Catallaxy, a Raymond Chabot Grant Thornton subsidiary, has been positioning itself in new technologies, specifically blockchain and cryptocurrencies, for some years. Recently, it has made digital asset auditing its main focus by developing a tailored methodology and solution that meets the new blockchain requirements.
The surge in cryptocurrencies has led to an increasing number of organizations to own these currencies. Because of recent government positions on cryptocurrency legislation, it is imperative for auditors to obtain an understanding of these new assets in order to implement sufficient and appropriate audit procedures. This translates into a range of issues in practice. The lack of regulations, immature technologies, security considerations and the quantity of data are major challenges for auditors and businesses alike.
The combination of an exclusive technology and a real-time audit solution developed by Catallaxy gives Raymond Chabot Grant Thornton a competitive edge with a unique service offering specifically designed for digital asset audits that meet the auditor’s needs.
Michel Besner, General Manager of Catallaxy says: “We are aware of the critical lack of regulations regarding everything surrounding cryptocurrencies; we are also working with various organizations to advance regulations.”
Talking about the benefits of the digital solution, he adds: “We have developed Abacus™ to help Raymond Chabot Grant Thornton auditors audit digital currencies with reliable results that meet the strictest auditor requirements.”
Abacus™ was built on a blockchain data center that manages dozens of terabytes of data every day and also contains complete archives of blockchains and cryptocurrencies, such as Bitcoin, Ethereum, Litecoin, EOS, and Ripple. Thanks to its access to these records, Abacus™ is able to undertake an in-depth analysis of various cryptocurrencies and add to an exhaustive study by Catallaxy experts of the technological risks associated with cryptocurrencies.
“Our goal is to instill a climate of trust in blockchain technology and the digital stakeholders, whether it’s auditors who call on us because of our expertise and solution or businesses. Market demand is growing quickly and we have the tools to meet the needs of businesses of all sizes, whether based in Quebec, Canada or elsewhere in the world. In fact, we currently have dozens of digital assets audits in progress internationally.”
Find out more about our cryptocurrency audit services.