CoinSpot has completed an External Statutory Financial Audit for the Financial Year 2023 (FY23). The audit was conducted by independent auditors in accordance with Australian Auditing Standards.
As a result of the FY23 audit, CoinSpot received an Unqualified Audit Opinion, the highest possible level of assurance under Australian Auditing Standards. CoinSpot was previously audited by independent auditors and received an Unqualified Audit Opinion for FY21 and FY22.
The audit was performed in accordance with Australian Auditing Standards which involved the auditor obtaining an understanding of CoinSpot's internal control environment and relevant processes. Additionally the auditor performed various selective tests and procedures in order to provide assurance over CoinSpot’s 2023 financial report.
The independent auditors examined CoinSpot’s financial records, focusing mainly on the following areas:
1. CoinSpot’s cash and cryptocurrency holdings.
2. CoinSpot’s liquidity, working capital, and ability to pay its debts as and when they fall due & payable.
This process confirms that CoinSpot holds all customer assets 1:1, demonstrating CoinSpot’s commitment to continued transparency and compliance with regulatory standards.
What is an External Statutory Financial Audit?
An External Statutory Financial Audit is the analysis of records and documents held by a business. The audit focused on CoinSpot's financial statements and documentation, ensuring that the 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 Australian Auditing Standards. It is issued by external auditors in an auditor's report, which states that the financial information provided by the company is presented accurately, fairly, and free from material misstatements.
Comments
0 comments
Article is closed for comments.