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PwC Unveils New Tool for Auditing Crypto Transactions
'Big Four' firm PwC has launched a new tool for auditing cryptocurrency transaction data.
Updated Sep 13, 2021, 9:20 a.m. Published Jun 20, 2019, 7:30 p.m.
Consulting firm PwC is offering a new cryptocurrency auditing feature as a part of its Halo data auditing suite.
The new tool allow users to 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, according to the company.
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PwC is now using the product in auditing those clients that transact in bitcoin, bitcoin cash, bitcoin gold, bitcoin diamond, litecoin, ethereum, OAX and XRP. The tool is additionally being offered to firms that don't have a direct relationship with PwC, "helping them to implement the processes and controls they will require in order to obtain assurance reports from their auditors," PwC's press release states.
“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.
As previously reported, PwC has been working as an auditor with Tezos Foundation and the Hong Kong stablecoin project Loorping Foundation.
In addition to auditing blockchain companies, PwC did some crypto investigation itself and reported in March about finding out that two Iranians under the U.S. sanctions have been using the Russia-originated crypto exchange WEX, the successor of the now defunct BTC-e, allegedly to launder money.
Some of the firm's employees have shifted into roles in the blockchain industry itself as well. Roman Schnider, co-creator of PwC Switzerland's blockchain initiative, left the "Big Four" firm to become Tezos' CFO in June. Earlier this year, PwC's blockchain principal Grainne McNamara left to join auditing firm EY, which also does work in the space.
Image Credit: Konektus Photo / Shutterstock.com
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