The SEC is keeping crypto accountants on their toes.
Paul Munter, chief accountant of the United States Securities Exchange Commission , has released a statement warning accounting firms of their obligations to the agency when working with crypto firms.
Munter advised accounting firms to consider these issues during client onboarding and to consider contractual prohibitions on certain language. In response to misleading statements, the position of the SEC Office of the Chief Accountant is: “As best practice, the accounting firm should consider making a noisy withdrawal, disassociating itself from the client, including by way of its own public statements, or, if that is not sufficient, informing the Commission.”
The accounting firm’s independence is vital, Munter continued, and even the appearance of a mutual interest or conflict of interest in its public statements could be enough to have the firm suspended from “the privilege of appearing or practicing before the Commission.” Want to hear perspectives from the SEC Office of the Chief Accountant? Listen to our latest podcast with guest speaker SEC Chief Accountant Paul Munter for insights on accounting and audit hot topics.
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