PwC launches solution to support the audit of cryptocurrency

Clients engaged in cryptocurrency activities are to benefit from an important addition at PwC Isle of Man.

It has announced the launch of a new tool to its existing "Halo" suite of auditing software, meaning the company is well positioned to provide audit and other assurance services to clients holding or transacting in cryptocurrency.

In an environment where robust controls have proved effective throughout a business’ cryptocurrency activities, the PwC 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 has now started leveraging its new Halo solution to support audits of clients engaged in cryptocurrency work. It is also working with companies for whom it is not the auditor, to help them address the new opportunities and challenges of blockchain and cryptocurrency, including helping them implement the processes and controls they will require to obtain assurance reports.

The firm’s ability to audit an entity engaged in cryptocurrency activities is very much influenced by its client’s control environment and, at this stage, by the breadth of tokens supported by Halo. These considerations are key when determining whether to accept an audit engagement.

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

Ian Clague, Senior Partner, PwC Isle of Man, says: ‘As companies continue to digitise, it is important 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.’

For further information please visit https://pwc.to/2IlUp4A