Big Four, big shame: World Bank bans put audit industry on trial
Experts say more is expected of ICPAK after the bans...
✨ Key Highlights
Two of the "Big Four" accounting firms, Ernst & Young (EY) Kenya and PwC's arms in Kenya, Rwanda, and Mauritius, have confessed to fraudulent and corrupt practices, leading to World Bank bans.
- EY Kenya was banned for 30 months and PwC for 21 months by the World Bank.
- The firms admitted to fraudulent and collusive practices to secure World Bank-funded projects in Somalia (EY) and Ethiopia (PwC).
- The confessions and subsequent bans are expected to trigger internal disciplinary actions and potential exits from the implicated firms' operations in the affected countries.
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Part of the Day's Coverage
World Bank Bans EY Kenya, PwC Over Fraud as Kenya Seeks Sh16bn for Land Reform - March 2026
Ernst & Young (EY) Kenya and PwC's arms in Kenya, Rwanda, and Mauritius have confessed to fraudulent and corrupt practices, leading to World Bank bans. This comes as Kenya seeks Sh16 billion ($125 million) from the World Bank to digitise its land registries and combat rampant land fraud, which has attracted warnings from the US. Meanwhile, Mhasibu DT SACCO is seeking over Sh480.6 million from Kenya Union of Savings and Credit Co-operatives (KUSCCO) for a fixed deposit that matured in January 2024 but remains unpaid. Separately, the US has issued a temporary license to sell approximately 140 million barrels of Iranian oil currently at sea, a policy reversal aimed at mitigating the impact of the ongoing war on energy markets.
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