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BTC_AF Demonstration

In: Auditing Bitcoin

Author

Listed:
  • Wiehann Olivier

    (North-West University & Forvis Mazars South Africa, Applied Research in Management Cybernetics)

  • Pieter Buys

    (North-West University, Applied Research in Management Cybernetics)

Abstract

Chapter 8 transitions the development of the Bitcoin Audit Framework (BTC_AF) from theory to practical application. Through the Bitwise Bitcoin Spot ETF and Sixpence illustrations, the framework is tested across various bitcoin custody methods. Using the basic concepts from the ADR/eADR approach’s observation-centric iteration, the BTC_AF is evaluated through authentic audit procedures, including address validation, transaction reconciliation, and cryptographic ownership testing. This dual-case approach demonstrates the BTC_AF’s robustness in addressing key audit assertions related to the Statement of Financial Position (SoFP) and Statement of Profit or Loss (SoPL). It accommodates technical complexities, such as Hierarchical Deterministic (HD) wallets, xpubs, multi-signature configurations, and transaction cut-offs. Each procedure reinforces the framework’s relevance and adaptability to the challenges of blockchain auditing. The BTC_AF demonstration confirms that it provides auditors with repeatable, verifiable procedures to obtain sufficient and reliable evidence in compliance with international standards. Iterative insights from these applications contribute to both refinement and the broader development of theory. This positions the BTC_AF as a scalable, practical tool that enhances audit assurance in the context of blockchain-based digital assets and an increasingly decentralized financial environment.

Suggested Citation

  • Wiehann Olivier & Pieter Buys, 2026. "BTC_AF Demonstration," Springer Books, in: Auditing Bitcoin, chapter 0, pages 105-128, Springer.
    • Handle: RePEc:spr:sprchp:978-981-95-5775-2_8
    DOI: 10.1007/978-981-95-5775-2_8
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    Keywords

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    JEL classification:

    • M15 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - IT Management
    • M42 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Auditing
    • O31 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
    • O33 - Economic Development, Innovation, Technological Change, and Growth - - Innovation; Research and Development; Technological Change; Intellectual Property Rights - - - Technological Change: Choices and Consequences; Diffusion Processes

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