TITLE:
How Cryptocurrencies Are Changing What CPAs Need to Know about Fraud Prevention
AUTHORS:
Sean Stein Smith
KEYWORDS:
Cryptocurrencies, Accounting, Fraud, Ethics, Financial Reporting
JOURNAL NAME:
Theoretical Economics Letters,
Vol.8 No.14,
October
31,
2018
ABSTRACT: The accounting profession has long occupied a role
and fiduciary responsibility aligned with fraud prevention and safeguarding
consumer data and finances. As cryptocurrencies become more prominent and
widespread, including utilization by both individual consumers and
organizations, the risk of unethical actors entering the market continues to
rise. This research approaches the situation from two angles. First, a review
of cryptocurrency and blockchain technology, including an overview of the
initial coin offering (ICO) process is conducted, including regulatory updates
in the space. Second, and important for both academic and practitioner end
users of this research, a checklist, guide, and items to consider to assist in
preventing fraud connected to cryptocurrencies will be provided.