Kampala. The International Federation of Accountants (IFAC) has advised global audit firms (also known as the Big 4) which all operate in Uganda to concentrate more on auditing multinational companies or large corporates and leave others for the local ‘small’ firms.
The Big 4 provide an extensive range of accounting and auditing services including external taxation services, management, business consultancy, risk assessment and control to organisations around the world.
They also provide massive employment opportunities to accountants and auditors, among other professions around the world.
Speaking in Kampala on Tuesday during the council members meeting, IFAC chief executive officer Fayezul Choudhury said: “While market for audit firms is driven by the choice of organisations who choose which firm to audit their books, the Big 4 should concentrate more on multinational companies/large corporates.”
In Uganda, there are many small private audit firms who operate alongside the Big 4, but some of them hardly get clients on a regular basis partly because of poor quality of work due to lack technical competency; but also because of the presence of the Big 4.
The Big 4 audit firms include: PricewaterhouseCoopers (PwC), Deloitte Touche also known as Deloitee, Ernst &Young and KPMG.