What it is
Crypto audits depend on facts only management knows: every wallet and account, who controls the keys, whether assets are pledged or lent and what was lost or stolen. The representation letter puts those facts in writing.
This supplement covers existence, control and completeness, measurement and presentation under ASC 350-60 and compliance with regulatory requirements.
When to use it
- Audits of entities with crypto assets.
- Alongside the general representation letter.
- First year of ASU 2023-08 adoption.
What’s inside
- Wallet and account completeness representations
- Control of keys, encumbrance and incident representations
- Measurement, scope and presentation representations
- Compliance and tax representations
Standard cited
This template follows AU-C 580 / ASC 350-60. 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 580 explained.
Questions
Do representations replace testing?
No. Representations complement other procedures. The audit program contains the signed message, confirmation and on-chain tests.
Why list incidents?
Thefts, compromised keys and unauthorized transfers bear on existence and fraud risk and are known to management.
Related templates
- Management Representation Letter (AU-C 580)
- Crypto Custody and Wallet Controls Audit Program
- Digital Asset Custodian Confirmation Letter
- Audit Planning Memo: Crypto and Digital Assets
Last updated 11/06/2026. All free templates.