PwC now providing audit services of Cryptocurrency

PwC Ireland has announced a new addition to its existing suite of auditing tools to provide assurance services for entities engaging in cryptocurrency transactions.

In an environment where robust controls have been proven effective throughout a business’ cryptocurrency activities, this tool can:

1. Provide independent and substantive evidence needed to establish ownership of cryptocurrency; and

2. Securely interrogate the blockchain to independently and reliably gather corroborating information about blockchain transactions and balances.

Enda McDonagh, Assurance Leader, PwC Ireland, said: “With the launch of this new software tool we are well positioned to provide audit and other assurance services to clients engaging in cryptocurrency activities. We are also working with companies, for whom we are not the auditor, 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.

“Our ability to audit an entity engaged in cryptocurrency activities is very much influenced by our client’s control environment.”

PwC can currently use 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).

Enda McDonagh, concluded: “It is important as companies continue to digitise that, we as auditors, keep ahead of 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