Author(s)

Sean Stein Smith

Department of Economics and Business, Lehman College, City University of New York, New York, NY, USA.

The accounting profession has long occupied a role and fiduciary responsibility aligned with fraud prevention and safeguarding consumer data and finances. As cryptocurrencies become more prominent and widespread, including utilization by both individual consumers and organizations, the risk of unethical actors entering the market continues to rise. This research approaches the situation from two angles. First, a review of cryptocurrency and blockchain technology, including an overview of the initial coin offering (ICO) process is conducted, including regulatory updates in the space. Second, and important for both academic and practitioner end users of this research, a checklist, guide, and items to consider to assist in preventing fraud connected to cryptocurrencies will be provided.

Cryptocurrencies, Accounting, Fraud, Ethics, Financial Reporting

Smith, S. (2018) How Cryptocurrencies Are Changing What CPAs Need to Know about Fraud Prevention. Theoretical Economics Letters, 8, 3252-3266. doi: 10.4236/tel.2018.814201.