Accounting companies such as E&Y and KPMG are no longer the standard audit giants. Now, the Big Four are immersing in lucrative consulting deals and even expanding their service lines with blockchain.
The latest example is E&Y. In an effort to attract more diversified client base, E&Y has been acquiring cryptocurrency patents and assets. Just several days ago, E&Y announced they have bought some of the business of Elevated Consciousness, a digital asset startup.
According to an article in Cryptovest, E&Y already has a specially designed portfolio for analyzing blockchain. Recently, the company announced that the analyzer will be supported by so called Andy Crypto-Asset Accounting and Tax, or simply, CAAT. The new tool allows users to track multiple transactions on different exchanges and wallets.
The major purpose of the new acquisition is for E&Y to acquire clients who are interested in analyzing their cryptocurrency revenue, its source, its origin and everything else relevant.
In addition, E&Y’s Blockchain Analyzer is in fact a high-tech audit service that tests assets, liabilities all based on blockchain, as well as smart contracts.
The Big Four are all going in blockchain investments, it seems. According to media, all four are going to join certain banks for developing more sophisticated, blockchain-based audit and consulting services for large international companies.