If you are in the cryptocurrency space, many of you are either launching a new fund or preparing for the calendar year-end audit cycle now in full swing. We know you’re busy, yet we need to interrupt you for just a moment and draw your attention to one specific issue of immediate urgency to help ensure your crypto fund can be audited effectively: Making sure your investments and transactions are properly documented so they can be independently verified.
Why is this important? Let’s take a step back first. The fundamental purpose of a financial statement audit is to provide investors with independent verification that the financial statements report fairly the value and financial results of their investment. Auditing financial statements is a systematic process of objectively obtaining and evaluating evidence regarding that value and those results. Cryptocurrency funds have a variety of unique audit considerations due to the new and emerging technology surrounding digital assets. However, the objectives of a crypto fund audit are the same as any investment fund.
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