PwC launches solution supporting audit of cryptocurrency

05/07/19

Organisations are rapidly changing the way they work and how they capitalise on new technologies such as blockchain. Of course, such new and innovative technologies also bring about a variety of challenges and risks that may put stakeholders in a somewhat uncertain position. 

Malta has taken a bold step in regulating Distributed Ledger Technology (DLT) assets and in the process earning the title: “Blockchain Island”. Indeed, Malta has attracted a number of players operating and providing services in the cryptocurrency space who are in the process of obtaining a license in terms of the Maltese Virtual Financial Assets Act. 

PwC Global has brought together its leading Assurance professionals, software developers and blockchain experts to develop assurance solutions to support this complex, emerging area.

PwC Malta is pleased to announce an important addition to its existing suite of auditing tools that can be used 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 our clients and prospective clients holding or transacting in cryptocurrency.  

In an environment where robust controls have been proven effective throughout a business’ cryptocurrency activities, our 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; and

  2. securely interrogate the blockchain to independently and reliably gather corroborating information about blockchain transactions and balances.

PwC has started leveraging its new solution to support audits of clients engaged in cryptocurrency activities. We are also working with companies to help them address the new opportunities and challenges of blockchain and cryptocurrency, including supporting 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 software solution. 

PwC can currently use this new tool to provide assurance services to clients transacting in Bitcoin, Bitcoin Cash, Bitcoin Gold, Bitcoin Diamond, LiteCoin, Ethereum, ERC20 - OAX token, and Ripple (XRP).

 

“Blockchain and other emerging technologies are making our clients rethink the way they do business. With the addition of this new tool to our suite of software we believe that we can continue to add value to our clients and help build trust in these emerging technologies”

David Valenzia, Territory Senior Partner

About PwC Malta

At PwC Malta, our purpose is to build trust in society and solve important problems. We’re a network of firms in 158 countries with more than 250,000 people who are committed to delivering quality in assurance, advisory and tax services. Find out more and tell us what matters to you by visiting us at www.pwc.com/mt

PwC refers to the PwC network and/or one or more of its member firms, each of which is a separate legal entity. Please see http://www.pwc.com/structure for further details.

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Contact us

David Valenzia

Territory Senior Partner, PwC Malta

Tel: +356 2564 6892

Joseph Camilleri

Assurance Partner, PwC Malta

Tel: +356 2564 7191

Elizabeth Camilleri

Communications, PwC Malta

Tel: +356 2564 6734

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