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accounting

U.S. Accounting Board Seeks Crypto Standards Requiring Firms to Report Price Shifts

The first U.S. rule for crypto accounting would aim at giving investors a better sense of a company’s digital assets through a “fair-value” approach.

By Jesse Hamilton

Mar 24, 2023 at 4:21 p.m. UTC

Mar 24, 2023

regulationsAccountingFASBStandardsdisclosures

U.S. Senate’s Warren Calls for Crackdown on ‘Sham’ Crypto Audits

The senator and her Democratic colleague Ron Wyden asked the U.S. auditing watchdog to rein in bogus audits in the digital assets sector.

By Jesse Hamilton

Mar 21, 2023 at 9:45 p.m. UTC

Mar 21, 2023

regulationsAuditingU.S.AuditsAccountingElizabeth WarrenRon Wyden

Crypto Sector’s Reserve Reports Can’t Be Trusted, Says U.S. Audit Watchdog

Proof-of-reserve reviews aren’t audits, says the Public Company Accounting Oversight Board, and investors shouldn’t count on them.

By Jesse Hamilton

Mar 8, 2023 at 11:25 p.m. UTC

Mar 8, 2023

regulationsAuditingProof-of-ReservesAccountingU.S.

Former Accounting Team of FTX US Auditor Armanino Sets Up Shop as The Network Firm

The episode highlights yet another chokepoint for the blockchain industry: It's become harder for crypto startups to enlist big accounting firms to do audits and asset attestations.

By Bradley Keoun

Mar 1, 2023 at 1:53 p.m. UTC

Mar 1, 2023

AccountingExclusive FTXFTX collapseKrakenCoinSharesTrueUSD

Commissioner Christy Goldsmith Romero of the U.S. Commodity Futures Trading Commission

Crypto Lawyers Share Blame for FTX, Other Disasters, CFTC Commissioner Says

Gatekeepers such as lawyers, accountants and investment firms should have insisted the crypto industry handle itself in a safer fashion, Commissioner Goldsmith Romero argued.

By Jesse Hamilton

Jan 18, 2023 at 9:00 p.m. UTC

Jan 18, 2023

regulationsFTXFTX collapseCrypto WinterLegalAccountingCFTC

CDCROP: Former FTX CEO Sam-Bankman-Fried (Danny Nelson/CoinDesk)

'A Complete Failure of Corporate Controls': What Investors and Accountants Missed in FTX’s Audits

An expert review of FTX’s audited financial statements reveals a series of red flag related-party transactions that should have led to more scrutiny of the company’s operations.

By Francine McKenna

Nov 18, 2022 at 2:12 p.m. UTC

Nov 18, 2022

FTXAccountingOpinionSam Bankman-FriedAuditing

CDCROP: FTX Trading LLC auditor Prager Metis hosted a metaverse office launch party at Dencentraland coordinates (19, 144) in October. (Prager Metis)

Meet the Metaverse Nightclub–Loving Audit Firm That Presided Over FTX’s Financials

FTX auditor Prager Metis reported the company earned $1 billion in revenue in 2021. An investigation by CoinDesk reveals Prager Metis also operates in Decentraland, where it sponsors the “Decentraland Babydolls.”

By Tracy Wang

Nov 11, 2022 at 8:36 p.m. UTC

Nov 11, 2022

FTXDecentralandAccountingMetaverse