Pile of bitcoins on a sheet of financial numbers

Audit considerations related to cryptocurrency assets and transactions

Learn about considerations related to auditing an entity with material cryptocurrency assets and transactions under the Canadian Auditing Standards (CAS).

It is becoming common for financial statements to show material cryptocurrency balances and to reflect the results of cryptocurrency transactions. However, many auditors may have little or no experience with cryptocurrencies and therefore may not fully appreciate the challenges that auditing these items may present.

This publication provides auditors with examples of matters to consider when:

  • deciding whether to accept or continue an audit engagement when an entity has engaged in material cryptocurrency transactions
  • obtaining an understanding of the entity's information system for cryptocurrency transactions
  • identifying and assessing risks of material misstatements in financial statements related to cryptocurrency transactions and cryptocurrency balances