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Accountancy Giant PwC Adds Crypto Auditing to Its List of Services
FinTech, Blockchain, Financial Services
PwC, the Big Four accounting firm, can now audit crypto companies, writes Bloomberg:
Teams across PwC spent the past year designing tools that could match the private keys and public addresses assigned to crypto asset accounts, Ralph Weinberger, head of PwC’s Global Assurance Methodology, Learning and Education Organization, said by phone.
The auditor’s tools can’t access the unique alphanumeric security codes that secure each key, Weinberger said, but they do allow PwC to verify that an entity is the sole owner of the cryptocurrency holdings.
Auditing crypto assets has proved to be a major challenge despite the numerous efforts to improve transparency. Accountants have labored to verify token ownership, and institutional investors have been spooked by the scandals emanating from the industry. As Bloomberg notes however, having a Big Four firm sign off should alleviate some of those concerns.
As of now, PwC can audit eight tokens – including Bitcoin – and each of them requires a tool designed specifically for the blockchain they used. This, Weinberger says, “is one reason it took so long to design the technology.” The firm used these tools when it audited BC Technology Group, the Hong Kong-listed blockchain investment firm.
Photo: Travis Wise