Auditor Profile - CorpWerk PAC
CorpWerk is an established accounting firm in Singapore that delivers reliable and trusted accounting solutions to businesses all across Singapore. We have assisted hundreds of clients with accounting related matters. Over the years, CorpWerk has diversified its range of services to meet the needs of clients better. 95% of clients are repeated customers and will response to your enquiries within 48 hours.
Clients include
- Startups
- Privately held companies
- Professional service firms
- High net worth individuals
- Non-profit organizations
Challenges
CorpWerk PAC was engaged to perform an audit for a crypto client. The client required an audit by a Chartered Accountant over their financial statements. CorpWerk PAC faced several challenges:
- Retrieving historical digital asset balances for 100+ different assets residing on 10+ different blockchains
- Proving ownership of 1,000+ wallet addresses
Solution
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- Historical Balance Module:Â Enabling CorpWerk to extract digital asset balances of all 100+ different assets residing on 10+ different blockchains, including EVM-based chains, Solana, and Tron, as of the historical date across 10+ blockchains.
- Proof of Ownership Module: Corpwerk was able to prove ownership of 1000+ wallet addresses and accounts using “send-to-self” transactions and digital signatures to prove that their client actually controlled the wallets they purported to.
Onboarding to LedgerLens
CorpWerk onboarded to the LedgerLens platform, quickly subscribing to the Pro package based on their technical needs.
- Onboarding: CorpWerk was quickly able to begin using all modules “out of the box” without the need for custom integrations in a matter of minutes.
- Support: Whenever questions did arise, CorpWerk and the LedgerLens team had a dedicated chat to ask questions or provide clarifications to executing an audit engagement. With LedgerLens’ team of experienced CPAs, discussions were often about methodologies for the audit rather than the system itself!
Delivering Exception Results
Using LedgerLens, CorpWerk was able to deliver a unique and technically challenging engagement in a risk-reduced way and in a fraction of the time.
- Engagement Time Reduction: With LedgerLens: Auditor’s Workbench tools, CorpWerk was able to retrieve balances at least 1000x faster than searching on an explorer and rolling back digital asset balances. Rolling back transaction data for addresses with thousands of transactions may have been impossible without the proper tooling.
- Enhanced Accuracy:Â With unreliable explorers and rollback techniques, accuracy is always a question. With LedgerLens, CorpWerk was able to pull accurate data from a SOC-certified platform.
- Open New Opportunities: Without LedgerLens, CorpWerk would find it very challenging to complete an audit engagement involving digital assets. LedgerLens has enabled CorpWerk to provide audit and attestation services to it’s clients in a budding and promising industry.
Auditor's Perspective
LedgerLens has revolutionized our approach to servicing digital asset audit clients. Not only can we complete our “traditional” financial statement audits in a fraction of the time, but we were also able to discuss approaches, methodologies, and best practices with the on-call LedgerLens team. LedgerLens an indispensable tool for any audit firm in this space.
Conclusion
Using LedgerLens, CorpWerk PAC has delivered an audit report for crypto client,
CorpWerk PAC’s successful use of LedgerLens underscores its value for modern audit practices that look to capitalize on new opportunities presented by digital assets. By leveraging the platform, CorpWerk PAC was able to meet tight deadlines, deliver exceptional results, and set new benchmarks for digital asset transparency.
