16 August 2024, Kathmandu
KPMG Assurance and Consulting Services Pvt Ltd, a leading Indian audit firm, has been selected to conduct a comprehensive audit of 10 major commercial banks in Nepal.
KPMG to Audit Major Nepali Banks
The decision was announced by Nepal Rastra Bank, which chose KPMG after an international tender process in line with its agreement with the International Monetary Fund (IMF).
Initially, five external audit firms were shortlisted for the project, including Deloitte Financial Advisory from the Netherlands, CAC (PricewaterhouseCoopers), SRBA & BK Agarwal Chartered Accountants, KPMG Assurance & Consulting from India, and KPMG Islamabad from Pakistan. Among these, KPMG Assurance was selected based on its technical qualifications, experience, and capabilities, according to Dr. Dilli Ram Pokhrel, Assistant Spokesperson of Nepal Rastra Bank.
KPMG will review and evaluate the loan portfolios of the selected banks, which have been identified for their substantial loan disbursements. The audit firm is expected to commence its work shortly, with the financial proposal set to be finalized on September 1. This audit aims to ensure compliance with IMF conditions and enhance transparency in the financial sector.
The 10 banks under review are notable for their significant loan distributions. They include Nabil Bank, Global IMAE Bank, Nepal Investment Mega Bank, Kumari Bank, NIC Asia Bank, Lakshmi Sunrise Bank, National Commercial Bank, Himalayan Bank, Prabhu Bank, and Krishi Bikas Bank. According to data from the fourth quarter of the last fiscal year, these banks collectively manage a substantial loan portfolio, with Nabil Bank leading with investments amounting to NPR 3.73 trillion.
KPMG’s audit will scrutinize these banks’ loan investments, aiming to provide a thorough assessment and ensure adherence to financial regulations and best practices.
KPMG to Audit Major Nepali Banks
