Auditing requirements require at a minimal that auditors perceive the entity and its atmosphere, that it has the competency and independence to carry out the audit, and that it will probably’t successfully employees the audit, amongst different issues. These requirements apply whether or not the audit shopper is a first-time shopper, a small native thrift store, or a multibillion-dollar cryptocurrency trade with a associated social gathering buying and selling agency.

Prager Metis, which relies in New York, rushed into the latter area with abandon. The agency was the primary to announce a metaverse headquarters in Decentraland. The agency took on FTX as a shopper. It apparently needed to be seen because the accounting agency of the longer term. And but, because the SEC has charged, it lacked the fundamental understanding and competency to audit the trade.