CoinSpot is the first Australian Cryptocurrency Exchange to complete an External Statutory Financial Audit
The audit was completed by an independent auditor in accordance with Australian Auditing Standards. Due to the current climate of cryptocurrency, this audit was necessary, as it reflects CoinSpot’s position as an industry leader with unparalleled dedication to upholding our stringent standards.
As the popularity of cryptocurrency increases, so does the growing demand for regulation from investors, analysts, and the industry as a whole. While any investment comes with some risks, CoinSpot aims to ensure there are no unnecessary risks for our customers. With this external audit CoinSpot provides clear communication with the CoinSpot community, maintaining its status as Australia’s most secure and trusted cryptocurrency trading platform.
CoinSpot has received an Unqualified Opinion, the highest possible level of assurance under Australian Auditing Standards. The exchange's financial position including cryptocurrency holdings within the 2021 Financial Year, presented figures which were reported fairly and in accordance with Australian Auditing Standards.
Unlike some other crypto platforms, market fluctuations do not impact CoinSpot customer's ability to access their crypto. CoinSpot customers can trade with complete confidence that crypto assets are available as displayed and all kept one-to-one.
What is an External Statutory Financial Audit?
An External Statutory Financial Audit is the analysis of records and documents held by the business. The audit focused on CoinSpot's financial statements and documentation ensuring records and financial position are accurate and free from material misstatement.
What is an Unqualified Audit Opinion?
An Unqualified Audit Opinion is the highest level of assurance granted under the Australian Auditing Standards. The Audit Opinion is issued by External Auditors in an auditor's report which states that the financial information provided by the company being audited as being presented in an accurate, fair manner and free from material misstatements.
What is a Qualified Audit Opinion?
A Qualified Audit Opinion is a statement issued by External Auditors in an auditor's report when there is a limitation of scope or there are material issues. Often the Audit Opinion is issued when a company has inadequate disclosures in the Financial Statements or lack of statement Cash Flows.