Accountants  News Hubb
Advertisement
  • Home
  • News
  • Accountant News
  • Contact us
No Result
View All Result
  • Home
  • News
  • Accountant News
  • Contact us
No Result
View All Result
Accountants  News Hubb
No Result
View All Result
Home News

IIA proposes legislation for auditing crypto exchanges

admin by admin
May 6, 2023
in News


The Institute of Internal Auditors sent Congress a legislative proposal recommending that all cryptocurrency exchanges operating in the U.S. should possess an independent internal audit function to provide objective assurance over their internal controls.

The proposal comes after the high-profile collapse last year of the crypto exchange FTX and other exchanges like BlockFi, Celsius and Voyager Digital.

IIA president and CEO Anthony Pugliese sent a letter Thursday to leaders of the Senate and House committees that oversee banking, financial services and agriculture, following up on a letter he sent last December (see story).

Institute of Internal Auditors president and CEO Anthony Pugliese speaking at the IIA’s General Audit Management conference in Las Vegas

“The IIA strongly believes the existence of a robust internal audit function is an essential component of any effort to restore and enhance consumer confidence in the digital asset marketplace,” Pugliese wrote in his most recent letter.

He noted that since his previous letter, the organization has consulted with congressional staffers and others on the role of internal auditors in safeguarding investors.

“The IIA conducted numerous meetings with congressional staff and external stakeholders to determine the appropriate role that internal audit could serve in potential policy solutions that Congress might consider regarding the lack of sufficient investor protections and corporate governance safeguards at cryptocurrency exchanges,” Pugliese wrote.

The IIA urged Congress to include in any future measure governing the operations of cryptocurrency exchanges, including four key recommendations:

  • Insertion of a definition for a “Certified Internal Auditor;”
  • Insertion of a definition for an “internal audit function;”
  • Establishment of a new requirement that all cryptocurrency exchanges operating in the United States, as well as any legally affiliated organizations, must possess an independent internal audit function to provide objective assurance over their internal controls; and
  • Creation of an annual Internal Control and Evaluation Report in which senior management officials at a cryptocurrency exchange must certify the appropriateness and efficacy of the exchange’s internal controls.

The IIA also included specific legislative language for each of the four recommendations, along with a rationale for the proposals.
In January, Sen. Elizabeth Warren, D-Massachusetts, and Senate Finance Committee chairman Ron Wyden, D-Oregon, sent a letter to Public Company Accounting Oversight Board chair Erica Williams to do more to regulate the audits of cryptocurrency companies after the collapse of FTX (see story).



Source link

Tags: AuditAudit preparationCryptocurrencyfinanceinvestment and tax-related legislationPremium
Previous Post

Check Post Name, Vacancies, Eligibility Details, Pay Scale, Job Tenure, Age Limit, How to Apply

Next Post

Tiny Rhode Island Town Settles Its Billing Beef With Marcum Over Out of Scope Services

Next Post

Tiny Rhode Island Town Settles Its Billing Beef With Marcum Over Out of Scope Services

Recommended

Monthly Pay up to Rs. 1.12 Lac, Check Posts and How to Apply Here

August 27, 2022

Elon Musk Thinks You’re a Douche If You Work From Home

May 18, 2023

Don't miss it

News

Tax Fraud Blotter: Big adjustments

June 9, 2023
Accountant News

Small business retailers, beat the tax time woes with these simple tips

June 9, 2023
News

Vacancy for Financial Analyst Opex at Warner Bros

June 9, 2023
News

A Second Look at Wholesale Payroll

June 9, 2023
Accountant News

Finally Having Something to Roast Them About, KPMG CEO Takes This Opportunity to Talk Sh*t About PwC

June 9, 2023
News

Pennsylvania CPAs try out work-and-learn model for young accountants

June 8, 2023

© Accountants News Hubb All rights reserved.

Use of these names, logos, and brands does not imply endorsement unless specified. By using this site, you agree to the Privacy Policy and Terms & Conditions.

Navigate Site

  • Home
  • News
  • Accountant News
  • Contact us

Newsletter Sign Up

No Result
View All Result
  • Home
  • News
  • Accountant News
  • Contact us

© 2022 Accountants News Hubb All rights reserved.