statutory Audit

Statutory Audit

In offering this service, we examine the financial statements presented to us by our audit clients.This examination would be conducted in accordance with the auditing standards and practices as laid down by Institute of Chartered Accountants of Nigeria (ICAN), and International Financial Reporting Standards (IFRS) as adopted in Nigeria effective from 1 January 2012The objectives of this examination are to ensure compliance with the relevant statutes, e.g. Companies and Allied Matters Decree 1990, the various laws, rules and regulations affecting the organisation and to report whether or not:

• We have obtained all information and explanations, which we required for the purpose of the audit.
• In our opinion, proper books of accounts have been kept and the financial statements are in agreement therewith.
• The financial statements so presented give a true and fair view of the state of affairs of the organisation at the date of the Balance Sheet, and of the results for the period ended on that date.

Our audit report may contain reservations, exceptions or disclaimers, if in any material respect we were unable to satisfy ourselves that the client has complied with the expected requirements.In other cases, especially where we are engaged on continuous basis, our observations are brought to the knowledge of our clients early enough to ensure that appropriate steps are taken to correct the anomalies and avert any unfavourable effects.The Companies & Allied Matters Act, 1990 (“CAMA”). By section 360 of the CAMA, the primary functions of an Auditor of a company are to audit the financial statements of the company and form an opinion as to whether:

1. proper accounting records have been kept by the company and,
2. the company’s balance sheet and profit and loss account are in agreement with the accounting records and returns.

The auditor is also required to consider whether the information given in the director’s report for the year for which the accounts are prepared is consistent with those accounts and state so accordingly. Other functions of an Auditor include:

1. making a report to the company and its shareholders and qualifying its report where necessary;
2. investigation of and request for supply of information omitted from the company’s financial statement supplied to the Auditor for the audit by the company to ensuring that the audit is carried out in due compliance with regulations.

Fundamentally, statutory audit and financial management services to International organisations, Government Corporations and Parastatals, and Commerce remain the bedrock of our activities.Our approach in this area is basically to relate your needs (statutory wise and policy guidelines of the instrument that governs the existence of your organisation or company) to the operation of these organizations.In order to enable us carry out the above effectively, we also make use of computer assisted techniques and software especially, where such organisations have computerized their operations.This method assist us to interrogate all your Accounting software so as to form an opinion on their (the accounting software) ability to achieve the set objectives and also on the operation of the organisation.It is usual to report on the financial statements so audited by us to the over all controlling organ of your organization. Apart from our opinion, we also write a letter to the management mentioning issues bordering on efficiency and effectiveness of the internal control procedures in use and make suggestions as to improving the existing ones.

Investigation Services.

Apart from our activity as statutory auditors, we may be engaged to carry out such services as internal auditing for your organization. In which case, we prepare reports at the end of each period on which we are reporting.The principal objective of this is to ensure that all other internal control procedures are fool proof and suggestions for improvements are made as need be. At times of doubt, investigations on specific matters may be necessary. We offer our services at your disposal for riddance of such doubts.