PwC Switzerland to Audit and Examine Tezos’ Finances and Operations

| Updated
by Darya Rudz · 3 min read
PwC Switzerland to Audit and Examine Tezos’ Finances and Operations
Photo: Duncan Rawlinson / Flickr

Professional services giant PricewaterhouseCoopers Switzerland will conduct an external audit of the Tezos Foundation, which is the first time when a blockchain organization is accepted as an audit client by a Big Four firm.

Tezos Foundation, cryptocurrency and blockchain company, announced on Monday that it will to hire the ‘big four’ financial firm PriceWaterhouseCooper (PwC)  Switzerland to audit the Tezos Foundation. The move is aimed at making sure that the Tezos community and its observers can trust their operations and use of finances.

Tezos Foundation is a secure, future-proof smart contract blockchain with a built-in consensus mechanism. Tezos is marketing itself as an alternative to other blockchains like Ethereum, Bitcoin, and ZCash. Its primary focus is the promotion and development of the Tezos protocol and related technologies, as well as the promotion and support of applications using the Tezos protocol. It also promotes and develops new technologies and applications in the areas of open and decentralized software architectures.

Last year, Tezos was involved in scandal becouse of spat between the management. However, the events didn’t prevent Tezos from becoming one of the top ICOs in terms of the amount of funds collected in 2017. In June of this year, Tezos launched its network based on Proof of Stake for beta testing, using a proof-of-stake consensus mechanism each time transactions are approved by validators.

The company’s press release reads:

“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.”

The company further stated:

“We believe that accountability and trust will be central pillars of any successful entity operating in the blockchain space. We are excited to make progress towards this goal with PwC Switzerland acting as our independent external auditor.”

PricewaterhouseCoopers (“PwC”) is the leading professional services networks in the world. PwC helps organisations and individuals create the value they’re looking for, by offering auditing, accounting, legal, tax, and other capabilities. In November, the company accepted its first bitcoin payment, becoming an object of intense interest. Currently, PwC is among the most respected accounting firms in the world, with extensive experience auditing complex operations in a wide variety of environments globally.

PwC is one of the ‘Big Four’ firms, and this is the first time when one of these companies accepts an important crypto and blockchain organization. For Tezos Foundation, it is a significant step, which enables the company to be “committed to operating with the highest degree of integrity.”

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