Paul Munter – principal advisor to the Securities and Exchange Commission (SEC) on accounting and auditing matters – issued a warning on Thursday to crypto accounting firms whose work is inappropriately marketed as a substitute for “audits.”
The statement, titled “The Potential Pitfalls of Purported Crypto “Assurance” Work”, claimed that clients of such firms often promote their work as being at “parity” with a financial statement audit.
“Such suggestions are false,” he asserted. “Non-audit arrangements are neither as rigorous nor as comprehensive as a financial statement audit, and may not provide any reasonable assurance to investors.”
The advisor referenced a March report from the Public Company Accounting Oversight Board (PCAOB), which warned investors of accounting firms providing Proof of Reserves (PoR) reports for crypto exchanges.
PoR is a blockchain-based accounting method that some exchanges have used to verify the number of crypto assets they have
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