From Babylon to blockchains, the future of audit is coming. Built for auditors, by auditors | Powered by blockchains and digital assets.
Miami, FL
Joined May 2023
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🔑Proving Ownership in the Digital Age: @JeremyNauCPA Breaks Down the Challenges of Auditing Digital Assets on @accountantquits Podcast
📝 In the first technical part of the podcast, @JeremyNauCPA dives into “how auditors can prove ownership of digital assets…”
📣 To explain the concept, Jeremy uses the juxtaposition between auditing digital assets and traditional bank balances to demonstrate the distinct differences:
💡 “With digital assets, there isn’t a bank where you can get a statement, send a confirmation, or review access. Crypto is a bearer instrument. You hold the assets yourself. There isn’t a third party you can ask to confirm ownership or control.”
From Bank Accounts to Private Keys:
🤝 All holders of digital assets have a public address and a private key. In banking, this would be similar to your password or two-factor authentication (2FA). However, private keys are not passwords but are rather long strings of binary numbers (0s and 1s).
🤝 Proving ownership of digital assets is challenging because you are trying to prove control over a number—a private key. If this key is leaked, the assets can be stolen.
🤝 The tricky part is demonstrating that you have exclusive access to this number.
In a future post, we will explore solutions for proving ownership of private keys.
Listen to the full podcast here:
youtube.com/watch?v=dEsCkrwl…
#digitalassets #privatekeys #digitalassetownership #cryptoaccounting #cryptoauditing #bitcoin #ether #publicaccounting
US Public Companies with bitcoin on their balance sheet:
2019: 2
2020: 7
2021: 15
2022: 25
2023: 32
2024: 52
A 2,500% increase in 5 years. At this pace, 25% of all US public companies will hold bitcoin on their balance sheet by 2029.
#CPAs, will you be ready?
#bitcoin #accounting #blockchain #publiccompanies #NYSE #publicaccounting
Entering the crypto audit space requires more than just audit tools; it demands comprehensive support to ensure a successful launch of your digital asset practice.
Recognizing the needs of firms venturing into this new domain, we've launched the "Practice in a Box Bundle."
👇👇👇
Auditors who want to get into the digital assets space don’t know where to start, so how do we remove the technical barriers to entry?
Imagine being able to audit companies with cryptocurrencies on their balance sheet using an out-of-the-box solution.
Sounds too good to be true? Well, it's not 🧐
This week, I’m speaking with @JeremyNauCPA , the Founder of @LedgerLensTM , a platform that offers a comprehensive suite of crypto-audit and attestation tools.
Which you can use to validate completeness, accuracy, existence, and ownership of digital assets at scale.
Episode comes out on Thursday 5th Sep ⏳
This all-in-one solution includes:
💡 Digital Asset Training Summit: Equip your team with the knowledge they need to succeed.
📜 Crypto-Specific Audit Engagement Templates: Streamline your audit process with ready-to-use templates.
📞 LedgerLens Hotline: Direct access to crypto audit experts when you need them most.
👇👇👇
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The Strategic Bitcoin Reserve includes a Proof of Reserves requirement.
Bearer assets like bitcoin and cryptocurrencies offer completely new and novel opportunities for accountants and auditors to cryptographically prove ownership and control.
#Auditors, are you ready?
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With #SAB121, and custodial crypto-assets and their corresponding liabilities prominently displayed on the face of the balance sheet, auditors must now equip themselves with the requisite skills, knowledge, and tools to conduct these crypto-specific audit procedures.
For the biggest firms, you might have your own team of developers and cryptographers.
For everyone else, there's @LedgerLensTM.
The @AICPA issued an updated practice aid on digital assets such as cryptocurrency, providing new information on auditing the valuation of such assets and audit procedures surrounding their existence, rights and obligations. trib.al/34GBAXd #crypto #audit
Citi estimates $5 trillion of assets will be tokenized by 2030. The WEF estimates $10 trillion. BCG, $16 trillion.
The trend is clear, all assets are becoming digital assets.
The question for #CPA's... What's your #onchain plan?
Those that have an answer, have @LedgerLensTM.
As the world moves on-chain, the audit profession will face existential questions.
- Do we want to serve the digital asset industry or not?
- Do we want to be the auditors for all tokenized assets or not?
- Are we open to new forms of on-chain reporting or not?
For those who say "Yes," we built LedgerLens.
ledgerlens.io/
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Today, we’re sharing a BIG development.
With the benefit of hindsight, the history of audit is clear. From Babylonian times, through the Industrial Revolution and onto the age of the Internet, the way our society engages in commerce has changed.
⏰LedgerLens: Pro Weekly Updates (1.0.3)
🚀New Features
- Do it Yourself PoR API Endpoint
- ADA/SOL Digital Signatures
- Custom Liability Labeling
🐞Squashed Bugs
- DOT Signatures
- Staked DOT Balance Queries
- Mass ADA Balance Queries
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One or more of our Real-Time Reserve installations may experience integration or balance ripcords for the next 24 to 72 hours due to an API update from a banking partner.
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👋 Hello World! This is the LedgerLens Twitter account. This account is here to provide useful and timely information related to our suite of digital assets-focused applications, LedgerLens Real-Time Reserves, Proof of Reserves, Oracle Services and Pro.
bit.ly/LedgerLens
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