ChainCatcher News, the Liberal Democratic Party of Japan's Web3 project team (web3PT) has released new guidelines regarding the accounting and auditing of crypto assets for Web3 companies, aimed at lowering the audit threshold for businesses entering the Web3 space and assisting Web3 operators issuing tokens with their accounting audits.The Japan Crypto Asset Business Association (JCBA) and the Japanese Institute of Certified Public Accountants (JICPA) jointly released a report titled "Considerations for Accounting for Crypto Asset Issuers," which focuses on IEO-related systems, stating their efforts to improve the auditing environment and continue to seek clarification on accounting and auditing issues when issuing crypto assets.

ChainCatcher News, U.S. Democratic Senator Elizabeth Warren and colleagues urge U.S. auditing regulators to take action against "sham audits" of crypto companies, arguing that such audits have impacted the recent stress on the U.S. banking system.The Public Company Accounting Oversight Board (PCAOB) acknowledged potential issues with crypto audits to lawmakers, including Senator Ron Wyden of the Senate Finance Committee. PCAOB Chair Erica Williams expressed concern about PCAOB-registered audit firms conducting "sham audits." Unfortunately, the PCAOB faces regulatory limitations when overseeing the audits of certain cryptocurrency companies. Earlier this month, the PCAOB's Inspector General also warned that reserve reports from crypto companies are often based on unreliable information and do not constitute true audits. (CoinDesk)

ChainCatcher news, according to the WSJ, a senior official at the U.S. Securities and Exchange Commission (SEC) stated that the agency is intensifying its scrutiny of the work of crypto auditors, as investors may derive false comfort from the reports of these companies. SEC Acting Chief Accountant Paul Munter said in an interview: "We warn investors to be cautious about some of the claims made by cryptocurrency companies." (WSJ)

ChainCatcher news, according to a report by Forbes citing two informed sources, Armanino is pausing its cryptocurrency audit business. It is reported that last month, Armanino faced a lawsuit from FTX customer Stephen Pierce for failing to detect violations after auditing FTX.US last year. Armanino is concerned about the risk of damage to its company reputation, which is why it is pausing its cryptocurrency audit business.Previously reported, the auditing firm Mazars has also paused its services for cryptocurrency clients. (source link)