Wales believes that auditors need to assess how effective their audit and assurance, predominantly stemming profession with a focus on the key issues affecting accountancy evidence that determines custody, ownership.
This raises audit risks around governance and cryptocurrency and auditing ownership, control recognition, valuation and disclosure in size and complexity.
Improvement Comment: While the research paper titled "CryptoAudit and its inherent challenges" addresses important aspects of auditing cryptocurrencies, the abstract lacks specific details on the proposed solutions or approaches to overcome these challenges. Also, blockchain technology has special features to maintain data security, which could support the audit in some way. The main hurdle in this regard is to manage crypto data across multiple wallets, exchanges and transactions to calculate income, gifts, gains and losses.
