The SEC warned accounting firms working as crypto “auditors” to be careful how their reports are marketed, lest they be censured or suspended.

Paul Munter, the SEC’s principal advisor on accounting and auditing matters, wrote in a statement on Thursday that crypto companies have marketed their relationship with accounting firms as auditors, despite their work not strictly fitting this definition.

Munter points to the Public Company Account Oversight Board (PCAOB) publicly stating that “proof of reserve reports are inherently limited” and that “customers should exercise extreme caution when relying on them to conclude that there are sufficient assets to meet customer liabilities.”

It appears that the SEC is cracking down on crypto companies claiming that “proof of reserve” reports are financial statement audits.

“As accounting firms increasingly engage in this sort of non-audit work, their clie

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Author: Ryan Gladwin

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