One of the “big four” accounting firms, PricewaterhouseCoopers (PwC), has announced that they will be enabling the auditing of clients who use cryptocurrencies.
PwC announced its new cryptocurrency auditing solution via a press release. The crypto auditing solution will be a part of the firm’s existing suite of auditing tools called Halo. According to PwC, “with the launch of our new software tool, we are well positioned to provide audit and other assurance services to clients holding or transacting in cryptocurrency”.
The move by PwC has generated much talk about cryptocurrencies in the financial sector. Having a major financial firm provide auditing services for people who own or trade in cryptocurrency gives the cryptocurrency industry as a whole a much needed boost. It is a sign that cryptocurrencies are being adopted into the mainstream and will soon become a common currency that people will trade in. PwC itself has already started accepting payment in Bitcoin and the addition of cryptocurrency auditing solutions to the firm’s auditing suite further establishes the firm’s intentions to fully integrate dealing with cryptocurrency as part of their portfolio.
PwC’s auditing solution is available to owners and traders of a wide range of cryptocurrencies. Some of the cryptocurrencies that PwC is able to audit include Bitcoin, Bitcoin Diamond, Litecoin, Ethereum and Ripple (XRP), among others. Owners of these cryptocurrencies, who make use of the auditing services provided by PwC, will be able to exercise better control over the digital assets in their possession. It will also become easier to keep track of the digital assets and get an extra layer of protection from the potential loss of these digital assets.
Global Assurance Leader James Chalmer says,
“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.”
The trading in and use of cryptocurrencies is increasing daily and the participation of “big four” firms such as PwC in the market comes at an opportune time. A number of long term investors have their investments in cryptocurrencies and the services of accounting firms were bound to be extended into the industry at some point. Ernst and Young has already developed its own tool to calculate taxes, capital gains and losses for owners of cryptocurrencies. The tool named Blockchain Analyzer was developed and upgraded with the backing of millions of dollars in investment. This is a sure sign that these signs are taking cryptocurrencies seriously and they can see the movement of digital assets into the mainstream market.
Participants in online crypto trading can take assurance for the move by PwC and be certain that the cryptocurrency industry is growing. The provision of auditing services for cryptocurrencies will also provide a boost for the legitimacy of cryptocurrency and provide an extra layer of security. Potential investors can also buy cryptocurrencies with the knowledge that they can have these digital assets audited and secured by a “big four” firm.