Cryptocurrency continues to evolve rapidly, bringing new accounting and auditing considerations for CPAs and auditors. This course provides a practical overview of the accounting and auditing issues associated with cryptocurrency, with an emphasis on recent standard-setting developments and their implications for practice.
The accounting portion of the course focuses on ASU 2023-08 and related developments, including recent FASB Board discussions, the FASB's Invitation to Comment, and the addition of cryptocurrency-related topics to the FASB's research agenda. Participants will work through a practical case study to apply the guidance in ASU 2023-08, building confidence in accounting for cryptocurrency transactions and balances.
The auditing portion of the course addresses key audit considerations related to cryptocurrency, including implications for engagement acceptance and continuance, risk assessment, and the design and performance of audit procedures. The course also references the AICPA's Accounting for and Auditing of Digital Assets practice aid to help bridge authoritative guidance and real-world application.
DESIGNED FOR
All accounting/auditing professionals
BENEFITS
- Recall quality management requirements under the 2024 Yellow Book
- Identify changes to the effective date of the 2024 Yellow Book
- Recognize recent updates to the Green Book affecting internal control considerations
- Recognize the impact of the 2024 Uniform Guidance changes on Single AuditsIdentify changes in Appendix B of the AICPA GAS/Single Audit Guide affecting Single Audit engagements
- Recall key changes introduced through recent OMB memoranda relevant to Single Audits
HIGHLIGHTS
- 2024 Yellow Book revisions and implementation updates
- Quality management and key audit role changes
- GAO implementation delay and audit planning implications
- Green Book updates and internal control considerations
- 2024 Uniform Guidance overhaul
- Single Audit requirement updates
- AICPA GAS/Single Audit Guide (Appendix B) changes
PREREQUISITES
Prior experience with GAGAS and Uniform Guidance
ADVANCE PREPARATION
None