PwC launches solution to support audit of cryptocurrency

PwC has launched its new software tool to provide audit and other assurance services to clients holding or transacting in cryptocurrency.

LONDON: PwC has launched its new software tool to provide audit and other assurance services to clients holding or transacting in cryptocurrency.  

The cryptocurrencies include Bitcoin, Bitcoin Cash, Bitcoin Gold, Bitcoin Diamond, LiteCoin, Ethereum, ERC20 - OAX token, and Ripple (XRP).

It said on Thursday this was an important addition to its existing "Halo" suite of auditing tools that it can use to provide assurance services for entities engaging in cryptocurrency transactions.

PwC said in an environment where robust controls have been proven effective throughout a business' cryptocurrency activities, its Halo solution can provide independent, substantive evidence of the "private key and public address pairing" which is one of the pieces needed to establish ownership of cryptocurrency.

The solution can also securely interrogate the blockchain to independently and reliably gather corroborating information about blockchain transactions and balances.

“PwC has started leveraging its new Halo solution to support audits of clients engaged in cryptocurrency activities. 

“We are also working with companies, for whom we are not the auditor, to help them address the new opportunities and challenges of blockchain and cryptocurrency, including helping them to implement the processes and controls they will require in order to obtain assurance reports from their auditors,” it said.

PwC said its ability to audit an entity engaged in cryptocurrency activities was very much influenced by its client's control environment, and at this stage, by the breadth of tokens supported by its Halo software. 

“These considerations will be key when determining whether we are comfortable to accept an audit engagement,” it said.

PwC's global assurance leader James Chalmers said it was 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”.

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