Top Four Audit Firms Earn $20m from Nigeria’s Biggest Companies

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The four biggest audit firms in Nigeria are said to have earned N6.4 billion ($20.3 million) in auditing fees from the country’s largest companies in 2016.

The big four are PricewaterhouseCoopers (PWC), KPMG, Deloitte and Ernst & Young.

Data from companies traded on the stock exchange showed that the four firms received N6.4 billion from 28 Nigerian firms draw from across various sectors of the economy including banking, consumer, construction and oil and gas.

The figure earned was a 9 percent improvement from the combined N5.78 billion earned by these audit firms in 2015.

The fee, however, represents a fraction (1 percent) of the combined N6.2 trillion in revenues posted by the 28 companies.

According to a research done by Nairametrics, PWC reportedly earned the most, raking in about N2.5 billion in 2016. KPMG followed closely behind with earnings totalling N2 billion, while Ernst and Young earned about N1.1 billion.

Deloitte, the only firm amongst the big four to earn less than a billion naira, made about N530.2 million. It, however, recorded the highest percentage growth in earnings from 2015, improving its fee revenue by 30 percent.

 

 

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