Podcast
Questions and Answers
Which regulatory body is looking closer at the work of audit firms for crypto companies?
Which regulatory body is looking closer at the work of audit firms for crypto companies?
- FTX
- SEC (correct)
- CFTC
- CPA
What has led to firms dropping crypto clients?
What has led to firms dropping crypto clients?
- Increased oversight
- Risk of lawsuits
- Damage to reputation
- All of the above (correct)
Which of the following is NOT a common problem faced by many crypto companies?
Which of the following is NOT a common problem faced by many crypto companies?
- Emerging industry
- Lack of effective internal controls
- Limited SEC experience
- Lack of understanding of the business environment (correct)
According to the text, who believes that crypto firms should be required to comply with existing rules?
According to the text, who believes that crypto firms should be required to comply with existing rules?
What is the main reason why many CPA firms are parting ways with crypto companies?
What is the main reason why many CPA firms are parting ways with crypto companies?
According to the text, what is the main reason for the collapse of FTX?
According to the text, what is the main reason for the collapse of FTX?
What are the three basic elements of fraud according to the Fraud Triangle?
What are the three basic elements of fraud according to the Fraud Triangle?
According to the text, what are the problems faced by auditors in the FTX case?
According to the text, what are the problems faced by auditors in the FTX case?
What is the main reason why auditors can never obtain complete assurance in detecting fraud?
What is the main reason why auditors can never obtain complete assurance in detecting fraud?
What is one of the keys to success mentioned in the text for auditors?
What is one of the keys to success mentioned in the text for auditors?
