Bitcoin and Blockchain

Read the case titled “Bitcoin and Blockchain” and answer the following questions.Your answer for each of the three questions can be between 200 to 1000 words. The three parts must be clearly identified in your answer (i.e., it cannot be just a single answer without showing where each part ends). Please check for spelling and grammar errors prior to submission.
Describe how Bitcoin and its use of blockchain technology are likely to affect the audit of Camden Suppliers in terms of (1) substantive audit procedures, (2) evaluation of the design and operating effectiveness of internal controls over financial reporting (ICFR), and (3) the reliability of audit evidence obtained. The following accounts are relevant: Cash, Investments, Intangibles, and Revenue.
An auditor may rely on a service auditor’s report when systems and controls at another entity are important to a client’s audit (the audit client is called the user entity or user organization). Given the importance of controls over private key security, the authorization of transactions on the Bitcoin blockchain, and other controls outsourced to Coinbase, it is likely a service auditor’s report will be needed for the audit of Camden Suppliers. Read about the types of reports that may be obtained and how they could be used in the audit of Camden Suppliers. Please refer to the AICPA’s resources related to System and Organization Controls (SOC) reporting for service organizations.There are three types of service auditors’ reports, which are commonly referred to as SOC 1, SOC 2, and SOC 3 reports. Which of the three reports do you think Camden Suppliers’ auditor should request to use in their evaluation of the design and operating effectiveness of internal controls at Coinbase? Why do you believe that is the appropriate report?
Companies are likely to use individuals who have specialized skills and knowledge not only to assist in designing and implementing blockchain systems and processes, but also in providing information to their auditors to be used as evidence in the financial statement audit. Such an individual is referred to as a management’s specialist by professional auditing standards.a. Briefly describe the attributes of Camden Suppliers’ specialist that should be considered by the auditor, citing appropriate audit standard(s).
b. How would you obtain an understanding of the work performed by Camden Suppliers’ specialist for blockchain? Cite the relevant audit standard(s).
c. How would you evaluate the appropriateness of any work done by Camden Suppliers’ specialist in accordance with audit standards? Cite the relevant audit standard(s).

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