Jun 19, 2019 16:37 UTC
Jun 19, 2019 at 20:49 UTC
PwC Adds Crypto Based Software In “Halo”
One of the biggest auditing firms of the world, PricewaterhouseCoopers (PwC), announced on Wednesday that it has incorporated a cryptocurrency-based software in its existing “Halo” suite of auditing tools.
The firm can now provide audit and other assurance services to clients that both hold or transact in nine digital assets – Bitcoin, Bitcoin Cash, Bitcoin Gold, Bitcoin Diamond, LiteCoin, Ethereum, ERC20 – OAX token, and Ripple (XRP).
According to the press release, the Halo solution can provide independent and substantive evidence of private-public key pairing (to establish crypto asset ownership), and gather information about transactions and balances from blockchains.
According to James Chalmers, Global Assurance Leader,
“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.”
Apart from helping its own clients, the firm is also working with other firms to help them address both the challenges and new opportunities of blockchain and cryptocurrency.The statement outlined,
“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.”
The Big Four auditing companies all seem to be increasingly keen on crypto auditing. While they acknowledge the lack of regulatory certainty in the space, the four conglomerates have made significant efforts in understanding the market to assist large corporations to integrate the emerging technology.