Big Four Accountancy Firm Unveils New Crypto Auditing Tools

Cryptocurrency Buy Rush: Big Four accountancy firm, PwC, has just detailed a solution to help companies audit crypto asset activities. The service is an addition to PWC’s existing “Halo” suite of tools.

The firm states that its new solution can provide even greater evidence of ownership of cryptocurrency than previously possible. Such tools have already been instrumental in bringing some of those using crypto for illegal ends to justice.

PwC to Step Up Crypto Auditing Services

According to a press release by PwC earlier today, the Big Four accountancy firm has just upgraded its “Halo” suite of auditing tools. The unnamed upgrade will apparently allow the company to provide assurance services to individuals and organisations engaging in crypto asset transitions.

The release states that using the recently-upgraded Halo solution, the PwC will be able to “provide independent, substantive evidence of the ‘private key and public address pairing’”. The firm goes on to say this can be used to help track down the owner of a cryptocurrency wallet.

According to PwC, the Halo solution is already in use auditing those engaged in digital asset transactions. This is helping the firm to provide guidance to those working in the cryptocurrency space as to best practice with regards audits and assurances.

The Halo solution can reportedly be used to provide such services for the following crypto assets: Bitcoin, Bitcoin Cash, Bitcoin Gold, Bitcoin Diamond, Litecoin, Ethereum, ERC20 – OAX token, and XRP.

The PwC release concludes with comment from the firm’s Global Assurance Leader, James Chalmers. He states:

“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.”

Contrary to the belief of some, few, if any, digital assets are entirely untraceable and private. Each year, auditing services and blockchain forensics firms bring to justice more criminals attempting to use the perceived anonymity of crypto assets to disguise financial crimes.

Previously, we reported on all manner of criminals, from dark web drug dealers, to money launderers. who have been brought to justice thanks to the efforts of firms dedicated to policing the space.

That said, blockchain forensics is a reactive industry and with every advance made by those trying to track criminality enabled by crypto, those working on improving the anonymity and privacy of existing protocols are often at least one step ahead.

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Faced with increasing effort from auditors and law enforcement, those using crypto for crime are frequently favouring privacy-focused coins.

As efforts like those announced by PwC earlier today become more effective in the fight against crypto criminality, criminals often turn to those assets that are much more difficult to trace, such as Monero or Grin. That said, for those interested in seeing Bitcoin shake its previous associations with crime permanently, efforts to drive those using digital currency for illicit ends away from the leading crypto asset will likely be welcomed.

Disclosure: Opportunistic fraudsters are taking advantage of this market, offering investments in cryptocurrencies and doing everything they can to defraud unsuspecting victims, Anyone who invests in cryptocurrencies should thoroughly research the company they are choosing to invest with to avoid scams.

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