Ernst & Young (EY), KPMG and PricewaterhouseCoopers (PwC) have emerged as the dominant external auditors of Uganda’s supervised financial institutions in 2025, reinforcing the continued grip of the global “Big Four” audit firms on the country’s banking and financial services sector.
Grant Thornton and Deloitte rank fourth and fifth, respectively, in terms of the number of external audit mandates among supervised financial institutions in 2025.
An analysis of the results of 31 supervised financial institutions — comprising 21 commercial banks, 8 Tier II credit institutions and 2 Microfinance Deposit-Taking Institutions (MDIs) — shows that KPMG, Ernst & Young (EY) and PricewaterhouseCoopers (PwC) collectively account for 24 of the 31 external audit mandates in 2025, representing 77.4% of the market among supervised deposit-taking institutions.
KPMG holds the largest market share with 11 audit mandates (35.5%), followed by EY with 9 mandates (29.0%), while PwC ranks third with 4 mandates (12.9%).
The data indicates that EY audits several major institutions, including Stanbic Bank Uganda, DTB Uganda, Tropical Bank, Exim Bank Uganda, Bank of Baroda Uganda, Cairo International Bank, Finance Trust Bank and Guaranty Trust Bank in 2025.
KPMG also maintains a significant presence across the sector, auditing Equity Bank Uganda, KCB Bank Uganda, NCBA Bank Uganda, dfcu Bank, Bank of Africa Uganda, Ecobank Uganda, Opportunity Bank, Salaam Bank, BRAC Uganda Bank, Pearl Bank Uganda and one additional supervised institution.
PwC, meanwhile, continues to hold mandates among some of the country’s largest and most systemically important institutions, including Absa Bank Uganda, Centenary Bank, United Bank for Africa Uganda and I&M Bank Uganda.
Big Four Tighten Grip on Banking Audits
The dominance of the firms reflects the high regulatory, governance and reporting standards required within Uganda’s supervised financial institutions, particularly among commercial banks that operate under Bank of Uganda oversight and international financial reporting frameworks.
Commercial banks typically prefer audit firms with strong technical capacity, regional networks and international financial services expertise due to the complexity of banking operations, prudential reporting requirements and cross-border shareholder expectations.
The 2025 audit allocations also reveal continued competition and rotation among the major firms as banks periodically change auditors in line with governance and independence practices.
Several institutions changed audit firms over the review period between 2022 and 2025. Absa Bank Uganda transitioned from EY to PwC, while NCBA Bank Uganda moved from Deloitte to KPMG. Equity Bank Uganda shifted from EY to KPMG, while Standard Chartered Bank Uganda transitioned from EY to Deloitte.
Some institutions, however, retained long-standing audit relationships. Bank of India has consistently maintained Grant Thornton as its auditor from 2022 through 2025, while Opportunity Bank has remained with KPMG over the same period. Pride Bank continued to use the Auditor General.
Mid-Tier Firms Maintain Strategic Presence
Outside the Big Four, Grant Thornton, Deloitte, BDO East Africa, RSM East Africa and the Office of the Auditor General also maintain a presence within the supervised institutions landscape, particularly among smaller banks, credit institutions, including selected public-interest and mid-tier institutions.
Grant Thornton audits Bank of India, ABC Capital Bank and Yako Bank in 2025, while Outside EY, KPMG and PwC, firms such as Deloitte, Grant Thornton, BDO East Africa, RSM East Africa and the Office of the Auditor General also maintain strategic mandates within the supervised institutions landscape.
The data also reflects the evolving structure of Uganda’s financial sector, with newer entrants such as Salaam Bank and Yako Bank appearing within the supervised institutions framework alongside long-established players.
Industry observers note that external audit mandates remain strategically important within the banking sector because they directly influence investor confidence, regulatory compliance and the credibility of published financial statements.
Uganda’s supervised financial institutions continue to operate in an environment of increasing scrutiny around governance, capital adequacy, risk management and anti-money laundering compliance, factors that have elevated the importance of globally recognised audit firms.
Auditor Rotation Reflects Governance Trends
The 2025 distribution of audit mandates suggests that EY and KPMG currently maintain the broadest footprint across Uganda’s supervised financial institutions, while PwC continues to retain influence among some of the country’s largest banking institutions.
This dominance is further reinforced by the Bank of Uganda’s January 2026 published shortlist of prequalified external auditors for the 2026–2028 period covering commercial banks, credit institutions, microfinance deposit-taking institutions, forex bureaus, money remitters, payment service providers and payment system operators, a development that suggests the large international audit firms are likely to maintain their strong influence over Uganda’s regulated financial sector in the coming years.
The Central Bank’s shortlist prominently features KPMG, PwC, Ernst & Young and BDO East Africa among firms prequalified to provide audit services to supervised financial institutions, reflecting the continued prominence of large international audit networks within Uganda’s regulated financial sector.
Beyond the large international firms, the shortlist also includes regional and local firms such as RSM Eastern Africa, Forvis Mazars BRJ, PKF Uganda, Bawunha & Badebye, Springs & Tugye Associates LLP, TUJ & Associates and Gemaco & Associates, highlighting a gradual broadening of the audit ecosystem within Uganda’s financial services industry.
However, despite the inclusion of smaller and mid-tier firms, the audit market remains heavily concentrated around a handful of international players that continue to oversee many of Uganda’s largest and most significant financial institutions, especially in the top 10.
The evolving audit allocations and periodic changes among banks also point to increasing emphasis on governance, independence and auditor rotation as supervised financial institutions align with global best practices in transparency, accountability and risk management.
