Adherence to auditing standards is essential, requiring auditors to have a thorough understanding of the entity and its environment, possess the necessary competency and independence for conducting the audit, and ensure adequate staffing for the audit process, among other criteria. These standards are applicable across various audit clients, whether they are new clients, small local businesses, or large cryptocurrency exchanges with affiliated trading firms.
Prager Metis, a firm based in New York, ventured into the cryptocurrency auditing space with enthusiasm. The firm made headlines by establishing a virtual headquarters in Decentraland and taking on FTX as a client. Despite aiming to position itself as a forward-thinking accounting firm, the SEC has alleged that Prager Metis lacked the fundamental understanding and expertise required for auditing the cryptocurrency industry.
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