- Big step for crypto firms as PWC cracks the code that will allow companies to be audited.
- PWC tools “do allow PwC to verify that an entity is the sole owner of the cryptocurrency holdings.”
The leading accountancy firm PricewaterhouseCoopers LLP has announced the addition of new services as it expands its asset class in a bid to adopt to the changing financial industry.
The company put together various teams in the last 12 months to design tools that have the capacity to match private keys as well as public addresses, particularly of those linked to cryptocurrency accounts.
According to Ralph Weinberger, the head of PWC’s Global Assurance Methodology, Learning and Education Organization told Bloomberg via a phone call that the firm’s tools are not able to access the “unique alphanumeric security codes that secure each key… but they do allow PwC to verify that an entity is the sole owner of the cryptocurrency holdings.”
The crypto industry has been missing out in terms of audits due to the difficulty associated with verifying crypto assets. This has also been a deterrent to institutional investors who prefer to stay away from unaudited businesses due to fraud, theft as well as market manipulation.
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