AUDITING firm PKF has slipped in global ranking of accounting companies, after its revenue plunged by 58 per cent last year.
The company, which also offers business advisory services, has come under scrutiny in Kenya for its role in the alleged Sh34.9 billion loan fraud scheme at collapsed Imperial Bank.
The survey conducted by International Accounting Bulletin shows PwC dethroned Deloitte to emerge the leading audit firm globally last year. The study is based on total global turnover of the companies.
PKF dropped from position 12 to 15 partly due to losing its USA member firm which decided to operate under its own name, the report states. PKF operates in 150 countries across five regions.
Deloitte, which audited the books of troubled Uchumi Supermarkets and Mumias Sugar, lost the top spot after occupying it for two years.
Deloitte was also the audit firm for CMC Motors and collapsed Dubai Bank.
The study shows the big four accounting companies -PwC, Deloitte, Ernst&Young and KPMG - grew by an average three per cent. They jointly held a global market share of 66.5 per cent. PwC had the highest revenue totalling $35.4 billion (Sh3.60 trillion) followed by Deloitte with $35.2 billion (Sh3.58 trillion).
PwC audited accounts of Haco Tiger Brands Kenya, which had an accounting scandal in 2014, after some of its managers overstated operating profit by Sh879 million.
Institute of Certified Public Accountants of Kenya is yet to penalise any of these firms. However, CEO Patrick Ngumi said last month that there has been misconception on the role of an auditor leading to mounting "misguided" calls for it to penalise its members.