Everyone is trying to get into the crypto bandwagon, and auditing firms are next in line. All of the big auditing firms have recently been in trouble. The field of auditing is too congested and the prospect of growth is minimal. Also, the nature of auditing means that acquiring customers from other accounting firms is an uphill task. This makes crypto a good growth opportunity for these companies. Now, PwC (PricewaterhouseCoopers), an accounting firm, has come up with interesting software. Amazingly enough, it could end up being a really core software for anyone using crypto.
PricewaterhouseCoopers is a multinational professional services network with headquarters in London, the United Kingdom mainly focusing on auditing. PwC ranks as the second largest professional services firm in the world and is one of the Big Four auditors, along with Deloitte, EY, and KPMG. PwC has a network of firms in 158 countries, 721 locations, with 250,930 people. The process done by the new set of tools released by the company is not a new thing, but until now the process was manual and cumbersome. There were also no enterprise solutions available, and this is where Halo by PwC comes into play.
Halo is a data auditing suite provided by the PwC to its clients. On June 19th, the firm announced an unexpected addition to the software. A set of tools that can be used to provide services that the firm calls assurance services for entities engaging in cryptocurrency transactions. The new set of tools has two new features.
- Provide independent, substantive evidence of the “private key and public address pairing” which is one of the pieces needed to establish ownership of cryptocurrency.
- Securely interrogate the blockchain to independently and reliably gather corroborating information about blockchain transactions and balances.
These new services will be available to companies, even to those who do not employ PwC as their auditor. PwC has started leveraging its new Halo solution to support audits of clients engaged in cryptocurrency activities. The new tools will help them to implement the processes and controls they will require in order to obtain assurance reports from their auditors. PwC can currently use this tool to provide assurance services to clients transacting in Bitcoin, Bitcoin Cash, Bitcoin Gold, Bitcoin Diamond, LiteCoin, Ethereum, ERC20 – OAX token, and Ripple (XRP).
Taking a closer look at the software reveals that the company has put a lot of effort and has understood the technology of blockchain very well. The pairing of public and private key to verify ownership of crypto assets is something that is fundamental in ensuring that the transaction has taken place properly. This goes to show the knowledge that the firm possesses over the technology and the effort put into acquiring it, which could also mean that we can expect more of such services in the near future from PwC. On a closing note, it makes no sense that such an essential piece of crypto software was unavailable till now and moreover it came from an accounting firm.
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