As originally reported by Accountancy Daily in August 2025, the UK audit firm Moore Kingston Smith (MKS) resigned as auditor of listed fintech GSTechnologies (GST). This happened after the firm carried out a risk review where they said they were no longer going to work with clients involved with cryptocurrency trading and assets. The total audit fees for the last financial year to 31 March 2024 were $67,000, up from $42,000 in 2023.
GST had adopted a Bitcoin treasury reserve policy where a significant proportion of the cash resources of the company are held in Bitcoin.
The news serves as a warning to all audit firms to ensure they carefully document their consideration of their risk appetite as regards cryptocurrency trading and crypto assets generally which are essentially intangible assets.
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