PwC launches solution supporting audit of cryptocurrency

Stocks and Financial Services Press Releases Friday August 2, 2019 09:33
Bangkok--2 Aug--PwC Thailand
Leading the way in providing assurance services to clients engaging in cryptocurrency activities.

PwC is pleased to announce an important addition to our existing "Halo" suite of auditing tools that we can use to provide assurance services for entities engaging in cryptocurrency transactions. With the launch of our new software tool we are well positioned to provide audit and other assurance services to clients holding or transacting in cryptocurrency.

In an environment where robust controls have been proven effective throughout a business' cryptocurrency activities, our Halo solution can:
1. provide independent, substantive evidence of the "private key and public address pairing" which is one of the pieces needed to establish ownership of cryptocurrency
2. securely interrogate the blockchain to independently and reliably gather corroborating information about blockchain transactions and balances.

PwC has started leveraging its new Halo solution to support audits of clients engaged 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, 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 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).

James Chalmers, Global Assurance Leader, says "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, adds "PwC has recently launched a new addition to our existing Halo suite of auditing tools to provide assurance services to clients holding or transacting in cryptocurrency. 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, or ICO. And when that time comes, we'll be ready to provide those services to our clients."

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

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