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New cryptocurrency auditing tool announced by PwC

PWC.Howard Lake/Flickr

Thu, 20 Jun 2019, 05:27 am UTC

Cryptocurrency investors often find it difficult to keep track of their transactions. To address this issue, PwC recently announced a new software tool to provide audit and assurance services to clients dealing with cryptocurrencies.

The tool, an addition to PwC's existing "Halo" suite of auditing tools, will make it easier for clients to keep a reliable record of the cryptocurrencies held and transacted by them.

In a press release, PwC detailed exactly what this new auditing tool intended for cryptocurrencies will entail. For one thing, it would “provide independent, substantive evidence of the ‘private key and public address pairing’ which is one of the pieces needed to establish ownership of cryptocurrency."

The new tool can also supposedly “securely interrogate the blockchain to independently and reliably gather corroborating information about blockchain transactions and balances.”

PwC said that it is already using the tool to support audits of clients engaged in cryptocurrency activities. In addition, 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.

The tool, it added, currently supports Bitcoin, Bitcoin Cash, Bitcoin Gold, Bitcoin Diamond, LiteCoin, Ethereum, ERC20 - OAX token, and Ripple (XRP).

As to the advantages of coming up with this new auditing tool, PwC global assurance leader, James Chalmers noted that it is to suit the current demands of the market. With cryptocurrency having already been predicted to stick around, it only makes sense to create auditing tools for them.

“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,” Chalmers said.

This puts cryptocurrency one step closer to becoming a more common means of purchasing power for the public. From the ethereal concept that used to involve only technophiles, it has since emerged to become a global financial power. It only makes sense that there would be tools created to keep it in check.

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