What it is
Planning a crypto audit starts with what the entity does: holds, mines, trades, accepts as payment or issues tokens. Each activity brings a different mix of custody, valuation and regulatory risk.
The memo records the activity profile, the accounting framework (including scope and adoption of ASU 2023-08), a risk table with planned responses, specialists and tools and the timetable.
When to use it
- Annual planning for an entity with significant crypto holdings.
- First year under ASU 2023-08.
- When the team needs blockchain analytics or specialists.
What’s inside
- Activity, asset and custody profile
- Adoption date, scope and principal market conclusions
- Risk table: keys, completeness, pricing, counterparties, tax and fraud
- Specialists, tools, materiality and timetable
Standard cited
This template follows ASC 350-60 / AU-C 315, 540. It is written in our own words, except for phrases the standard requires the document to contain, with [bracketed placeholders] for client details, amounts in USD and dates as MM/DD/YYYY. Check it against the current standard and your firm’s methodology before use. See AU-C 315 explained.
Questions
When does the fair value model apply?
ASU 2023-08 is effective for all entities for fiscal years beginning after December 15, 2024, with early adoption permitted.
What assets are in scope?
Those that meet all six criteria in the scope of Subtopic 350-60, including that they are fungible, secured through cryptography and not created or issued by the reporting entity or its related parties.
Related templates
- Audit Planning Memo (AU-C 300)
- Crypto Custody and Wallet Controls Audit Program
- Digital Asset Fair Value Rollforward (ASC 350-60)
- Audit Risk Assessment Worksheet (SAS 145)
Last updated 11/06/2026. All free templates.