While LGOs decision to get itself audited is quite commendable, in most cases, companies usually get an audit so as to secure certain money transmitter licenses.
- Hugo Renaudin believes that by getting his company audited by a big name player such as PwC, LGO has set a precedent that more and more crypto companies most likely follow in the near future.
- The folks over at Gemini recently announced that they had successfully completed a SOC2 test with Deloitte at the start of 2019.
As per an all-new press release issued earlier this week, cryptocurrency trading provider LGO has become the first crypto firm in the Eurozone to be audited by PwC— one of the world’s top four auditing firms. In regards to the matter, it appears as though PwC’s French division looked at the company’s financial statements over the past several months, as a result of which it was able to establish ownership of the crypto assets that the company received and created during its ICO.
With that being said, it should be pointed out that carrying out a crypto audit is still quite an arduous process. On the subject, Jeremy Nau, an executive who works for an accounting firm called Armanino, stated in a recent interview that it is currently quite difficult to convince regulators that “funds on an exchange even exist”.
“The tools surrounding these pretty immature blockchains are very hard to use and you have to basically be a computer scientist to use it. The skill set is completely changing from understanding numbers and financial statements to needing to be an auditor as well as really good with computers.”
Nau believes that as we move into the future, more and more firms will start to hire people who have experience in both blockchains as well as computer technology.
LGO CEO Hugo Renaudin recently spoke at an event where he was quoted as saying that by partnering with a Big Four audit firm like PwC, his firm had indirectly earned an
“institutional stamp of approval”.