Celebrating 25 Years of Excellence
Fintech & Digital Assets

Accounting and advisory built for the digital asset frontier.

Digital asset and fintech companies operate at the intersection of novel technology and unsettled accounting standards, under the scrutiny of Big Four auditors and an evolving regulatory landscape. CFGI provides the accounting advisory, risk advisory, and business transformation expertise that crypto broker-dealers, blockchain infrastructure companies, and digital asset trading platforms need to build, scale, and withstand audit.

Our expertiseClient case studies
1,400+Professionals
2001Founded
3Digital Asset Service Areas
Big FourAudit Experience Across the Practice
IFRS & US GAAPDual-Framework Capability
Novel accounting. Rigorous standards. No independence restrictions.
What fintech & digital asset CFOs are navigating

Four pressures that make fintech accounting harder than any other industry.

Digital asset and fintech companies face accounting and compliance challenges that don’t have established playbooks. The standards are new, the auditors are demanding, and the pace of growth creates operational complexity that the finance function has to solve in real time, while simultaneously preparing for a first Big Four audit.

01

Crypto accounting has no settled standard

Revenue from trading, market making, staking, and lending; on- and off-balance sheet treatment for custody and safeguarding positions; derivatives and embedded derivatives within crypto products—none of these have clean, agreed-upon accounting treatments. Every position requires senior technical judgment and defensible documentation.

02

First Big Four audits are uniquely demanding

A first-time Big Four audit of a digital asset company is not a routine audit engagement. Auditors bring highly technical crypto teams and apply rigorous scrutiny to novel accounting positions. Companies that arrive without comprehensive technical memos, control documentation, and audit-ready financial statements face extended and expensive comment cycles.

03

SOC 2 and cybersecurity controls are now table stakes

Blockchain infrastructure companies and digital asset platforms are expected to demonstrate control environments that cover both traditional and blockchain-specific technologies. SOC 2 readiness for crypto companies requires practitioners who understand the infrastructure, not just the control framework.

04

Rapid growth breaks finance functions fast

Digital asset companies that grow quickly find that manual processes, informal controls, and underdocumented accounting policies cannot support a Big Four audit or a public company reporting timeline. The finance function has to be rebuilt while the business is still running at full speed.

Our expertise

Accounting advisory, risk advisory, and business transformation for digital asset companies.

CFGI brings a phased, workstream-driven approach to the accounting and compliance challenges of digital asset and fintech companies, covering the technical accounting matters unique to crypto alongside the operational infrastructure and control environment that auditors and regulators require.

Accounting Advisory

  • Audit ReadinessProcess and control assessment, account reconciliations, financial statement preparation, auditor liaison, and balance sheet and income statement validation procedures, including tracing to underlying wallets and blockchain.
  • IFRS to US GAAP ConversionComprehensive conversion management at the consolidated level, including conversion of all general ledgers, technical documentation, and alignment with Big Four auditor positions on conversion adjustments.
  • Crypto Revenue RecognitionAnalysis of revenue streams from trading, market making, staking, and lending activities, including collaboration arrangements and the accounting implications of warrant issuances linked to business activities.
  • Balance Sheet & Custody TreatmentEvaluation of on- and off-balance sheet presentation for lending, borrowing, custody, safeguarding, and customer positions across digital asset products.
  • Derivatives & Embedded DerivativesAssessment of the accounting for complex derivative and embedded derivative instruments within the crypto context, under both IFRS and US GAAP.
  • Technical Memos & Position PapersComprehensive documentation of accounting judgments on complex and subjective crypto accounting matters, structured to support auditor approval and withstand Big Four scrutiny.

Risk Advisory & Business Transformation

  • SOC 2 Report ReadinessRisk assessment, SOC 2 scoping, end-to-end infrastructure walkthroughs, process narratives, internal policy documentation, control design and implementation, disaster recovery exercises, and service auditor liaison for blockchain-infrastructure companies.
  • Cybersecurity Control DesignDesigning and documenting internal controls covering both traditional and blockchain-infrastructure technologies, calibrated to the expectations of highly technical Big Four crypto audit teams.
  • Finance Function ScalabilityStakeholder alignment, current-state documentation, pain point analysis, KPI development, financial close process design, and staffing assessment to identify the roles required to scale from current state to public company readiness.
  • ERP & Systems ImplementationUplifting finance and reporting technology, including NetSuite implementation for digital asset trading platforms, to enable timely, accurate financial reporting and scalable dashboard capabilities.
  • Debt & Equity FinancingAccounting support for complex debt and equity transactions, including classification, measurement, and disclosure for digital asset companies with unconventional capital structures.
  • Stock-Based Compensation & Internally Developed SoftwareTechnical accounting for SBC arrangements and IDS capitalization, covering both routine and novel structures common in venture-backed and early-stage fintech companies.
Why CFGI for Fintech & Digital Assets

Technical depth where the standards haven’t caught up yet.

CFGI brings the accounting rigor of a Big Four national office to the novel, unsettled accounting questions of digital assets and fintech, without the independence constraints that prevent auditors from doing this work alongside management. The team has the crypto-specific technical knowledge and the documentation discipline to get positions approved.

Audit-ready. Crypto-fluent. Independent.

