1. Why Digital Assets Change the Audit Digital assets do not eliminate traditional audit concepts; they change how those concepts are evidenced. Auditors still evaluate existence, rights and obligations, completeness, valuation, cutoff, presentation, and disclosure. The challenge is that blockchain records, exchanges, custodians, wallets, smart contracts, and token economics distribute evidence across systems that may operate continuously and across jurisdictions. The AICPA's digital asset resources emphasize that accounting and auditing considerations continue to evolve. Auditors should begin by understanding the specific asset and activity rather than applying a generic crypto checklist. Bitcoin held in qualified custody, a locked venture token, a staking reward receivable, and a loan of stablecoins present very different risks. Core Principle A blockchain may establish that an asset exists at an address. It does not, by itself, establish that the reporting entity owns or contro...