question archive Module 1 Requirements Take time to reflect on what you have learned about cryptocurrency in the summary prepared by the senior and use additional resources as necessary
Module 1 Requirements Take time to reflect on what you have learned about cryptocurrency in the summary prepared by the senior and use additional resources as necessary
Subject:AccountingPrice: Bought3
Module 1 Requirements
Take time to reflect on what you have learned about cryptocurrency in the summary prepared by the senior and use additional resources as necessary. Based on what you know about how Camden Suppliers, Inc. is accepting Bitcoin for payment and holding it as a speculative investment, identify the risks we need to address during the audit. Write a memorandum to John regarding these risks, and be sure to answer the following questions:
CR 1: What are the unique risks associated with accepting Bitcoin payments and Bitcoin ownership that could lead to a material misstatement? (You may wish to refer to the following standards in developing your response: AU-C 315, Understanding the Entity and its Environment and Assessing the Risks of Material Misstatement, and AS 2110, Identifying and Assessing Risks of Material Misstatement. Be sure to ask your instructor which standard to use in responding to this question.)
CR 2: What are the relevant financial statement assertions related to the identified risks? (Note: Ask your instructor whether you should use standards from the American Institute of Certified Public Accountants [AICPA] or the Public Company Accounting Oversight Board [PCAOB] in responding to CR 2.)
