As it seeks to expand its blockchain-related services and capabilities across the globe, accounting giant Ernst & Young has acquired crypto-related technology assets developed by the San Francisco, California-based Elevated Consciousness.
This includes the Andy Crypto-Asset Accounting and Tax (CAAT) technology, a tool which links with multiple cryptocurrency wallets and exchanges thus enhancing the visibility of transactions and inventory.
Tax Analysis for Crypto Assets
According to the global vice-chair of EY’s tax services, the CAAT tool will position the auditing firm as a leader allowing it to serve various organizations that are adopting crypto-assets. Per the Tax Blockchain leader at Ernst & Young LLP, Michael Meisler, technologies such as CAAT will allow the member firms of the accounting giant as well as their clients to better assess the risk associated with the reporting of taxable income for crypto assets.
Development of the CAAT tool was undertaken by, among others, Silicon Valley entrepreneur, VJ Anma. The serial entrepreneur has previously worked as a cryptocurrency fund manager. EY intends to integrate the CAAT tool with the firm’s blockchain audit technology.
“We plan to integrate the CAAT tool into our Blockchain Analyzer portfolio to develop one of the industry’s broadest sets of technology and process services in tax and assurance,” EY’s global innovation leader for Blockchain, Paul Brody, said in reference to the suite of technologies were launched by Ernst & Young in April this year.
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