PwC updated ‘Halo’, a crypto auditing solution

PricewaterhouseCoopers that ranks as the second largest professional services firm in the world and is one of the Big Four auditors rolls out new auditing tool for cryptocurrencies. PwC has already developed the tool to provide assurance services and clear guidelines to its growing collection of clients engaging in cryptocurrency activities. The tool is called ‘Halo’ which is a complete suite itself offers a number of services to entities engaged in cryptocurrency transactions. Previously, Deloitte’s Linda Pawczuk said that “there are no rules” in crypto auditing at present. PwC’s updating of existing crypto auditing tool brought it a step ahead of the other three.

 One of the Big Four professional advisory, tax, and regulatory services provider, PwC has recently announced in their official press release that the company has launched an updated auditing solution for clients who are engaged in cryptocurrencies transactions. According to the press release, the new version of ‘Halo’ will support eight main cryptocurrencies that include Bitcoin, Bitcoin Cash, Bitcoin Gold, Bitcoin Diamond, Litecoin, Ether, ERC20 – OAX token and XRP. The auditing solution ‘Halo’ currently offers thorough details of client’s crypto holding, tracking transactions on the blockchain to “independent, substantive evidence [] needed to establish ownership of cryptocurrency.”

The official press release says that ‘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.’

Auditing cryptocurrencies with multiple perspectives can be a grueling task as there are no clear guidelines and regulations when it comes to tax and a few other regulatory aspects on cryptos. According to the press release, the company is working with clients for whom they are not auditing and helping them to overcome the various challenges associated with implementing blockchain and cryptocurrency.

James Chalmers, Global Assurance Leader, says: “It is important as companies continue to digitize 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.”

All Big four are currently working on auditing large crypto companies that include exchanges and ICO projects however, not a decent level of satisfaction has been witnessed till now. EY or Ernst and Young is the largest competitor of PwC as it has a strong interest in crypto auditing.

“My goal is: we’re going to be your first choice for audits…We want to add a tax calculating ability,” EY’s global blockchain innovation lead, Paul Brody, told The Block earlier this year, nodding to the “challenges” in this field. 

Whether the firm will launch the crypto auditing solution ‘Halo’ in all 157 countries it operates in is still unclear.