  • Crypto-specific technical accountingSenior practitioners who understand the accounting for trading, staking, lending, custody, safeguarding, and embedded derivatives within digital asset products, under both IFRS and US GAAP, and can document positions that hold up under Big Four scrutiny.
  • IFRS and US GAAP dual capabilityDemonstrated ability to manage comprehensive IFRS-to-GAAP conversions for institutional crypto companies with complex subsidiary structures, producing financial statements in both frameworks to rigorous audit standards.
  • Blockchain-aware SOC 2 expertiseControl assessment, design, and documentation for companies operating on both traditional and blockchain infrastructure, with direct experience liaising with highly technical Big Four crypto audit teams.
  • Phased, workstream-driven deliveryA structured approach that prioritizes the most urgent accounting and control gaps first, moving systematically through technical accounting, audit readiness, and operational infrastructure in parallel where timelines require it.
  • No audit restrictionsCFGI is free from auditor independence restrictions, allowing practitioners to prepare the memos, financial statements, and control documentation that external auditors cannot own—and to work directly alongside the audit team throughout the engagement.
Client case studies

Three digital asset engagements. Three distinct challenges. One approach.

CFGI has supported institutional crypto broker-dealers, blockchain infrastructure companies, and digital asset trading platforms through the accounting, audit, compliance, and finance transformation challenges that define the sector. These three engagements illustrate the depth and range of the practice.

01
Accounting Advisory · Institutional Crypto Broker-Dealer

Audit Readiness & IFRS to US GAAP Conversion

Challenge

  • Institutional crypto broker-dealer required urgent audit readiness and US GAAP conversion for its first Big Four audit
  • Complexity stemmed from novel crypto accounting areas—revenue from trading, market making, staking, and lending; balance sheet treatment for custody and safeguarding; derivatives and embedded derivatives
  • Demanding standards of a first-time Big Four audit with a highly technical crypto team

CFGI Solution

  • Phased approach across Technical Accounting and Audit Readiness workstreams under both IFRS and US GAAP
  • Collaborative workshops with Accounting and Product teams to align on product functionalities, business models, and economic substance of each product
  • Comprehensive technical memos and position papers on complex and subjective crypto accounting matters
  • Detailed account reconciliations, financial statement preparation in US GAAP, balance sheet and income statement procedures including tracing to underlying wallets and blockchain
  • Process documentation and control remediation, identifying key controls and control gaps
  • Active auditor liaison, drafting responses to Big Four accounting inquiries and comments

Outcome

  • Successfully issued financial statements for the Group and its 14 subsidiaries in both IFRS and US GAAP formats
  • CFGI’s technical position papers supported accounting positions and facilitated auditor approval on complex crypto accounting matters
  • CFGI continues to provide ongoing accounting support, addressing management questions on new transactions and structures
02
Risk Advisory · Blockchain Infrastructure Company

SOC 2 Report Readiness

Challenge

  • Blockchain infrastructure company needed to implement sufficient internal controls for SOC 2 reporting requirements
  • Controls had to cover both traditional and blockchain-infrastructure technologies
  • Service auditors were a Big Four firm with a highly technical crypto team with specific expectations for the control environment

CFGI Solution

  • Risk assessment across the company’s full operations
  • Scoping of SOC 2 Report coverage
  • End-to-end walkthroughs to understand infrastructure and services
  • Documented processes in narrative form for internal use and for Section III of the SOC 2 report
  • Defined and documented internal policies and procedures
  • Implemented new controls including disaster recovery controls
  • Liaised with Big Four service auditors to convey control environment expectations and ensure the company addressed them appropriately

Outcome

  • Company produced an unqualified SOC 2 report covering cybersecurity controls on both traditional and blockchain-infrastructure technologies
  • Designed controls and documented internal policies and procedures
  • Conducted the company’s first full-scale disaster recovery exercise
03
Business Transformation · Digital Asset Trading Platform

Finance Transformation & ERP Uplift

Challenge

  • Cryptocurrency brokerage platform for institutional financial institutions was unable to scale properly given rapid operational growth
  • Needed accurate financials, audit completion, and finance process and systems uplift to continue operations and scale for the future
  • Finance function was not yet built for public company reporting requirements

CFGI Solution

  • Aligned with stakeholders across Compliance, Financial Reporting, Audit/SOX, Tax, HR, and Accounting to document current state, pain points, redundancies, and bottlenecks
  • Reviewed existing documentation and captured new processes through walkthroughs, producing flowcharts and desktop procedures
  • Developed new KPIs, operational reporting, and financial close process procedures
  • Assessed staffing needs and identified required roles from current state through public company readiness, including SEC Reporting and Internal Audit functions
  • Implemented NetSuite to uplift the financial reporting technology stack

Outcome

  • Implemented consistent financial and operational reporting with adequate processes and controls across the organization
  • Uplifted financial reporting to NetSuite, enabling timely and accurate reporting and dashboard capabilities
  • Finance function built for scalability from current operations through public company readiness
Fintech & Digital Assets practice leadership

Talk to CFGI’s Fintech & Digital Assets leader.

Malick Shahab headshot

Malick Shahab

Partner | Fintech & Digital Assets
Over 15 years of experience solving complex accounting and operational challenges for Financial Services, FinTech, Technology, and Cryptocurrency companies, from Fortune 500 to start-ups, including companies he took public.

mshahab@cfgi.com
Connect with Malick

Ready to build the audit-ready finance function your digital asset business needs?

From a first Big Four audit through IFRS-to-GAAP conversion, SOC 2 readiness, and full finance transformation. Senior practitioners who understand both the accounting and the technology.

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