CoinSpot continues to affirm its position as one of the best Australian crypto exchanges with the fundamental value of protecting clients and ensuring total transparency. The firm successfully passed the 2021 external financial report audit and the same audit for the 2022 fiscal year is presently underway.
CoinSpot Shows Commitment To Transparency
CoinSpot stands alongside the industry pioneers in the Australian crypto sector committed to transparency and consumer protection. In its latest media release, the firm said it got the highest level of assurance under Australian Auditing Standards for external financial report audit 2021.
CoinSpot Media Release:
CoinSpot continuing to lead the way in providing transparency to their customers with external financial report audit for the 2022 financial year. pic.twitter.com/ygPQ73kGS1
— CoinSpot (@coinspotau) November 18, 2022
HLB Mann Judd Assurance (NSW) Pty Ltd, a member of HLB International, which ranks among the top 15 global accounting networks and serves clients in 157 countries, served as CoinSpot’s auditor for the 2021 fiscal year.
Australian Auditing Standards were strictly followed during the audit of CoinSpot’s financial report 2021. To offer assurance over CoinSpot’s 2021 Financial Report, the independent auditor had to complete several specialised tests and processes, which included determining CoinSpot’s capacity to operate as a going concern at the time of reporting.
The audit’s result shows that the company’s financial status is accurately presented in all relevant material aspects in its financial report for the 2021 fiscal year. CoinSpot got an unqualified audit opinion, the highest level of assurance under Australian Auditing Standards. This demonstrates CoinSpot’s unparalleled dedication to upholding its stringent standards.
CoinSpot Is Undergoing The 2022 Financial Report Audit
For the fiscal year 2022, CoinSpot is undergoing an external audit of its financial reports. The independent auditor HLB Mann Judd Assurance (NSW) Pty Ltd is anticipated to conduct specific tests and procedures to review CoinSpot’s financial records.
The auditor will be examining the cash and crypto holdings of CoinSpot through direct confirmation or holdings verification. In addition, a thorough inspection of CoinSpot’s liquidity, working capital, and ability to pay its due debts helps determine whether the going concern basis of preparation used in the financial report is correct and adequate.
To keep boosting consumer confidence and market strength, CoinSpot looks forward to finishing the 2022 financial year audit soon.
It is highly recommended that other crypto trading platforms carry out similar audits to ensure transparency and customer trust, especially after the recent demise of the crypto exchange FTX.
