What is the main practical difference between an audit and an attestation for an RWA project?

An audit provides an opinion on the fairness of financial statements as a whole. An attestation provides assurance on a specific, narrower subject matter, such as the existence of collateral or the operation of a control. An RWA project might have an attestation proving asset backing but not a full financial audit.

Is a proof of reserves report an audit?

Typically, no. Proof of reserves is usually an attestation engagement, often performed under Agreed Upon Procedures standards. It provides specific factual results of procedures agreed upon with management, not an opinion on the full financial statements.

Why would a project choose an attestation over an audit?

Attestations can be more targeted, timely, and cost-effective for verifying specific claims critical to token holders, like reserve backing or smart contract controls. A full financial audit is broader, more expensive, and may not be necessary to address the primary concerns of digital asset investors.

What should I look for in a project's attestation disclosure?

Look for the type of attestation (examination, review, agreed upon procedures), the subject matter, the standard used, the date, the independent firm performing it, and a link to the full report. The absence of these details reduces the usefulness of the claim.

Does RWAMK perform audits or attestations?

No. RWAMK is an informational scanner. We report on the audits and attestations that projects publicly disclose. Our 'Verified' badge means we have manually reviewed and linked to the project's official source documentation; it is not a guarantee of the report's quality or an endorsement.

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Audit vs Attestation for RWA Projects: Key Disclosure Differences

A clear comparison of audit and attestation standards for Real-World Asset projects. Understand the scope, assurance levels, and typical disclosure gaps for...

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Definition

An audit is a comprehensive examination of financial statements, providing an opinion on their overall fairness. An attestation is a broader category of assurance engagements where a practitioner reports on a specific subject matter, like proof of reserves or controls. For RWA projects, attestations often verify specific off-chain facts (like asset ownership or reserve backing) using cryptographic proofs, while audits review the complete financial picture. The distinction matters because each provides a different type and level of assurance for investors and analysts.

How it works

RWAMK checks project disclosures for the type of third-party assurance reported. For audits, we note the auditing firm, standard (e.g., GAAS), and scope. For attestations, we identify the subject matter (e.g., proof of reserves, custody controls), the standard used (e.g., AT-C 205, Agreed Upon Procedures), and the reporting firm. We look for the official report publication to verify claims. Our process is informational; we report what is publicly disclosed without performing the assurance work ourselves.

Risks

Relying solely on a limited-scope attestation instead of a full audit. Attestation reports that do not specify the exact procedures or subject matter. Proof of reserves that does not cover all liabilities or uses unverified pricing data. Gaps between attestation dates leading to stale assurances. Overstatement of the assurance level, such as calling an Agreed Upon Procedures report an audit. Lack of clarity on the independence and qualifications of the assurance provider. Inadequate public access to the full assurance report. Informational only. Not financial advice.

How to get verified

Projects can be listed on RWAMK by submitting an official URL to their public documentation, including any audit or attestation reports. After submission, they select a paid listing package (Verified, Launch, or Sponsor). The RWAMK team manually reviews the submission against our disclosure criteria. Upon approval, an indexable project page is published featuring a standardized research snapshot covering asset type, yield source, custody, and reported audits or attestations. The page includes a Verified badge, a share card, and, depending on the package, priority review or featured placement.

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Disclosure

Informational only. Not financial advice. This page is generated from limited public inputs and may be incomplete or inaccurate.