.
“This new resource is designed to make it easier for auditors to do their jobs effectively and help promote transparency for investors, companies and the broader public,” the AICPA said in a news release.