Big Four accounting firm KPMG set to exit Bangladesh

Big Four accounting firm KPMG is set to exit Bangladesh after nearly 60 years of operations in the country.
The firm has also decided to withdraw from Egypt and Pakistan as part of a broader global restructuring of its operations.
In Bangladesh, KPMG has long operated through its local affiliate, Rahman Rahman Huq (RRH).
The KPMG Global Board has already approved the separation process, which is expected to be completed by September 30, sources say.
Currently, KPMG operates in Bangladesh by providing a franchise arrangement to RRH.
The "Big Four" audit and professional services firms-Deloitte, PricewaterhouseCoopers (PwC), Ernst & Young (EY), and KPMG-are so called because of their unparalleled global scale, massive revenue, and dominance over the industry. They audit the vast majority of public companies worldwide and employ millions of professionals globally.
However, Deloitte Bangladesh would be the lone big four firm after exit of KPMG in Bnagladesh. Nurul Faruk Hasan & Co is the local member firm of Deloitte Bangladesh.
However, after the departure takes effect, the local firms will be treated as third-party entities rather than member firms of the KPMG network, according to audit industry insiders.
Sources said KPMG, which operates in 148 countries,
has begun reorganising parts of its global network.
As part of the restructuring, the global firm offered RRH an opportunity to continue under the Middle East or India regional structure, but the proposal was not accepted, auditors said.
At present, the other three Big Four firms - Ernst & Young (EY) and PwC- operate in Bangladesh under their India regional networks. EY and PwC only providing advisory services in Bangladesh.
Accounting professional Lutful Hadee described KPMG's exit as a matter of concern, noting that foreign investors often prefer multinational audit firms to oversee their financial reporting.
doulotakter11@gmail.com