Which of the following would provide the auditor the best evidence of the Rights assertion for bitcoin recorded as an asset by a client?
A)Inspection of purchase records maintained by the client.
B)Confirmation of the bitcoin from a third party.
C)Execution of a small bitcoin transaction from a digital wallet to demonstrate control of the private key.
D)Verification of the price of the bitcoin in the Wall Street Journal as of the balance sheet date.

Question

Quizplus · Accepted Answer

Executing a small bitcoin transaction from a digital wallet to demonstrate control of the private key directly proves that the client has control over the bitcoin, which supports the Rights assertion that the client has rights to the bitcoin asset.

Which of the Following Would Provide the Auditor the Best