[2019-06-19]Big Four Auditing Firm PwC Releases Cryptocurrency Auditing Software

[roosbit]

Big Four auditing firm PwC announced the release of a cryptocurrency auditing software solution in a press release published on June 19.

Per the release, the tool newly added to PwC’s Halo auditing suite can be used to “provide assurance services for entities engaging in cryptocurrency transactions.” The firm claims that, with the new addition, the Halo suite permits PwC to provide independent evidence of private-public key pairing (to establish crypto asset ownership), and gather information about transactions and balances from blockchains.

PwC further 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. Still, the company notes that the tool is not without its limitations:

“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.”

Lastly, it is specified in the announcement that the new addition to the Halo suite supports bitcoin (BTC), bitcoin cash (BCH), bitcoin gold (BTG), bitcoin diamond (BCD), litecoin (LTC), ether (ETH), OAX (ERC20 token) and XRP.

As Cointelegraph reported at the time, PwC was the top recruiter for blockchain-related jobs on recruitment platform Indeed at the end of March.

Also at the end of March, PwC competitor and big four auditing firm Deloitte announced that it was testing data management on the Ethereum blockchain with three Irish banks.

Source: https://cointelegraph.com/news/big-four-auditing-firm-pwc-releases-cryptocurrency-auditing-software

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[Theb]

PwC's software won't be directly available for normal people, as basing it from the news and what I know about financial companies they would likely offer the auditing software to other financial companies as well or directly take clients within themselves. They'll likely maintain this approach so that the software won't be reproduced in any way to the extent that people can have pirated copies from it. So for normal people like us we can't really do the auditing for ourselves but we will still go to accounting/auditing firms to do it. The only difference is their jobs just got easier to do their work for us.

[rodel caling]

PwC's software won't be directly available for normal people, as basing it from the news and what I know about financial companies they would likely offer the auditing software to other financial companies as well or directly take clients within themselves. They'll likely maintain this approach so that the software won't be reproduced in any way to the extent that people can have pirated copies from it. So for normal people like us we can't really do the auditing for ourselves but we will still go to accounting/auditing firms to do it. The only difference is their jobs just got easier to do their work for us.

Yeah that true normal people bitcoin or crypto currency can't use it the new software launch by the pwc, but hoping the new aoftware can help to the multi companies use crypto for fast auditing and a f the software totally successful possible some companies follow to use crypto software to give easier and fast working for auditing system.

[Theb]

~snip~
So for normal people like us we can't really do the auditing for ourselves but we will still go to accounting/auditing firms to do it. The only difference is their jobs just got easier to do their work for us.

Yeah that true normal people bitcoin or crypto currency can't use it the new software launch by the pwc, but hoping the new aoftware can help to the multi companies use crypto for fast auditing and a f the software totally successful possible some companies follow to use crypto software to give easier and fast working for auditing system.

But the question really is will people really go to auditing firms and avail their services? Something just tells me that they are just doing this in order to be relevant in the crypto industry. Not a lot of normal people are going to these firms in order to fix their taxes for them much more if for people who's main income directly comes from crypto they instead compute it themselves so they we are only talking about a small market here for me. If things go down with a much more strict regulation I do see that these firms will start seeing people in the industry availing their service.