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PwC launches solution supporting audit of cryptocurrency

PwC has unveiled an addition to its existing ‘Halo’ suite of auditing tools designed to provide assurance services for entities engaging in cryptocurrency transactions. The new software tool positions PwC to provide audit and other assurance services to clients holding or transacting in cryptocurrency.

The firm says the Halo solution can:

  • provide independent, substantive evidence of the “private key and public address pairing” which is one of the pieces needed to establish ownership of cryptocurrency
  • securely interrogate the blockchain to independently and reliably gather corroborating information about blockchain transactions and balances.

PwC is leveraging its new Halo solution to support audits of clients engaged in cryptocurrency activities. It is also working with companies that it does not audit, to help them address the new opportunities and challenges of blockchain and cryptocurrency, including helping them to implement the processes and controls they will require in order to obtain assurance reports from their auditors.

PwC is currently use to use this this tool to provide assurance services to clients transacting in Bitcoin, Bitcoin Cash, Bitcoin Gold, Bitcoin Diamond, LiteCoin, Ethereum, ERC20 - OAX token, and Ripple (XRP).

James Chalmers, Global Assurance Leader, 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.”

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