Tezos Hires 'Big Four' Firm PwC to Conduct External Audit

"Big Four" financial firm PriceWaterHouse Coopers Switzerland will audit the Tezos Foundation, the latter announced Monday.

AccessTimeIconJul 24, 2018 at 7:20 p.m. UTC
Updated Sep 13, 2021 at 8:12 a.m. UTC

"Big Four" financial firm PriceWaterhouseCoopers' Switzerland branch will audit the Tezos Foundation, the latter announced Monday.

The Foundation explained that PwC Switzerland will act as an external auditor and examine at the organization's finances and operations. This is the first time a "large-scale blockchain organization  [has been] accepted as an audit client" by a Big Four firm, the Foundation said in a press release.

The release added:

"The Foundation is committed to operating with the highest degree of integrity in the service of our mission to support the Tezos protocol, ecosystem, and community. Engaging a top-tier independent external auditor ensures that the Tezos community and its observers can trust our operations and use of finances."

Tezos launched its network for beta testing last month. The blockchain works on a proof-of-stake consensus mechanism, when transactions are approved by validators. While there are only 26 validators, or "bakers" as they are dubbed by Tezos, their number is expected to continue to grow. Eight of the Foundation's own members are currently bakers.

PwC has been active in the blockchain space over the last several years and provides in-house blockchain services for companies seeking to utilize distributed ledger technology. This past November, PwC Hong Kong began accepting payments in cryptocurrency for advisory services, while in March, PwC announced a collaboration with U.S. custody bank Northern Trust, which allowed auditors to access information stored on its private blockchain.

Similarly, PwC announced last week that it would participate, along with fellow Big Four auditing firms Deloitte, EY and KPMG in 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.

PwC image via Shutterstock

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
CoinDesk - Unknown
NFT Platforms Should Be Caught by EU Money-Laundering Overhaul, Lawmakers Say

Unhosted wallets and decentralized finance were left largely unscathed by two landmark crypto laws agreed to last week, but left-wing lawmakers may seek another go as they discuss dirty-money rules.

CoinDesk - Unknown
2
CoinDesk - Unknown
Bitcoin se recupera y supera los $19K; Nomura advierte de una recesión en EE. UU. y Reino Unido

Nomura escribió acerca de una recesión en la eurozona, el Reino Unido y Asia Pacífico, lo que podría influir en los precios de las criptomonedas.

CoinDesk - Unknown
3
CoinDesk - Unknown
Argentinos se refugian en stablecoins durante el fin de semana tras dimisión del ministro de Economía

Los principales exchanges del país informaron que los usuarios compraron hasta tres veces más criptomonedas estables que durante un fin de semana normal, en medio una crisis económica en ciernes.

CoinDesk - Unknown
4
CoinDesk - Unknown
Polkadot Builder Parity Technologies Adds 3 Execs to Leadership Team

The new executives joining Parity are Eran Barak (COO), Peter Ruchatz (CMO) and Fahmi Syed (CFO)

CoinDesk - Unknown