The PCAOB issued a warning that these reports are not audits.
Paul Munter is SEC’s principal advisor on accounting and auditing concerns.
Companies in the crypto sector have come under increased scrutiny after recent scandals and bankruptcies in the industry. This scrutiny has extended to businesses, including accounting firms, who have been employed by these companies.
Paul Munter, the SEC’s principal advisor on accounting and auditing concerns, issued a warning to crypto accounting companies on Thursday for improperly marketing their services as “audits.”
Misleading Investors Claim
According to Munter, some of these companies’ clients promote their services as being “parity” with an audit of the financial statements. Also, the expert referred to a PCAOB report from March. The report cautioned investors against accounting companies offering Proof of Reserves (PoR) reports for cryptocurrency exchanges.
Moreover, some cryptocurrency exchanges employ Proof of Reserves (PoR)
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