PwC releases new software solution for auditing cryptocurrency transactions

Big-four auditing firm PricewaterhouseCoopers (PwC) has announced the launch of a software solution for auditing cryptocurrency transactions. PwC shared the news of the software in a blog post dated June 19.

As per the press release, the new tool will be included with PwC’s Halo suite of auditing tools and mainly be utilized in assisting “entities engaging in cryptocurrency transactions.”

The auditing firm affirmed that with the inclusion of the new tool, Halo suite enables PwC to provide autonomous and substantial evidence of private-public keys in order to enhance the credibility of cryptocurrency ownership. The latest tool will collate information about transactions and balances from the blockchain, PwC added.

PwC further highlighted that it has already leveraged the latest tool to assist audits of clients involved in cryptocurrency tradings. Also, the firm is helping companies for those it is not the auditor of; by executing processes and controls required to receive guarantee reports from their auditors.

Adding about the clients’ engagement in the auditing process, PwC stated –

“Our ability to audit an entity engaged in cryptocurrency activities is very much influenced by our client’s control environment, and at this stage, by the breadth of tokens supported by our Halo software. These considerations will be key when determining whether we are comfortable to accept an audit engagement.”

Concluding the blog post, PwC mentions that it currently utilizes the latest tool in providing services to clients trading with Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin Gold (BTG), Bitcoin Diamond (BCD), LiteCoin (LTC), Ethereum (ETH), OAX token, and Ripple (XRP).

PwC

James Chalmers, Global Assurance Leader at PwC was quoted in the release saying –“It is important as companies continue to digitise we, as auditors, keep up with technology changes in the market, continue to develop audit tools that meet the needs of emerging technologies and serve the changing and developing demands of our stakeholders.”

PricewaterhouseCoopers joins other Big-four companies to herald blockchain technology as they see a rise in the number of opportunities provided by leading governments.

Earlier this year, Ernst & Young announced the launch of its Crypto-Asset Accounting and Tax (CAAT) tool. The tool facilitates accounting and tax calculations for cryptocurrency transactions.

In May 2019, Deloitte collaborated with Irish banks in developing a blockchain-based y educational platform for the financial services industry. The platform enables verifying and tracking of administrative credentials and qualifications, by using blockchain technology for security and storing data in a decentralized ledger.