The Big Four consulting firm PricewaterhouseCoopers (PwC), revealed via a press release published June 19, 2019, the addition of a tool to its Halo Suite that would be used to audit cryptocurrency transactions.
Per the report, the new software tools presently support eight virtual tokens, including bitcoin, bitcoin cash, litecoin, and XRP.
Moving with the Times
The auditing giant recently updated its Halo Suite of auditing tools to include software that would effectively provide auditing services and give assurance to clients who carry out cryptocurrency trading.
Speaking on the company’s need to keep up with emerging technologies, Global Assurance Leader of PwC, James Chalmers, said:
“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.”
The updated Halo suite will enable the company to interrogate the blockchain and gather reliable information about transactions and balances on the blockchain along with providing trustworthy evidence of the “private key and public address pairing.”
PWC stated that the updated Halo Solution is already in use for virtual currency auditing, but auditing for clients would still be determined by several factors, as stated:
“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.”
Per the press release, PwC also extends its services to non-clients, helping them identify challenges and opportunities in the cryptocurrency industry.