In the blockchain and crypto space, large professional services such as the Big Four are working on cutting-edge innovations. Will they have an impact? The use of blockchain technology and tether(USDT) casinos is growing . In the next five years, the blockchain industry will grow to $21 billion.
After just 11 years, all sectors have grown dramatically, and well-established organisations have begun to take technology seriously and address the use of digital assets and blockchain adoption.
Not surprisingly, professional services giants are playing a more important role in addressing various market challenges. Several blockchain and cryptoservices are working with Fortune 500 firms and Big Four companies to address interoperability, regulatory uncertainty, technology development and consensus models.
According to PwC global crypto chief Henri Arslanian, the big four companies play an important role in the development of the crypto ecosystem. He said: "Despite Bitcoin's hopeless ideology, the sector still needs trusted bodies to accelerate its development."
Three years ago, when Arslanian first joined PwC, he noted that not many people were sold on cryptocurrency. However, two years ago, the firm's Hong Kong-based firm began receiving payments in bitcoin because of the rapid growth he foresaw. As a result, PwC has formed crypto teams in 20 countries with 200 employees trying to grow the company.
According to Arslanian, they have held more than 300 meetings in the last 18 months in the cryptocurrency industry. In addition to tax and accounting, PwC's crypto teams also provide audit and assurance services. According to Arslanian, "Our work has expanded in the last few months. PwC closed its first cryptocurrency fundraiser, in which they arranged a series of A$14 million rounds for a Swiss crypto firm with Asian connections. PwC is also auditing BC Group, a publicly traded Hong Kong-based cryptocurrency company. In addition, trading cryptocurrency through a suitable application, including the BitQT trading platform , contributes to the overall user experience.
The importance of auditing
When it comes to auditing blockchain and cryptocurrency companies, the Big Four firms are crucial. According to Hugh Madden, CEO, PwC is currently the lead auditor for BC Group for 2 years. OSL is the main company for public digital assets and fintech companies. Madden says BC's goal is to leverage digital assets in Asia's investment market.
Consequently, the company must develop compliance, performance and security standards. As Madden explains, audits, like clarity of regulatory requirements, give stakeholders confidence that companies are complying with industry standards and operating transparently. The auditor's role will continue to be critical as digital assets mature and grow and regulatory frameworks become more mature.
In addition, Madden noted that a firm specialising in digital assets is difficult to audit, pointing out that it involves methodology, valuation covering both digital assets and cash, as well as confirmation of control. Financial records are also independently audited against publicly available blockchain data.
Earlier this year, KPMG and Forbes Insights conducted a survey to test the importance of blockchain expertise and auditing to financial executives. 79 per cent of these professionals believe their auditors should provide insight into the impact of blockchain on their business.
In an interview with Cointelegraph, KPMG's US head of blockchain auditing, Erich Brown, said that an organisation's blockchain system must be designed to meet both accounting and professional needs, regulatory requirements and accounting standards. Blockchain technology will be important for SEC issuers to support their companies' internal control over financial matters.
Conclusion
For blockchain to be successful, it must demonstrate the ability to achieve its objectives in a controlled environment. Technology that is not subject to audit will not be able to deliver key audit benefits, including increased efficiency and reduced costs.