Digital Assets: How to Account and Audit Them
2:00 – 4:00 pm
2 hrs CPE/CPD in Auditing
Program Level: Intermediate
How to properly account for and audit digital assets has been increasing over the last decade as more and more private companies have been incorporating cryptocurrency, tokens and other digital assets in their operations and recorded them on their financial statements. This session will address the most frequently asked questions, specific risks, and challenges emerging in this arena.
Who is the course designed for:
CPA firms and sole practitioners who perform audits for small to mid-size private entities who regularly transact using digital assets.
Topics Covered:
The major topics covered in this class include:
• Common applications related to initial recognition and measurement, subsequent measurement or derecognition, presentation, and disclosure of cryptocurrency and other digital assets
• Sharing the AICPA’s Digital Assets Working Group’s perspectives in assisting auditors on how to properly opine on these transactions.
Learning Objectives
- Answer frequently asked questions related to the fair presentation and discourse of cryptocurrency and other digital assets
- Recognize common risks associated with these instruments and how to properly audit them
Speaker Bio
Sal Collemi, CPA
Managing Member and Partner
Collemi Consulting & Advisory Services LLC
| Mr. Collemi brings more than two decades of experience with U.S. and international financial reporting and professional standards, corporate governance and risk management practices of public accounting firms. Collemi Consulting & Advisory Services, LLC’s mission is to strive to promote and enhance global audit quality. His practice provides outsourced high-level strategic and technical guidance to external auditors, litigation attorneys, C-suite, valuation experts and institutions that support the CPA profession. Services include a full range of U.S. and International accounting & auditing consultations, technical reviews of financial statements and workpapers, AICPA Peer Review & PCAOB Inspection preparation, perform internal inspections, customized CPE training, independence & ethics consultations, financial statement preparation, bookkeeping, time & billing, etc. Mr. Collemi is also available as a keynote speaker at company retreats. As a former Staff Accountant in the Division of Corporation Finance, a Technical Manager in the National Peer Review Program and national office technical partner at leading institutions such as the SEC, AICPA and several mid-size to large international public accounting firms, Mr. Collemi has demonstrated the impact of U.S. and International financial reporting, internal control systems and regulatory compliance acumen as they affect privately-held and publicly-traded companies. As a recognized subject matter expert on IFRS, Mr. Collemi was named by the AICPA as an official participant in the development and review of IFRS questions for the Uniform CPA Examination and served as the IFRS Expert-at-Large for the AICPA Board of Examiners Content Committee from 2011-2014. | |