Nigeria’s audit and assurance sector saw robust growth in 2024, with industry giants KPMG, Ernst & Young, and PricewaterhouseCoopers, leading a revenue surge to N28.2 billion, a 65% increase from N17.1 billion in 2023.

According to Nairametrics Research data on the top 50 publicly quoted companies, the Big Four—KPMG, EY, PwC, and Deloitte—cemented their dominance, capturing over 99% of total audit fees at N28.17 billion.

KPMG led with N9.57 billion, a 75% jump from N5.49 billion in 2023, serving clients like Access Holdings, Dangote Cement, and Unilever Nigeria.

EY followed with N8.03 billion, up from N4.90 billion, auditing major players like Guaranty Trust Holdings, UBA, and MTN Nigeria. PwC reported N6.14 billion, a significant rise from N3.51 billion, with clients including Zenith Bank and BUA Cement.

Deloitte closed the group at N4.44 billion, nearly doubling its prior-year earnings, working with FCMB, Fidelity Bank, and Transcorp, among others.

Smaller firms like BDO, Baker Tilly, and Nexia Agbo Abel & Co maintained steady but limited market presence, focusing on mid-sized firms and niche sectors.

The revenue boom underscores the growing importance of audits in Nigeria’s corporate landscape, driven by heightened regulatory scrutiny, investor demand for transparency, and rising corporate governance standards.

Audits remain vital for ensuring financial accuracy, detecting irregularities, and fostering trust among investors and regulators amid global compliance pressures and corporate scandals.

In Nigeria, the regulatory framework for audit practices is established by the Companies and Allied Matters Act (CAMA) 2020, with supervision from the Financial Reporting Council of Nigeria and the Institute of Chartered Accountants of Nigeria.

One important rule mandates that public interest entities must rotate their external auditors after a maximum tenure of 10 years.

This requirement helps to maintain auditor independence, reduce familiarity risks, and ensure a renewed perspective in auditing.