Grant Thornton LLP Audited $10 Billion Crypto Assets in Q1

Leading crypto auditing company, Grant Thornton LLP which also verifies the reserves for Circle’s USDC stablecoin announced today that it audited more than $10 billion in crypto assets for clients within Q1 of 2019. 

The firm, according to the report, carried out audits covering about 40 different digital currencies across more than 100 million addresses.

Given that cryptocurrency companies usually have to deal with investors or regulators, auditing is meant to verify the existence and value of their stated assets. Grant Thornton provides that service for firms and clients.

For instance, the firm offers prominent crypto-denominated exchanges with auditory services that help them establish that their holdings or investments exist or are fairly stated in the quantities claimed.

The firm established a point-in-time balance for crypto assets, using a different variety of auditing methodologies that allows verifying a claimed asset with its supposed time-stamp, or equivalent metric of proof.

 “We’ve spent four years developing technology platforms and auditing methodologies that allow us to create point-in-time balances for cryptocurrencies – and we’ve done it with a level of accuracy that satisfies strict auditing standards,” said Markus Veith, a partner in the Audit practice at Grant Thornton

Per the report, the firm completed archival copies of blockchains for 40 cryptocurrencies, which include Bitcoin (BTC), Ethereum (ETH), Ripple (XRP), Bitcoin Cash (BCH), Dogecoin (DOGE), and others.

To further scale up the capability of testing of tens of millions of addresses, Grant Thornton developed proprietary forensic nodes for certain complicated currencies like BTC, Ether, ERC20 tokens, BCH – and many of the other leading Bitcoin-derivative UTXO currencies.

In a similar report, Coinfomania recently noted that big-four auditing firm, PwC launched a cryptocurrency auditing tool for entities in the crypto sphere.