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PwC Enters into Partnership With ChainSecurity For Developing Auditing Tools
We keep reiterating the lucrative panoramas among the Blockchain/FinTech space that has led the mounting interests everywhere, reputed institutions from Big 4 auditing firms to the central banks of advanced economies have been investing into R&D projects of blockchain and cryptocurrency gamut.
Now, PwC Swiss branch has partnered with a smart contract auditing team ‘ChainSecurity’ with an objective of enhancing the services for auditor across the globe.
As per a press release by the firm, PwC confirms the spin-off from EPF Zurich, ranked currently 2nd best university in the world in computer science now joins PwC Switzerland.
They now intend for the global leader in smart contract auditing. PwC reckons that this latest development likely to stimulate Switzerland's position as a blockchain site and consolidates its role as an international leader.
For big 4 firms, this is not a new thing of venturing in to blockchain space. Ernst & Young (EY)’s smart contract and token testing service has undergone for a public beta testing. EY had launched the service back in last April which was initially developed as the EY Smart Contract Analyzer meant for blockchain clients.
Ernst & Young has seem to have been positioned themselves in blockchain industry, in the past the firm acquired technology assets and related patents of the Crypto-Asset Accounting and Tax (CAAT), the technology developed by Elevated Consciousness. It is reported that CAAT would enable its members firms of the accounting giant as well as their clients to better assess the risk associated with the reporting of taxable income for crypto assets. The CAAT to fetch information about crypto-transactions from predominant exchanges, consolidate data from various sources, which in turn generate reports, such as, Internal Revenue Service (IRS) tax returns exclusively pertaining to crypto-transactions. EY reckons a significant growth in the number of clients owning crypto assets.
PriceWaterhouseCoopers Switzerland audit firm has wide range of client base including various industries from banking, manufacturing, and trading that needs blockchain audits.
Now, with the latest edition of this new entity partnering with another Big 4 will make PwC Switzerland the world leader in the Blockchain market Smart Contract Insurance. "As an integral part of PwC Switzerland, the team of ChainSecurity will focus on accelerating PwC Switzerland blockchain audits, including technical audits of smart contracts and blockchain platforms as well that risk hedging services for customers with crypto assets ", says
Andreas Eschbach, partner and Head of Risk Assurance in Switzerland and PwC Europe.
ChainSecurity is a spin-off from the ICE center, ETH Zurich, a leading research lab in blockchain security. Their team appears to be comprised of PhDs and graduates from ETH Zurich and has extensive expertise in research and development in the areas of security.