CoinSpot continuing to lead the way in providing transparency to their customers with external financial report audit for the 2022 financial year
As previously announced, CoinSpot was proud to be the first Australian Crypto Exchange to complete an external financial report audit and is continuing to deliver on this with the 2022 financial year audit currently underway.
This reflects the business’ core principle, which is to ensure it provides customers with stability and the public with complete transparency.
CoinSpot appointed HLB Mann Judd Assurance (NSW) Pty Ltd as auditors for the 2021 and 2022 financial years. HLB Mann Judd Assurance (NSW) Pty Ltd is a member of HLB International, a top 15 global accounting network which services clients across 157
CoinSpot’s financial report for the 2021 financial year was audited in accordance with Australian Auditing Standards. This comprehensive and time-consuming audit was undertaken to demonstrate CoinSpot’s unparalleled dedication to uphold their stringent standards.
At the conclusion of the 2021 financial year audit, CoinSpot received an unqualified audit opinion from the independent auditor that the business’ financial report for the 2021 financial year presents fairly, in all material aspects, the financial position of the company in accordance with Australian Accounting Standards. An unqualified audit opinion is the highest possible level of assurance under Australian Auditing Standards.
The process of completing this type of audit with HLB Mann Judd Assurance (NSW) Pty Ltd was complex and involved the independent auditor performing a number of selective tests and procedures in order to provide assurance over CoinSpot’s 2021 Financial Report, which includes assessing CoinSpot’s ability to continue as a going concern at the time of reporting.
CoinSpot is currently undergoing its external financial report audit for the 2022 financial year. Similar to the 2021 financial year audit, the independent auditor is expected to perform selective tests and procedures to examine CoinSpot’s financial records, and
broadly two key areas are:
– Reviewing CoinSpot’s cash and crypto currency holdings through direct confirmation or verification of holdings.
– Reviewing CoinSpot’s liquidity, working capital and ability to pay its debts as and when they fall due and payable, and hence the appropriateness of the going concern basis of preparation that will be adopted in the financial report. This assessment spans beyond the end of the 2022 financial year and includes examination of events and conditions that occur up until the date the independent auditor issues their audit opinion.
CoinSpot looks forward to the completion of the 2022 financial year audit and we encourage other platforms to undertake similar audits to continue improving consumer confidence and market strength.