Due to the economic and foreign exchange crisis, Angola’s economy is suffering under severe constraints that affect all sectors, including accounting and auditing firms. However, although the market is dominated by the Big Four, there are also opportunities for local and international mid-tier firms. PKF is the fifth largest firm in Angola and as such in in a good market position, especially in the public sectors and banking sector.
The Professional Body (Ordem dos Contabilistas e Peritos Contabilistas de Angola) is currently in start-up phase, and in the near future important changes and opportunities, will arise for accountancy firms, namely:
The implementation of audit regulations that are currently being prepared;
A wide range of companies (other than banks, insurance companies, public companies and major tax payers) will be obliged to prepare audited financial statements;
The implementation of IFRS for the financial sector; and
The conclusion of tax reform.
Due to the above-mentioned economic situation, no big changes in the near future are foreseen. In the medium/long term, I think that the profession will increase significantly with regard to rendered services and other areas related to assurance, consultancy, accounting and tax advising.
