Top 25 means literally nothing. Outside of crypto, billion dollar a year companies use the Big 4 (Deloitte, PWC, EY, KPMG) for their audits. There is a second tier of maybe a half dozen audit firms (Grant Thornton being probably one of the best known) below the Big 4, used by smaller companies. By the time you get to #25 you're dealing with mom and pop shops.
Also, this wasn't an "audit" in the traditional sense of the word, it was an attestation as to proof of reserves based on the Merkle tree.
The press release about the "audit" is full of red flags:
"Administered by Armanino LLP, the Proof of Reserves audit is the second of its kind conducted on our exchange since 2014". Two audits in eight years, lol.
"Though the audit covers just two of the over 100 assets available for trading on our exchange". They only checked BTC and ETH reserves, nothing else, lol.
From the audit report itself:
"This report may not be suitable for any other purpose. The procedures performed may not address all the items of interest to a user of this report and may not meet the needs of all users of this report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes."
"We were not engaged to and did not conduct an examination or review engagement,
the objective of which would be the expression of an opinion or conclusion, respectively, related to the platform account liabilities and asset balances represented by Kraken. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported."
"The practitioner’s report is as of a specified point in time and we have no responsibility to update the report or findings therein for subsequent points in time."
All this "audit" tells you is that on December 31, 2021 Kraken had an amount of BTC and ETH that matched customer deposits. That's it. Nothing about other coins. Nothing about assets and liabilities overall (e.g., did they take out loans using customer BTC as collateral). Nothing about financial practices. Nothing about what they may or may not have had the day before or the day after.