PwC (PricewaterhouseCoopers), one of the Big Four professional services firms, has recently come out with a brand new crypto audit tool. This will be a part of its data auditing solution Halo, which is designed to identify and point out transactions with a higher risk.
According to latest reports, this tool is supposed to go through cryptocurrency-based transactions and pick up “independent, substantive evidence of the ‘private key and public address pairing’”. This, in turn, would help trace the ownership of the crypto in question, while gathering data about blockchain balances and transactions at the very same time.
As per the reports, the consultancy and professional services firm will now be able to use the tool to carry out audits for clients that use crypto for many of their transactions.
This would include the include of Bitcoin and its multiple spin-offs or forms, and leading altcoins like Ether and Ripple. The companies requiring the services would not necessarily have to establish a direct relationship with the auditor.
This is because PwC has made sure that the tool can be used by them directly to enable them to “implement the processes and controls they will require in order to obtain assurance reports from their auditors”. James Chalmer, who is the global assurance leader working with the company, stated the following by way of explanation:
“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.”
PwC has several blockchain-based solutions and has earlier dabbled in the world of crypto as well. With this auditing tool, it is all set to cement its position in the realm of crypto services.
As more and more firms use cryptocurrencies in their respective transactions, it becomes increasingly relevant to deploy auditing tools suited to them specifically. For this reason, it is hoped that this PwC offering will find great traction in the crypto world.