Is the SEC increasing scrutiny of cryptocurrency audit firms?

REUTERS/Dado Ruvic/Illustration/File Photo/File Photo Dec 22 (Reuters) -The U.S. Securities and Exchange Commission (SEC) is heightening the scrutiny of the work audit firms do for cryptocurrency companies, a senior official of the regulator told the Wall Street Journal on Thursday.

Is a crypto audit underway?

An audit of Crypto.com is underway, but it will take some time. Audit firms “don’t work at crypto speed,” he said, emphasizing that Crypto.com and the industry both need full transparency to move forward. Withdrawals are working as expected, he reiterated. The only stoppage has been related to GALA, SRM, and Ray.

How cryptocurrencies are transforming auditing & auditing?

Some of the large audit firms are developing crypto auditing software and analytical tools. Auditor training programmes for crypto are also becoming more prevalent. Auditors are also turning to crypto valuers to assist with assurance projects where clients are particularly exposed to crypto.

How to prepare for a crypto tax audit?

The best way to be prepared for a crypto tax audit is to track, calculate and pay your crypto taxes accurately. You can do this easily with Koinly. Koinly lets you sync all the crypto wallets, exchanges or blockchains you use via API integration or through CSV file import.