Part 2: Does Your Block Need a SOC? - A Handy Guide to Understanding SOC 1 and SOC 2 Audits for Crypto Companies
This blog post explores the importance of SOC reporting and third-party assurance in the blockchain and cryptocurrency ecosystem. It discusses various use cases where SOC reports are essential, including crypto funds, asset-backed tokens, crypto accounting solutions, private blockchain platforms, node hosting and staking providers, and custodial wallet providers and exchanges. The author emphasizes that despite the trustless nature of blockchain technology, trusted advisors and intermediaries still play a crucial role in reinforcing user confidence and meeting regulatory requirements in the crypto industry.
Part 1: Does Your Block Need a SOC? - A Handy Guide to Understanding SOC 1 and SOC 2 Audits for Crypto Companies
Explore the world of SOC reporting for blockchain and digital assets in this insightful series. Learn why your crypto business might need a SOC audit, understand the differences between SOC 1 and SOC 2 reports, and discover how to navigate the path from startup to SOC-compliant organization. Whether you're an early-stage company or an established player in the blockchain space, this guide provides valuable insights into third-party assurance and best practices for the crypto industry.
Your Quick Guide to Audit Readiness with Crypto on the Balance Sheet
Navigating crypto audits and proof of reserves reports is becoming increasingly crucial as the IRS enhances oversight on cryptocurrency transactions. This comprehensive guide provides best practices for crypto audit readiness, from selecting a qualified crypto audit company to managing costs and completing a successful audit. Learn essential steps for preparing financial records, establishing internal controls, and ensuring compliance with evolving regulations to maintain financial integrity in the dynamic world of cryptocurrency.