PwC updates cryptocurrency auditing software solution

Big Four consulting company PwC, announced the launch of an updated auditing software solution for clients who hold cryptocurrencies.

According to the press release,the auditing solution is called Halo and it offers a full breakdown of clients’ crypto treasury. The tracking blockchain transactions will provide independent, substantive evidence needed to establish ownership of cryptocurrency.

PwC’s global assurance leader, 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 auditing solution currently supports Bitcoin, Bitcoin Cash, Bitcoin Gold, Bitcoin Diamond, Litecoin, Ether, ERC20 – OAX token and XRP cryptocurrencies. However the press release did not specify if the new platform would be available in all 157 countries it operates in, as some auditing practice vary by geography.

PwC also notes that it is already employing the new tool to support audits of clients involved with cryptocurrencies, and assisting companies for which the firm is not the auditor in implementing processes and controls necessary to obtain assurance reports from their auditors. The press release also made it clear that the software is not without its limitations.The press release read,

“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.”