Homework
Digital assets as evidenced by cryptocurrency must be audited in financial statements. Some questions raised include whether or not auditors should audit cryptocurrency as cash, financial instruments or something else altogether.
Write a 2 pages paper that explores your responsibilities as an auditor when it comes to auditing cryptocurrency.
Some of the points that you should address include;
i. Evaluation of the actual blockchain protocol that is used.
ii. Consideration as to whether transactions are manually initiated or executed automatically via a smart contract.
iii. How does the auditor verify the existence of digital assets compared to traditional assets.
iv. The risk of unauthorized or erroneous transactions due to software flaws or hacking.
v. The risk due to reliance on inaccurate information that has been provided to blockchain by third-party data feed services.
Format your homework according to the following formatting requirements:
i) The answer should be typed, using Times New Roman font (size 12), double spaced, with one-inch margins on all sides.
ii) The response also includes a cover page containing the title of the homework, the student's name, the course title, and the date. The cover page is not included in the required page length.
iii) Also include a reference page. The Citations and references must follow APA format. The reference page is not included in the required page length.