Auditor MazarsGroup's decision to stop working with crypto clients could create a chilling effect in the industry, but crypto accounting may simply be too risky. HeleneBraunn reports
Mazars was one of a few auditors working with unregulated and private companies in the crypto industry to assure transparency. Now even the French auditor has cold feet.
This led to confusion in the industry and the assumption that those exchanges indeed had all the assets they said they had – which isn’t necessarily the case, because the exchange could have cherry-picked the assets that were checked by the auditor. This is also because assets could be held in other cryptocurrencies as opposed to U.S. dollars, which adds another layer of complexity. In addition to that, “proof of reserves mean very little without proof of liabilities,” he said.
Crypto companies for a long time have promised customers to publish audits regularly to provide a sense of security and transparency. Few have actually kept their promise, and most have argued that it is simply too difficult to find an auditor to work with.
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