Consultant and accountant António Paulo warns that the audit opinions issued by the so-called Big Five — the world’s largest international auditing firms — “do not always reflect the reality of companies’ accounts.” In an interview with Valor Económico, the specialist criticized the excessive reliance of multinational companies on external audits carried out by these foreign consultancies, to the detriment of Angolan professionals who are equally certified by the national Accountants’ Association.
According to António Paulo, there have been cases of companies audited by the Big Five which, despite the reports issued, presented serious tax and accounting problems. “Large companies require audits by the Big Five as part of group procedures, but this does not mean that the opinions correspond to reality,” he said. For the consultant, this practice contributes to the devaluation of Angolan professionals, who hold the same legal and technical competence to perform audits.
The accountant also noted that multinationals use the reputation of international firms to legitimize reports and opinions, which ultimately results in capital being transferred abroad without benefiting the local economy. “If these amounts were paid to Angolan firms, they would serve to increase investment and generate more jobs in the country,” he stressed.
The full interview, published by Valor Económico, also touches on weaknesses in the training of accounting technicians, shortcomings in university education, the persistence of informality in the economy, and the challenges of applying international accounting standards.
09/10/2025
