Ernst & Young (EY) has announced that it recently acquired a cryptocurrency technology from San Francisco based Elevated Consciousness Incorporated: The Andy Crypto-Asset Accounting and Tax (CAAT).
Think of it as a monitoring tool for cryptocurrency fund transfers and assets, which is in contact with various exchanges and wallets. CAAT will be an invaluable asset for EY to draw investors who are about to enter the crypto market. Like other major accounting firms, EY is working hard to expand its products and services related to cryptocurrency and blockchain.
EY’s Tax partner and Tax Blockchain leader Michael Meisler elaborated the advantageous functions of CAAT by underlining the risk management options. The tool analyzes the potential results so that users can plan accordingly, in other words, CAAT will assist users in entering and finding their way through the crypto market.
After this initiative, it is logical to expect a counter move from other leading accounting firms.
While PricewaterhouseCoopers (PwC) Hong Kong started accepting Bitcoin as payments for its advisory services last December, PwC Australia introduced a blockchain based ‘Trade Community System’, which is planned to revolutionize international trade by removing complexities in the system.
Recently Tezos Foundation, the company behind XTZ token, has announced that an external financial audit will be conducted by PwC
Let’s also not forget that the leading accounting firms “Big Four” Deloitte, EY, KPMG and PwC, will join Taiwanese banks and use blockchain to check interim financial statements of the companies.