Bitcoin Miner Riot Dumps Auditor for ‘Big Four’ Accounting Firm – Crypto News – Crypto News
Connect with us
Bitcoin Miner Riot Dumps Auditor for 'Big Four' Accounting Firm Bitcoin Miner Riot Dumps Auditor for 'Big Four' Accounting Firm

Cryptocurrency

Bitcoin Miner Riot Dumps Auditor for ‘Big Four’ Accounting Firm – Crypto News

Published

2 years ago

on

Riot Platforms is looking to switch accounting firms as the landscape for crypto company auditors remains in flux.

The bitcoin mining company “dismissed” its previous accounting firm Marcum on May 18, appointing Deloitte to take its place.

Marcum had audited Riot‘s consolidated financial statements for the fiscal years between 2018 and 2022. Deloitte is set to act as the mining company’s independent registered public accounting firm for 2023.

The change was “not as a result of any disagreement on any matter of accounting principles or practices, financial statement disclosure, or audit scope or procedure,” according to a regulatory Filing,

Spokespeople for Riot and Marcum did not immediately return requests for comment.

A stockholder vote on the change — not required by law to ratify the decision, but proposed “as a matter of good corporate practice” — is slated for June 27, the filing adds.

The auditor change comes as crypto companies have expressed that some large accounting firms are hesitant to offer them auditing services.

Mazars Group, whose clients included Crypto.com and Binance, reportedly suspended work with crypto firms in December.

A Binance spokesperson told Blockworks at the time that a “Big Four” accounting firm — considered to be Deloitte, Ernst & Young (EY), PricewaterhouseCoopers (PwC) and KPMG — were “currently unwilling” to conduct a proof-of-reserves audit. for a private crypto company.

Crypto.com declined to comment on which firm it now uses as an auditor, while Binance did not immediately return a request for comment.

Accounting firm Armanino was also reportedly pausing work within the crypto industry in December. The company had conducted multiple proof-of-reserves audits for crypto exchange Kraken in 2022.

Kraken did not return a request for comment.

A Bloomberg surveys of 24 crypto companies last week found 46% of them had their full financial audits completed by a “Big Four” firm.

Three firms reported receiving auditing services from Marcum. Coinbase, Circle and Ripple are among the industry players that receive annual audits from Deloitte.

Get the day’s top crypto news and insights delivered to your email every evening. Subscribe to Blockworks’ free newsletter now.

Want alpha sent directly to your inbox? Get degen trade ideas, governance updates, token performance, can’t-miss tweets and more from Blockworks Research’s Daily Debrief,

Can’t wait? Get our news the fastest way possible. Join us on Telegram and follow us on google news,

Related Topics:
Continue Reading
Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Trending