With the adoption of the latest financial instruments, the procedures of control and management should adapt to the changing technological landscape. Transparency in crypto is a very important aspect of gaining public trust towards the new financial tool. These days, crypto audit is a thing, and if you use digital currencies as an entrepreneur, you should be aware of the auditing intricacies the innovative economical phenomenon brings out.

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Cryptocurrency security always was and, in many aspects, stays a field full of challenges, however, as digital economy becomes widely adopted, the emergence of crypto audit tools shows that we as a society shouldn’t be afraid to use this convenient and accessible form of money, because it can be checked, tracked and evaluated. 

What Exactly a Crypto Audit Is?

A crypto and blockchain audit is a professional review conducted by a qualified specialist (auditor) of the ways in which your company uses money in the form of digital currency. Pretty much, the idea is the same as with traditional assets, but instead of receipts, cash flow or cloud storages cryptocurrency auditor’s material for investigation are cryptocurrency transactions, as well as security measures taken by the company to protect the money - for example, crypto verification, or auditing smart contracts protocol to see how well the system is protected against hackers.

What Are the Main Principles of Digital Asset Audit?

To assess the company’s use of crypto funds, digital asset audit relies on the following principles:

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• Evaluation of the finance control solutions implemented by a company;
• Risk assessment - checking the tools and professional software used by company for providing transparency of funds movements, data security, and understanding how does it work with each blockchain;
• Checking the taxes paid by company in crypto, and all the proper documentation about it;
• Looking for solutions to eliminate the security vulnerabilities of the system or enhance the efficiency of control measures used.

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To get a full picture and make the auditing process as effective as possible, auditors need to work together with blockchain specialists, licensed cybersecurity firms and other experts in a technological part of a company's crypto financial moves. 

How Do I Сheck My Crypto Assets?

If you wonder “How do I check my crypto?” for gaining more trust for your crypto-friendly business, or your country’s tax department obliges you to do it, look for licensed firms with good reputations that provide the services of crypto and blockchain auditing. 

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In addition, there are individuals who work as certified cryptocurrency auditors, just like CPAs you are used to, and even lawyers who work in this field, if you already have problems with the regulators. Be sure that you comply with crypto tax reporting guidelines of your country, and that all your transactions and storages are trackable.