Copy link
Increase text size
Decrease text size
Link copied

AICPA proposes new standards for blockchain-based audit evidence

Image by Global Village Studio - Kentucky Photographer

Tue, 25 Jun 2019, 04:35 am UTC

The American Institute of Certified Public Accountants (AICPA) has proposed an updated set of standards for audit evidence including the accommodation of blockchain-based data.

The new proposal, entitled Proposed Statement on Auditing Standards (SAS), Audit Evidence, will establish guidelines on how blockchain and data analytics evidence should be evaluated by preparers and auditors. It will also deal with issues of the application of professional skepticism, the expanding use of external information sources as audit evidence, as well as the accuracy, completeness, and reliability of audit evidence.

Given the rapid evolution of audit evidence sources that are available today, it is critically important that auditors have a robust, durable set of attributes that allow them to make consistent assessments about the sufficiency and appropriateness of audit evidence obtained,” AICPA Chief Auditor Robert Dohrer said as quoted by Accounting Today.

Founded in 1887, the AICPA is a professional organization of certified public accountants in the United States that sets ethical standards for the profession and U.S. auditing standards for private firms, nonprofit organizations, federal, state, and local governments.

The new standards also include a recommendation to help auditors determine if sufficient and appropriate audit evidence has been obtained and allow them to consider a multidimensional set of metrics to evaluate evidence from sources, including the use of automated tools and techniques.

This proposed SAS modernizes our standards to recognize the sources of information and the technologies that were not available to auditors when the standard was last updated,” Dohrer said.

Last year, the AICPA released a white paper implicating the potential impact of blockchain technology on the audit and assurance services landscape. It called for auditors to monitor the technology’s development and work with experts to audit the complex technical risks associated with it.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $7,088.73 (0.00%)
  • Ethereum (ETH) $141.55 (-0.01%)
  • XRP (XRP) $0.224600 (+0.84%)
  • Bitcoin Cash (BCH) $205.35 (-0.32%)
  • Litecoin (LTC) $43.04 (-1.64%)
  • Bitcoin (BTC) $7,088.73 (0.00%)
Dec 14, 2019 (Saturday)
Darknet marketplace Hydra launching an ICO on Dec.16 to fund its global expansion
Dec 13, 2019 (Friday)
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
Crypto Technicals: BCH/USD edges above 5-DMA, near-term upside likely on break above 20-DMA (211.74)
Terra launches stablecoin-powered payments service in Mongolia
Crypto Technicals: Ripple (XRP) edges higher from session lows at 0.2154, 'Hammer' at lows raises scope for minor gains
Korean cybersecurity firm partners with R3 for digital asset management and MPC technology
SEC charges Shopin’ founder with orchestrating ICO fraud; Accused deactivates social media, Telegram account
Crypto exchange Kraken looking for operations director to helm ‘special-purpose depository institution’
Twitter looks to blockchain to decentralize social media
Crypto Technicals: LTC/USD flashes signs of recovery, 'Dragonfly Doji' and 'Bullish Divergence' could support minor upside
ING bank developing custody project for digital assets: Report
Basel Committee on Banking Supervision mulls designing global prudential standard for crypto-assets
Franklin Templeton leads blockchain-based social impact platform’s funding round
Crypto Technicals: BTC/USD breaks above 50H MA, 'Bullish Divergence' could support further gains
TokenSoft submits transfer agent filing to the SEC; Decision to arrive in 30 days
Crypto Technicals: ETH/USD recovery lacks traction, upside capped at 5-DMA
Glencore joins Responsible Sourcing Blockchain Network for tracing cobalt
Grant Thornton releases second report on Cryptopia liquidation; Pulls back nearly $5M from various sources
Chainalysis launches compliance solution for Bitfinex amidst class-action lawsuit
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.