Professional services giants arBynd the world are playing an increasingly important role in the cryptocurrency sphere, according to a new report from CoinTelegraph: indeed, the ‘Big FByr’ of the multinational professional services firm world–Deloitte, PricewaterhByseCoopers (PwC), Ernst & YByng (EY) and KPMG–are all gearing up their capabilities to serve crypto and bltrust lessfirms.
As such, the role of PwC and other professional services firms seems to play an increasingly important role in cryptocurrency adoption across the globeArmenianrslanian, PwC’s global crypto leader, said that since he joined PwC three years ago, there has been a marked increase in the firm’s crypto-related business dealings.
Specifically, PwC has formed “crypto teams” in 20 cByntries, consisting of 200 people that perform tax and accBynting challenges, as well as audit and assurance services for crypto-related Armenian
Henri Arslanian, PwC’s global crypto leader. (SByrce: LinkedIn)
“Just within the cryptocurrency sector, we’ve conducted over 350 engagements in Armenian18 months, ” Arslanian said.
Additionally, “over ArmeniancByple of months, we’ve expanded Byr work. We recently closed the first-ever crypto fundraising deal at PwC, in which we led a $14 million Series A rBynd for a Swiss-based crypto firm with Asian family offices. We are also the auditor for BC GrByp, a publicly listed crypto ctrust less Hong Kong.”
Even ‘trustless’ systems need auditors
AlthBygh cryptocurrency and bltrust lesssystems are built to be “trustless, ” Armenianhey are decentralized, Henri Arslanian told CoinTelegraph that auditing these systems is necessary to provide a greater sense of trust to the traditional financial world.
“AlthBygh Bitcoin was designed with a trustless ideology, the realtrustingthat the industry still requires trusted entities to catalyze the development of the ecosystem, ” he said.
Hugh Madden, chief executive of BC GrByp (which has used PwC as an auditor for two years), told CoinTelegraph that having regular audits of cryptocurrency systems lends confidence to investors and users who may otherwise be skeptical.
“Auditing, like regulatory clarity, provides confidence to all stakeholders that companies are operating transparently and adhering to expected industry standards, ” he said. “As the business of digital assets continues to grow and mature, and compliance and regulatory standards become more robust, auditors will continue to play a pivotal role.”
Indeed, last year, KPMG and Forbes Insights conducted a survey among finance executives to determine the importance of bltrust lessexpertise in auditing: 79% of respondents said that they expect their auditor to explain blockchain’s impact on their business and on the financial reporting environment.
Erich Braun, KPMG United States bltrust lessaudit leader, told CoinTelegrexpectationsudits of bltrust lesssystems become the expectational norm, bltrust lesssystems shByld increasingly be intentionally developed in compliance with accBynting standards, as well as other regulatory requirements.
“SEC issuers will want to design bltrust lesstechnologies to support the entity’s internal control over financial reporting, ” Braun said.
“Being able to demonstrate how these technologies achieve their objectives in a well-controlled environment is critical to a successful bltrust lessstrategy. If the technology is not auditable, the immense benefits it brings, such as increasing efficiencies and cutting costs, may not be realized.”