Sam Bankman-Fried has single-handedly managed to push prices higher for professional bookkeeping services in addition to incurring the wrath of global regulators.
The collapse of FTX and the work that auditors did on his books have raised red flags among firms that have crypto companies as clients.
According to the Financial Times, several firms have elevated their crypto clients to “high risk,” and some have stopped dealing with digital asset companies. Auditing will now take longer and cost more as accounting rules are harder to apply to crypto.
Additionally, regulators are now casting an eagle eye over the books and are eager to jump on crypto companies following two major meltdowns this year.
High-Risk High-Cost
Jeffrey Weiner, chief executive of Marcum, said that when a client is a high risk, “you significantly expand the scope of the audit, and that translates into needing more resources and more time.” Marcum audits clients such as Bitcoin mining firms and digital asset
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