May 18, 2022

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Algeria suspends KPMG and Ernst & Young

Algeria suspends KPMG and Ernst & Young

We learned from coordinating sources that international auditing and consulting firms KPMG and Ernst & Young have been suspended for two months in Algeria from this Thursday, February 24th.

The decision was taken by the Ministry of Commerce Services due to its failure to display prices. KPMG and Ernest & Young are also accused of having accounting skills and it seems that it was the Algerian accountants who complained about the situation.

Both companies were unavailable this morning. Their offices in Algiers, where Bob Ezouar is located, were sealed off last night, reports, for the most part, the special site Maghreb Emergency.

At present, this is a time-limited measure, but it is not a guarantee of foreign investment depending on the weight of the two companies and the weight of their customers in Algeria.

KPMG and Ernest & Young are actually part of the four largest audit consulting firms (Big Four) in the world and have client portfolios of multinationals and several subsidiaries of large Algerian groups in Algeria. KPMG has been in Algeria since 2002.

In the case of Ernst & Young, its Algerian subsidiary Ernest & Young Advisory advised the state and large companies before launching Algeria in 2009.

A third foreign company, Deloitte, may be subject to the same measure, according to Magreb Emergency.

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