Accounting firms bag Sh180m from State contracts
The Big Four are Deloitte, PricewaterhouseCoopers (PwC), Ernst & Young (trading as EY) and KPMG. KPMG was the biggest winner of fat state contracts that bagged Sh93.5 million in professional fees from state departments.The National Treasury also tapped Deloitte to offer technical assistance in strengthening the capacity of internal audit functions.
The Big Four accounting firms earned more than Sh180 million in plum government contracts this year, documents posted on the official public contracting website show. The Big Four are Deloitte, PricewaterhouseCoopers (PwC), Ernst & Young (trading as EY) and KPMG.KPMG was the biggest winner of fat state contracts that bagged Sh93.5 million in professional fees from state departments, including the National Treasury and the Office of the Auditor-General.One hefty National Treasury contract awarded to KPMG was for the provision of consultancy services for technical assistance to strengthen the capacity of internal audit functions in public entities with a focus on county governments.The contract, which was awarded through the restricted tendering window, saw KPMG earn Sh69.7 million in professional fees. It runs from August this year to July 2019.KPMG also netted a contract in the Auditor-General’s office for the provision of data and analytical training for the office, earning it Sh19.4 million in fees.KPMG also pocketed Sh4.4 million in professional fees after it won an institutional risk assessment contract for the Kenya Water Towers Agency.The National Treasury also tapped Deloitte to offer technical assistance in strengthening the capacity of internal audit functions in public entities with a focus on national government ministries, departments and agencies. The firm pocketed Sh46.5 million from the contract that runs till July next year.
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PwC won a National Treasury contract for the provision of consultancy services for the national asset and liability management in the public sector.The six-month contract which began on 1st July this year and ends in June next year is worth Sh34.9 million.Ernst & Young pocketed Sh9.3 million for ICT systems audit for the Kenya Trade Network Agency (KenTrade).In 2016, EY was one of the big winners after it earned Sh147 million in professional fees for the tender to support preparation of financial reports for public entities. The contract runs till August next year.Over the years, the Big Four firms have branched out into consulting in search of new revenue streams as growth from core auditing businesses remained flat.Clients approach the firms to perform tasks such as technology upgrade and integration of acquired companies, to gauge trends and simplify confusing or complex laws.