46% of Audited Crypto Companies Work with KPMG, EY, Deloitte, or PwC

In the rapidly evolving world of cryptocurrency, trust and transparency are paramount. A significant portion of audited crypto companies, approximately 46%, choose to work with the established expertise of the "Big Four" accounting firms: KPMG, PricewaterhouseCoopers (PwC), Ernst & Young (EY), and Deloitte.

Why this preference? These firms bring decades of experience, rigorous methodologies, and a global reputation to the complex landscape of crypto auditing. Their involvement provides stakeholders with a higher degree of confidence in the accuracy and reliability of financial statements.

The "Big Four" in Crypto: Examples and Expertise

The ‘Big Four’ accounting firms include KPMG, PricewaterhouseCoopers (PwC), Ernst & Young (EY), and Deloitte. While specific client lists are often confidential, prominent players in the crypto space have utilized their services. For instance, Coinbase, Circle, and Ripple, were audited by Deloitte. A Binance spokesperson told Blockworks at the time that a “Big Four” accounting firm – considered to be Deloitte, Ernst & Young (EY), PricewaterhouseCoopers – was used by the exchange.

These audits cover a wide range of areas, including proof of reserves, security protocols, regulatory compliance, and overall financial health. By engaging with these firms, crypto companies aim to demonstrate their commitment to best practices and build trust with investors, regulators, and the wider community.

Preparing for a Crypto Audit with the "Big Four"

Securing an audit from a firm like KPMG, EY, Deloitte, or PwC is a significant undertaking. Companies aiming for crypto audits should prioritize audit readiness, establish robust risk management frameworks, and work closely with auditors to navigate the intricacies of the digital asset space. This includes having well-documented processes, strong internal controls, and a clear understanding of relevant regulations.

While engaging with the "Big Four" is not a guarantee of success, it signals a serious commitment to transparency and accountability, qualities increasingly valued in the crypto industry. As the sector matures, the role of these established accounting firms will likely become even more critical in fostering trust and driving wider adoption.