One of the big four auditing firms, Ernst & Young (EY) has recently acquired technology assets and related patents of the Crypto-Asset Accounting and Tax (CAAT), the technology developed by Elevated Consciousness. CAAT would enable its member 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, as per the tax blockchain leader at EY, Michael Meisler.

Chirag Patel, the leader of the Foundry, said: “For the Foundry, this marks an important milestone in our exciting journey to launch new digital businesses that drive transformation and growth for EY member firms and create new unique value for EY clients.

The CAAT tool originally came from a team of entrepreneurs led by CEO VJ Anma.”

“Thanks to VJ’s ingenuity, I look forward to all the opportunities in tax and accounting that this technology will afford our clients and professionals in such a dynamic and exciting market,” he added.

The blend of Fintech and Auditing firms have been in constant collaboration and one of the swiftly growing sectors. Fintech gamut symbolizes the progressive enterprises that leverage cutting-edge technology to bring-in friendly financial products and solutions that are quite far more agile and pioneering compared to traditional financial institutions. Big four auditing firms have been investing enormously in this industry.

For now, according to Daniel Diemers, Fintech Leader Switzerland, Head of Blockchain EMEA at PwC Strategy, this report highlights the continued growth and popularity of ICOs globally in 2018, with over 537 ICOs conducted in the first five months of this year, raising a combined total of $13.7 billion USD – more than all ICOs which took place before 2018 combined. Going forward this quarterly report on global ICO activity will continue to track the changes and developments in the industry as it undergoes continuous expansion and substantive change.

EY has previously also scouted in the blockchain sector. For instance, the esteemed accounting firm had collaborated in a joint venture with the reputed shipping company, ‘Maersk’, and with the world’s largest software giant, Microsoft, in unveiling the pioneer marine insurance blockchain platform. The blockchain solution was developed with an objective of enhancing efficiency in the ancient marine insurance segment.

Furthermore, the Swiss unit of EY has become the first big four accounting firm to recognize Bitcoin as a means of payment for its advisory services during late 2016.