American Institute of Certified Public Accountants Updates Digital Asset Audit Guidelines

According to Accounting Today, the American Institute of Certified Public Accountants (AICPA) has updated its accounting practice aid “Digital Asset Accounting and Auditing”, which is the non-authoritative guidance issued by the Association on how to audit digital assets. This update complements the new accounting guidelines issued by the association last year. Susan S. Coffey, executive vice chairman of the International Institute of Certified Public Accountants, an international branch of AICPA, said in a statement that such non-authoritative guidelines can largely help auditors consider the potential risks unique to the digital asset ecosystem and help To assist in evaluating whether to hire or renew an auditor. Lianwen Note: In December last year, the AICPA Digital Asset Working Group issued a practical guide for the first time, providing guidance on how to calculate and audit digital assets such as Bitcoin and other forms of cryptocurrencies.