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Faculty of Economics, University of Belgrade , Belgrade , Serbia
Cryptocurrencies are a challenge for auditors worldwide because entities required to audit financial statements can do business with cryptocurrencies. Since the accounting coverage of cryptocurrencies is not yet clearly defined, cryptocurrencies have a particular specific risk that arises due to insufficient knowledge of cryptocurrencies, their treatment and uncertainty with their business from the auditor's perspective. The auditor needs to gain a preliminary understanding of the cryptocurrencies within the entity's operations to the extent sufficient to decide whether to accept the audit engagement or refuse to conduct the audit in the cryptocurrency entity. If it agrees to the meeting, the auditor will need to obtain reasonable assurance about the correctness of the accounting coverage, the established IT controls and the degree of security risk, and the potential impacts on business continuity. The research subject is auditors' attitudes in the Republic of Serbia on the challenges for cryptocurrency auditing and the level of awareness and knowledge about cryptocurrencies and related activities that may affect the planning and implementation of audits. This paper will explain the issue of cryptocurrencies from the auditor's point of view through the analysis of client acceptance and continued engagement, the correctness of the accounting coverage, and the impact on business continuity. The main conclusion is that the persons engaged in auditing in the Republic of Serbia, in most cases, have only a basic knowledge of cryptocurrencies and believe that they need additional training to increase their level of knowledge and expertise.
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