Canadian crypto companies struggle to find and keep auditors amid regulatory scrutiny

from the sector left a particularly big hole, with the firm auditing six of the cryptocurrency companiesMNP, Manning Elliott and Davidson & Co. did not respond to requests for comment. In an email, DMCL director of marketing and client communications Krissy Schmidt pointed to “the additional regulations imposed by CPAB” as a reason for decreasing its presence in the cryptocurrency industry.

serious deficiencies in all seven files it probed from audit firms that aren’t subject to annual inspections, calling that level “unacceptably high.”Article content The issue is vital for properly functioning public markets, he said. “High-quality audits are really important to make sure that information is reliable and can be relied upon by investors.”

While some auditing firms decide crypto isn’t worth the headache, others are swooping in. Montreal-based accounting firm Raymond Chabot Grant Thornton LLP has steadily increased its presence in the cryptocurrency industry over the past few years, building technical expertise to compete with the marketing muscle of the Big Four accounting firms.

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