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AICPA Updates Digital Practice Aid

 The American Institute of CPAs has added to its material on auditing to its practice aid for accounting and auditing of digital assets. Accounting For and Auditing of Digital Assets provides nonauthoritative guidance on the topic under GAAP for nongovernmental entities and GAAS. 

The AICPA says those with a fundamental knowledge of blockchain technology will find the guidance useful.

AU Chapter 4 also addresses issues surrounding System and Organization Controls reports, such as guidance around assessing whether a SOC report is sufficient for the needs of the audit. 

Other topics are recruiting, developing and retaining talent with digital asset and blockchain expertise;identifying any noncompliance with procedures surrounding know-your-customer or anti-money-laundering regulations; and  

determining the level of interaction between an entity and a third-party custodian that stores digital assets on behalf of an entity. The free aid can be downloaded.

Bob Scott
Bob Scott has provided information to the tax and accounting community since 1991, first as technology editor of Accounting Today, and from 1997 through 2009 as editor of its sister publication, Accounting Technology. He is known throughout the industry for his depth of knowledge and for his high journalistic standards.  Scott has made frequent appearances as a speaker, moderator and panelist and events serving tax and accounting professionals. He  has a strong background in computer journalism as an editor with two former trade publications, Computer+Software News and MIS Week and spent several years with weekly and daily newspapers in Morris County New Jersey prior to that.  A graduate of Indiana University with a degree in journalism, Bob is a native of Madison, Ind
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