SEC Commissioner Hester Pierce stands firm on the importance of good-faith efforts in crypto reporting, advocating transparency over ambiguity.
, specifying what is and isn’t acceptable, she questioned why accounting firms should be cautious of providing assurance work to crypto firms.
“Why would we want to discourage good-faith efforts to provide more transparency?” Pierce asked in a tweet. Munter argued that partial engagements might result in crypto firms selectively choosing only certain aspects of the business to show accounting firms and then presenting that information as a full audit to clients.“Certain crypto asset trading platforms, with others in the crypto industry, have marketed to investors their retention of third parties, sometimes accounting firms, to perform some sort of review of certain parts of their business, often presented as a purported “audit.
According to Munter, if an accounting firm discovers that a client is making misleading statements about its non-audit work to the public, it should consider making a “noisy withdrawal, disassociating itself from the client” by making a public statement or reporting the crypto firm to the SEC.
The recent trend has been to take credit as being cutting edge to raise the profile, then to be low profile when things go south. That may have triggered SEC interest as well. If the auditor is silent in these cases, beware. 2/2Shaub also highlighted the issue of some accounting firms aligning themselves with cryptocurrency expertise to boost their reputation but becoming unresponsive when problems arise.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Hester Pierce strikes back against SEC crypto warning to accountantsHester Pierce has questioned the recent statement made by the SEC's chief accountant, who advised accounting firms to be cautious of engaging in non-audit work for crypto firms due to potential legal liabilities.
Read more »
Artist J Pierce Psycho Bunny Grand Opening La EncantadaMenswear company Psycho Bunny is teaming up with local artist J Pierce for the grand opening of a new location at La Encantada mall.
Read more »
SEC adopts cyberattack disclosure rules, listed crypto firms included.coinbase and other U.S. publicly traded crypto firms will soon have to comply with a new cybersecurity rule adopted by GaryGensler and SecGov which mandates firms to report “material” cyberattacks within four days to the regulator.
Read more »
U.S.-Listed Crypto Firms Will Need to Report Cybersecurity BreachesAll U.S. listed firms, including crypto firms, would now be required to disclose cyberattacks that have a material impact on their business, according to SECGov's new rules. By LizKNapolitano.
Read more »
XRP Holders' Lawyer Wants SEC Chair to 'Stop Ignoring the Law'XRP holders' lawyer John Deaton is concerned SEC chair is gaslighting public and ignoring core provisions of law as pertains to crypto
Read more »