PricewaterhouseCoopers Launches Cryptocurrency Auditing Software

In a news release today, PricewaterhouseCoopers has disclosed the launch of a software for auditing cryptocurrencies. The new tool integrated with PwC’s Halo auditing suite can be utilized to “provide assurance services for entities engaging in cryptocurrency transactions.”

The big four firm further asserted that the new addition enables the Halo suite to facilitate PwC to offer autonomous confirmation of private-public key pair so as to prove cryptocurrency ownership, and retrieve data about balances and trades from blockchain.

PwC additionally points out that it is using the latest tool to assist audits of clients who have cryptocurrency dealings. Furthermore, the firm provides necessary guidance in carrying out requisite procedures and enforces controls required to receive guarantee reports from their auditing firms. Even then, the software solution has its own limitations, according to PwC.

“Our ability to audit an entity engaged in cryptocurrency activities is very much influenced by our client’s control environment, and at this stage, by the breadth of tokens supported by our Halo software. These considerations will be key when determining whether we are comfortable to accept an audit engagement.”

Finally, it is mentioned in the press release that the latest inclusion to the Halo suite assists Bitcoin (BTC), Bitcoin gold (BTG), Bitcoin cash (BCH), Litecoin (LTC), Bitcoin Diamond (BCD), OAX (ERC20 token), Ether (ETH) and Ripple (XRP).

Notably, at the end of March, PwC stood first in the list of firms which employee blockchain specialists. In the same month, PwC rival and another big four audit firm Deloitte stated that it was trialing data administration on the Ethereum blockchain with three Irish banks.