Some of the top accountancy firms have decided to invest their time and money into cryptocurrency, regardless of how negligent they can be on digital assets. Many examples are accountancy firms like EY, PwC and KPMG who are some of the most known accountancy firms in all of Europe. These accountancy firms have decided to develop some of their own specialised staff by using cryptocurrency to assist them in their auditing.
One of the leaders of EY global assurance Jeanne Boillet claimed moving towards crypto currency for accountants was a “No brainer”. With over 150 clients using crypto currency, EY global assurance see this as the most logical step to take when moving forward with accounting. EY and PwC have already launched a blockchain of audit tools for 2018 onwards. EY has also mentioned that they are a going to create another seven block chain platforms for cryptocurrency.
However there is some risk involved. The reason for this is that there is no actual guidance to how digital assets should be accounted or audited since they do not fall into any current standards. This has become a problem and this is the major reason why many accountant firms have created their own processes.
Regardless, many of these auditors see cryptocurrency as a potential asset. In some instances they have been treated like inventory. Some of the biggest challenges that a auditor faces is usually when dealing with assets have a rapid change. A lot of these differentiate depending on what type of exchange an auditor deals with.