According to the Financial Times, the world’s largest auditing companies hire experts in the blockchain and cryptocurrency in order to subsequently provide services to cryptologist. However, poor regulation in this sector interferes with their plans, because so far in the world there is no common agreement on how to audit your digital assets.
Tempting new market
Leading companies in the field of professional audit services PricewaterhouseCoopers (PWC), Deloitte, Ernst & Young (EY) and KPMG, known as the “big four”, seeking to gain a foothold in the industry of blockchain and digital assets.
These firms intend to benefit from the young industry of digital currency, where every day there are new projects. They are ready to hire hundreds of experts on the blockchain and cryptocurrency to help them in their work and advise in the provision of audit services to hundreds of startups associated with these technologies.
In addition, the “big four” develops its own know-how to ensure audit cryptocurrency companies.
Jeanne Boulet from EY explains:
It’s simple. We have no other choice but this way because many of our customers are actively investing in this space.
Currently EY serves more than 150 cryptocurrency companies, exchanges, miners, etc.
Meanwhile, PWC boasts of having around 400 blockchain experts in your state. Ralph Weinberger, head of the methodology Department in the company, says:
We spend significant resources to conduct auditing services for the crypto currency, but the blockchain.
Cryptocurrency can fail…
Largest financial institutions is not easy to keep up with what is happening in Cryptoprotected. They rushed into this market when it established a deep bearish correction after a period of rapid growth.
Now the industry is under pressure from the number of issues, including speculation, fraud and manipulation. Many traditional financial institutions are being kept away from new technologies, which significantly slowed the widespread acceptance of the latter.
The lack of regulation and clear guidance to audit is another major obstacle. Because blackany and cryptocurrency is so new, they are impossible to fit under the existing standards. As a result, each auditor has to develop its own methods and procedures.
David Lyford-Smith, technical Manager of the Institute of chartered accountants of England and Wales (ICAEW), explains:
It really is like reading between the lines, when in each case one has to choose what is suitable and what is not. This leads to some controversy regarding the selection of the “best treatment method”.
Andrew Gambier of the British Association of chartered certified accountants believes that a significant proportion of the work should lie on the shoulders of the financial reporting Council in the UK (FRC).
…but the blockchain in any case it will survive
Recent cryptolibrary noticeably subsided, but in the “big four” believe that the blockchain will survive in a digital currency. This advanced technology promises many advantages to traditional companies in various segments from Finance to medicine.
Thus, the main auditors of the world hard at work on its own blockchain projects. For example, this year, EY and PWC have launched a patented means of verification of the block chain, while EY is developing several platforms for the construction of the cryptocurrency ecosystem.