We learned from identical sources that international auditing and consulting firms KPMG and Ernst & Young have been out of business for two months in Algeria as of Thursday, February 24th.
The decision was taken by the interests of the Ministry of Commerce not to display prices. It is also alleged that KPMG and Ernst & Young are accused of conducting accounting expertise and it appears that Algerian accountants have complained about the situation.
The two companies could not be reached this morning. Their offices in Algiers, located in Bab Ezzouar, were closed last night, Maghreb specialist website Emergent reported.
For now, this is a time-limited measure, but the fact remains that it is not a reassuring signal for foreign investment given the weight of the two companies and the weight of their clients in Algeria.
KPMG and Ernst & Young are actually part of the four largest audit consulting firms in the world (the Big Four) and have in their client portfolio in Algeria many subsidiaries of multinational companies and large Algerian groups. KPMG has been present in Algeria since 2002.
As for Ernst & Young, it advised the state and major companies before opening its Algerian subsidiary, Ernst & Young Advisory Algeria, in 2009.
According to Maghreb Emergent, a third foreign company, Deloitte, could be subject to the same procedure.
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