Major Accountancy Firms Race to Offer Auditing Services for Crypto and Blockchain Companies

2018-10-30 16:00

Top professional services firms, including EY, PwC, and KPMG, are currently hiring hundreds of blockchain and cryptocurrency experts to offer auditing services to companies involved in the loosely regulated sector, the Financial Times reported on Oct. 29.

Auditors Grapple with Crypto and Blockchain

Despite a prevailing lack of consensus on how digital assets should be accounted for and the overall negative sentiment large financial institutions have towards cryptocurrencies in general, major accountancy firms don’t shy away from providing services to companies in the sector.

Companies such as EY, PwC, and KPMG are ramping up their by hiring specialized staff and developing their own in-house technologies to support the crypto audit process. The main reasoning behind the overwhelming support the industry has gotten from the auditors stems from their belief that businesses will continue to use the blockchain technology underpinning it even as the hype around cryptocurrencies dies down.

Jeanne Boillet, global assurance innovation leader at EY, told the Financial Times that the company previously had more than 150 clients worldwide involved in crypto assets as of September 2018 and that the company did not have any choice but to address it as many of their clients have invested in cryptocurrencies.

EY’s rival RwC currently employs around 400 blockchain experts globally across multiple divisions within the company, including its consultancy business. Ralph Weinberger, leader of PwC’s global network assurance methodology group, said that the company is providing “significant resources” to providing auditing services in both cryptocurrency and blockchain.

A Promising Industry That Still Requires a Lot of Work

And while the potential auditors see in blockchain and crypto is huge, the lack of regulation around the industry is certainly making things harder. There is currently no clear guidance for how the assets should be accounted for or audited, as they do not fall neatly under current standards, forcing companies to draw up their own processes.

David Lyford-Smith, technical manager at the Institute of Chartered Accountants in England and Wales, said that most auditors viewed cryptocurrencies as intangible assets, though in some cases they were being treated as inventory.

However, the main problem auditors are faced isn’t the lack of support from government regulators or appraising the value of cryptocurrencies, but verifying ownership. Jatin Patel, a director in the investment management and funds audit practice at KPMG, told the Financial Times that the company struggles with the anonymity afforded to holders of most digital currencies.

But Mr. Patel added that proof of ownership was becoming easier as crypto custodians become more prevalent. Other companies, such as EY, are addressing this issue by carrying out due diligence on potential crypto clients, sometimes going beyond their standard procedures.

Ms. Boillet of EY said:

“We are pushing and challenging companies in this industry so that [their] controls are proper and secure.”

The post Major Accountancy Firms Race to Offer Auditing Services for Crypto and Blockchain Companies appeared first on CryptoSlate.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

High Performance Blockchain (HPB) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0.0064459
Капитализация $0 Rank 99999
Цена в час новости $ 0.6927 (-100%)

services blockchain companies crypto offer auditing firms

services blockchain → Результатов: 126


Alux Bank ICO

Lux Ant Digital aims to reach the scale to offer traditional services and emerging banking products encompassing the environment of the Blockchain era. The project is focused on the creation of a electronic banking using Blockchain technology to reduce costs in third-party services, and thus reduce the efforts for the final consumer.

2018-8-30 16:33


Liquid8 ICO

Liquid8 is a blockchain-based peer-to-peer multi-functional platform that aims to revolutionize the digital economy, by bridging the gap between real-world assets and the emerging digital economy. Liquid8 will introduce a peer-to-peer digital services platform, where owners of real-world assets: traditional assets and alternative assets, are able to “tokenize” their asset, allowing the asset to be represented by digital tokens within the blockchain ecosystem.

2018-7-9 15:47


InfraCoins Blockchain Real Estate Property Listing Launches INF Token ICO

One of the numerous application of Blockchain Technology lies in property listing for apartments, villas, hotel rooms and office spaces. InfraCoins leverages blockchain technology to assist in enabling these services to reach the threshold of transition from fiat to crypto by developing a platform focused on the practical application of smart contracts and blockchain technology […]

2018-7-7 22:21


On the backdrop of recent developments concerning the status and the future of cryptocurrencies in India, Bitcoin has been dragged into a political scandal between the country’s two major parties. We’ve covered the story in today’s Bitcoin in

Also in the daily, check the details around some BCH-related projects and services, as well as the latest incarnations of the blockchain technology. However, he also quoted local press mentioning figures of up to 88,000 crore rupees, close to 13 billion USD.

2018-7-7 16:12


Global telecom blockchain consortium unveils working group for remittances!

A global blockchain consortium of telecom carriers has announced that six further major international telecoms firms are joining its ranks, CT Japan reports today, July 6. The consortium, dubbed ‘The Carrier Blockchain Study Group’ (CBSG) has also today unveiled the creation of a new blockchain working group that will focus on global remittance services. Launched

2018-7-7 01:17


Maltese Parliament Passes Three Bills on Distributed Ledger Technology

The Maltese Parliament passed four bills — one to establish Infrastructure Malta and three others for the regulation of the distributed technology sector in the country. According to Maltatoday, the three new bills for the blockchain industry include “Malta Digital Innovation Authority Act,” “Innovative Technological Arrangement and Services Act” and the “Virtual Financial Asset Act.

2018-7-6 15:26


Scienceroot ICO

Scienceroot aims to improve the scientific and research community using blockchain technology. The goal is to create an ecosystem where anyone in the scientific community around the globe will have the ability to gather funding, interact, discuss research ideas, collaborate and in the end, publish their work through a more efficient, open and transparent platform.

2018-7-6 01:30


FSA Denies Plans to Make Changes to Regulations Governing Cryptocurrency Exchanges

Japan’s Financial Services Agency (FSA) finally refuted recent reports stating that it plans to make some changes to existing cryptocurrency regulations. The FSA is the government agency responsible for regulating the insurance, securities, exchange, and banking sectors in the country to ensure the stability of the financial system.

2018-7-5 16:39


Фото:

Malta Passes Blockchain Bill to Confirm Itself as the Blockchain Island

The Parliament of Malta has passed three bills into law that establish a regulatory framework for blockchain technology, local news outlet Malta Today reported July 4. The bills include the Malta Digital Innovation Authority Act, the Innovative Technological Arrangement and Services Act, and the Virtual Financial Asset Act. In May, the Transport Minister of Malta

2018-7-5 07:26