The Bank of Uganda (BoU) has released its list of pre-qualified external auditors for the financial year 2025. The selection process was completed in December 2024 through an open domestic procurement method. The chosen firms will provide auditing services to various regulated financial institutions, including commercial banks, credit institutions, microfinance deposit-taking institutions, forex bureaus, money remitters, payment service providers, and issuers of payment instruments.
The BoU’s selection process categorised the firms into two groups: Category A, consisting of 20 firms authorised to audit all financial service providers, and Category B, comprising 12 firms designated specifically for forex bureaus and money remitters.
Leading External Audit Firms
Among the firms approved in Category A are internationally recognised names such as Deloitte & Touche, Ernst & Young, KPMG, PricewaterhouseCoopers (PwC), Grant Thornton, and RSM Eastern Africa. Additional firms in this category include Allied Certified Public Accountants of Uganda, Anneko Associates, BDO East Africa, Gemaco & Associates, Goldgate Certified Public Accountants, Hanan Associates, HLB Jim Roberts, J. Samuel Richards & Associates, Kisaka & Company, Mora & Associates, PKF Uganda, RKA & Company, Tomson & Company, and Tuj & Associates.
Firms in Category B, authorised to audit forex bureaus and money remitters, include Baker Tilly Hem LLP, Byabakama, Kwemala & Associates, Chuckle and Company, James Ok and Partners, Kakande & Company, Kalinda & Associates, Matsiko & Associates, Philip & Elnest Partners, Senoga Associates, TDS & Company, TGS Osillo, and Esmac & Associates.
Selection and Disqualification Criteria
Several firms failed to qualify due to non-compliance with regulatory requirements. The key reasons for disqualification included the failure to submit ethical codes of conduct, a lack of proof of practising certificates, missing audited financial statements, an absence of tax clearance certificates, and the failure to provide letters of good conduct from INTERPOL for partners and managers. Notable firms that did not meet the criteria include Mazars BRJ, FBO Partners, Kreston HM, and Crowe AIA.
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While the Bank of Uganda has accredited multiple firms, the commercial bank auditing sector remains dominated by large, internationally affiliated firms. In 2023, KPMG, Ernst & Young, PwC, and Grant Thornton audited 20 out of the 25 commercial banks in Uganda, representing an 80% market share. Ernst & Young emerged as the most dominant, auditing 12 banks, up from six in the previous year. KPMG closely followed, auditing nine banks, one less than its 2022 tally. Deloitte audited two banks, while Grant Thornton and RSM East Africa each audited one. Notably, PwC was absent from the 2023 bank audit assignments.
Regulatory Emphasis on High Standards
The Bank of Uganda has reiterated its commitment to upholding stringent auditing standards to ensure financial integrity and stability within the sector. By enforcing a rigorous evaluation process, the central bank aims to guarantee that only the most qualified firms oversee the financial reporting of regulated institutions.
The official display period for the shortlisted firms runs from December 18, 2024, to December 31, 2024, after which final selections will be confirmed. Unsuccessful firms have been encouraged to review their compliance standards to improve their chances in future selection processes.
