New Auditing tool for Crypto Transactions Unveiled by PWC

The second largest professional services firm in the world, PwC is offering a new cryptocurrency auditing feature as a part of its Halo data auditing suite. PricewaterhouseCoopers is a multinational professional services network with headquarters in London, United Kingdom and with its high rank is one of the Big Four auditors, along with Deloitte, EY, and KPMG.

According to the company, with the new tool users can take a closer look at the cryptocurrency transactions they make, providing “independent, substantive evidence of the ‘private key and public address pairing‘” to establish ownership of cryptocurrency and gather information about blockchain transactions and balances.

The product is now being used to audit their clients that transact in bitcoin, bitcoin cash, bitcoin gold, bitcoin diamond, litecoin, ethereum, OAX and XRP. PwC’s press release states that other than just being used by the renowned consulting firm, the tool is also being offered to firms that don’t have a direct relationship with PwC as they are “helping them to implement the processes and controls they will require in order to obtain assurance reports from their auditors,” as well.

It is important as companies continue to digitize 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,” James Chalmers, PwC’s global assurance leader, said a statement.

PwC has been working as an auditor with Tezos Foundation and the Hong Kong stablecoin project Loorping Foundation, as previously reported. The need for such a tool cannot be overemphasized with the crypto related projects they have been dabbling into lately.

In March, PwC reported after it did some crypto investigation itself, that they found out that two Iranians under the U.S. sanctions allegedly have been using WEX, a Russia-originated crypto exchange, the successor of the now-defunct BTC-e, to launder money. These are their other recent reports in addition to auditing blockchain companies.

The company has no doubt become active in the blockchain and crypto space and even some of the firm’s employees have shifted into roles in the blockchain industry itself as well. Notable is co-creator of PwC Switzerland’s blockchain initiative Roman Schnider that was in the news as the newly appointed CFO of Tezos after he left PwC.  Former blockchain principal of the firm, Grainne McNamara also left to join auditing firm EY that also does blockchain related work.

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Credits- Anna Baydakova                  

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