Hentons gets re-elected as auditors for ‘major’ cryptocurrency business

Hentons accountancy and advisory service provider has been re-elected as auditors for a “major” cryptocurrency trading business, after last year’s auditing success.

The cryptocurrency business developed an algorithm that “revolutionised” the buying and selling of Bitcoin. By analysing market trends and strategically executing trades, the algorithm maximises profits for its users.

However, the success presented unique challenges in terms of data interrogation and auditing.

According to Hentons, the sheer volume and complexity of data generated by the algorithm’s transactions made traditional auditing techniques “inadequate” for the task at hand.

Recognising the importance of conducting a thorough audit, Hentons developed “innovative techniques” to navigate the complexities of the cryptocurrency business’s operations.

Last year’s audit success has positioned Hentons as a “trusted partner” for the cryptocurrency business, leading them to return for its 2023 audit.

Hentons said that with the necessary techniques and processes, it is “well-prepared to efficiently and effectively audit this type of innovative company”.

Additionally, the firm’s audit department has secured over £160k of new audit work in five months.

Chris Howitt, partner at Hentons, said: “In a year of significant victories for our department, one win stood out amongst the rest – the addition of a major cryptocurrency trading business to Hentons’ client portfolio. This win is a testament to the increasing importance of cryptocurrencies and blockchain technology in the modern economy, and the foresight of our team to stay ahead of the curve.

“The success of the Audit department this year can be attributed to a number of factors, but most importantly, our relationship-focused and personable approach,” says Charlotte Maxwell-Warrior, Audit Manager at Hentons. “Client feedback has highlighted that our team brings a human touch to what can often be dry and technical work. We believe that building personal relationships with our clients is key to our success, and we are grateful for their positive feedback and continued support.”

He added: “Looking ahead, Hentons recognises the importance of catering to SME audit clients, especially as businesses seek cost-saving measures. Their focus on delivering high-quality service at a lower fee than ‘top 10’ firms has proven to be a winning strategy. By continuing to build relationships with clients and maintaining a personable approach, the Audit department at Hentons is poised for continued success.”