In 2020, PricewaterhouseCoopers received the highest earnings of N2.98 billion from auditing three of the big five Nigerian banks called FUGAZ.The four biggest global audit firms earned a whopping N6.13 billion from 11 Nigerian banks as audit fees for 2020, a review by PREMIUM TIMES shows.
The auditors likely made more money auditing banks as figures in this report reflect only those highlighted in the banks’ financial reports. Those not published, alongside services retained by unquoted banks, are not covered. An audit can be conducted quarterly, bi-annual, and annual and auditors must be changed at least every 10 years to conserve auditors’ independence.The data analysis by PREMIUM TIMES shows that PwC received the highest earnings of N2.98 billion from auditing three of the big five Nigerian banks called FUGAZ .
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