February 2025
- 2025-02-03
Basics of Cryptocurrency Businesses
The rapid penetration of Decentralized Finance (DeFi) into the world economy has led to the rapid emergence of FinTech companies in segments such as A) crypto-currency mining, B) custodian of digital assets and C) payment processors. Consequently, the interest of investors is increasing in these sectors which increases the necessity and involvement of the independent auditors to audit their financial statements.
Audit of crypto companies involves unique challenges, including testing of complex technology and compliance of regulatory frameworks. This article provides a structured approach on the audit of crypto companies, focusing on key areas like IT General Controls (ITGC), IT Application Controls (ITAC), revenue, and compliance.
