PwC readies Halo suite of products for cryptocurrency services
PwC is gearing up to use its Halo suite of products to provide auditing and other services to clients dealing in cryptocurrencies.
The company said Halo provides independent, substantive evidence of the “private key and public address pairing”, which is one of the pieces of information needed to establish ownership of a cryptocurrency. It also “interrogates the blockchain to independently and reliably gather corroborating information about blockchain transactions and balances”, the company said.
“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,” the company said.
“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.”
PwC can 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).
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.”
Chanchai Chaiprasit, assurance leader and partner for PwC Thailand, said: “Although PwC Thailand is yet to provide this audit tool for clients seeking to engage in cryptocurrency transactions due to regulatory uncertainty, we have linked up clients to our team of experts across the network who can help them out with the process and manage potential risks. In spite of the uncertainty related to digital assets and cryptocurrencies, more Thai companies are likely to raise money in the future through an initial coin offering. And when that time comes, we’ll be ready to provide those services to our clients.”