US accounting watchdog warns investors about proof-of-reserves reports

The Public Company Accounting Oversight Board (PCAOB) — a watchdog that oversees audits of public companies in the United States — recently issued an advisory that warned investors about proof-of-reserves (PoR) reports issued by auditing firms.

The PCAOB, backed by the U.S. Securities and Exchange Commission (SEC), pointed out that investors should not “place undue reliance” on PoR reports, which are not within the board’s oversight authority. The advisory wrote:


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