- “Big Four” consulting firm PwC has launched a new auditing solution for cryptocurrencies, hoping to offer clearer guidelines to its growing collection of crypto clients
- The solution currently supports 8 tokens, including Bitcoin, Ether, and XRP
- Earlier this year, Deloitte’s Linda Pawczuk said “there are no rules” in crypto auditing at present.
“Big Four” professional consulting firm PwC has launched an updated auditing solution for clients who hold cryptocurrencies, the firm announced Wednesday.
The auditing solution, called Halo, offers a full breakdown of clients’ crypto treasury. tracking blockchain transactions to provide “independent, substantive evidence  needed to establish ownership of cryptocurrency.”
The solution currently supports Bitcoin, Bitcoin Cash, Bitcoin Gold, Bitcoin Diamond, Litecoin, Ether, ERC20 – OAX token and XRP cryptocurrencies, according to the announcement. PwC did not make clear whether the new platform would be available in all 157 countries it operates in, despite some auditing practices varying by geography.
“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,” said James Chalmers, PwC’s global assurance leader.
The Big 4 all currently audit large crypto companies – including exchanges and token projects – but to varying degrees of satisfaction, according to sources who rely on their services. PwC rival EY is taking a particularly strong interest in crypto auditing; investing in tech that will allow the firm to offer a specialised platform.
“My goal is: we’re going to be your first choice for audits…We want to add a tax calculating ability,” EY’s global blockchain innovation lead, Paul Brody, told The Block earlier this year, nodding to the “challenges” in this field. EY reportedly has at least 150 crypto related clients, and also provides consulting services on blockchain innovation and the crypto market.
KPMG also has a heavy focus on crypto auditing, while Deloitte is mainly focused on blockchain uses in finance, with their lead blockchain Linda Pawczuk highlighting the lack of clarity around crypto auditing in certain jurisdictions.
“There are no rules” at present, she told The Block last year.
Isabel Woodford contributed to this report.