PwC Reveals Audit Tool for Crypto Transactions

PwC Reveals Audit Tool for Crypto Transactions



PwC Reveals Audit Tool for Crypto Transactions

Big Four management consultancy PricewaterhouseCoopers (PwC) has unveiled a new crypto audit tool as part of its Halo data auditing solution that “helps identify higher risk transactions”.

According to a CoinDesk report, this tool helps examine crypto transactions and provides “independent, substantive evidence of the ‘private key and public address pairing’” so that ownership can be traced, while gathering more information about blockchain transactions and balances.

Apparently, PwC is able to now use the new tool to audit clients transacting in a range of major crypto, including Bitcoin and several of its forks, Litecoin, Ether and Ripple. Companies don’t even need to have a direct relationship with the auditor as well, as PwC has allowed the tool for their use to help them “implement the processes and controls they will require in order to obtain assurance reports from their auditors”. PwC global assurance leader James Chalmers explained:

“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.”

While PwC has long moved in on blockchain companies in its auditing work, it has been increasingly involved in blockchain forensics. Its early work helped in identifying two Iranian nationals attempting to evade US sanctions by using the WEX crypto exchange — the alleged successor of defunct exchange BTC-e — to launder funds.

Among other notable former PwC employees to have embraced blockchain is Roman Schnider, co-creator of its blockchain initiative in Switzerland, who just joined Tezos last week as its new CFO.

 

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