3min chapter

The Accounting Podcast cover image

QuickBooks? They Were On QuickBooks?

The Accounting Podcast

CHAPTER

Cryptocurrency Exchanges - Proof of Reserves

Tether has been putting out these proof of reserves or I think they call them attestation reports. And the idea is, oh, yeah, we're proving to our depositors or our investors that, yes, we have the money. But it's only at a point in time and it's not really clear what kind of due diligence the auditors are doing on thisto actually know that it's there. It's just a agreed upon procedures engagement. So it could be different from engagement to engagement. It does not provide assurance, which is what an audit is supposed to do.

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