Indigenous audit firms have decried the poor implementation of the country’s local content law, which they accuse the government of flouting, with incessant appointment of foreign audit companies to investigate major government accounts.
They said the local content law was put in place to protect indigenous capacity and grow local skills, facilitate technology transfer, and maximise use of local manpower in the economy.
They however lamented the preference for foreign auditors by the government and its agencies. According to the local content act, Nigerian owned companies are to be given priority in the award of contracts.
But there is controversy over what constitutes local content. While some international firms with indigenous partners and employees address themselves as local audit firms, many argue it would be wrong to classify them as Nigerian firms simply because they have Nigerian workers and partners.