PCAOB Issues Publication on Inspection Observations Related to Crypto Assets June 14, 2023 The PCAOB has issued Spotlight: Inspection Observations Related to Public Company Audits Involving Crypto Assets. The publication discusses audit deficiencies in which the auditor failed to perform certain procedures in public-company audits of transactions involving crypto assets or crypto mining activities. Specifically, audit deficiencies were observed in the following areas: Fraud and significant unusual transactions. Crypto asset ownership. Relevance and reliability of information used as audit evidence. Revenue recognition related to the transfer of crypto assets. Arrangements with mining pool operators. In addition, the publication addresses best practices and reminders for auditors to consider when performing their audit procedures.