Kyiv Business Intel

The four largest audit and advisory firms operating in Ukraine — Deloitte Ukraine, EY Ukraine, KPMG Ukraine, and PwC Ukraine — collectively reported approximately 40% growth in revenues attributable to reconstruction-linked mandates in the first quarter of 2026, according to data compiled by Reed Kyiv from firm disclosures and industry sources. The growth reflects a structural shift in the nature of Big Four work in Ukraine. Before the full-scale invasion, the majority of revenues came from statutory audit, tax compliance, and transaction due diligence. Since 2023, a growing share has come from project oversight mandates awarded by international financial institutions and bilateral donors. ## IFI-mandated oversight The World Bank, EBRD, EU Commission, and USAID each require independent oversight of project implementation for grants and concessional loans above defined thresholds. For reconstruction projects, these thresholds are typically set low — often at €500,000 — to maximize governance coverage. Each oversight mandate generates a multi-year advisory contract for the appointed firm. Deloitte Ukraine leads in IFI-mandated oversight by contract count, according to ProZorro procurement records reviewed by Reed Kyiv. EY Ukraine has the largest single advisory mandate — a multi-year engagement with the World Bank for procurement monitoring across 14 infrastructure corridors, valued at approximately $18 million over three years. KPMG and PwC Ukraine have each secured EBRD-related advisory mandates in the energy and municipal infrastructure sectors.