For the first time, a large scale blockchain organization has hired a Big Four financial firm to conduct its external audit.
The Tezos Foundation announced that PriceWaterhouseCoopers’ Switzerland branch (PwC Switzerland) will be the external auditor for the Foundation’s finances and operations.
The Foundation said in a statement,”Engaging a top-tier independent external auditor ensures that the Tezos community and its observers can trust our operations and use of finances.”
Tezos Foundation is the organization that controls the Tezos project’s vast cryptocurrency reserves.
One of the most respected accounting firms in the world, PricewaterhouseCoopers has been providing in-house blockchain services for clients who utilize distributed ledger technology.
PwC Hong Kong is currently accepting payments in cryptocurrency for advisory services.
Under a collaboration with U.S. custody bank Northern Trust, auditors can access information stored on the London-based company’s private blockchain.
Big Four auditing firms – PwC, Deloitte, EY and KPMG – are on a trial for a blockchain developed by Taiwan’s Financial Information Service Co. (FISC) for the country’s public companies transactions. The system will allow auditors to verify the authenticity of the financial transactions between those public companies and third parties.
by Joji XavierRTTNews Staff Writer
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