Audit & Assurance

An audit gives shareholders, lenders, regulators and tax authorities independent assurance that your financial statements present a true and fair view. The Companies and Allied Matters Act 2020 requires most companies to file audited financial statements, and banks, microfinance banks and other regulated entities face further requirements from their sector regulators.

We carry out audits under International Standards on Auditing (ISA). A partner is present from the planning meeting to the exit meeting with your board.

Boards need an audit opinion on time for the annual general meeting and for filings with the CAC, the Nigeria Revenue Service and regulators. Delays can lead to penalties and can affect loan covenants and licence renewals. Management also wants an audit that does more than produce an opinion. A well-run audit identifies weaknesses in billing, cash handling and asset records, and it should explain them in a way that allows management to correct them before the next year-end.

Groups with subsidiaries or branches face further work. Consolidation requires intercompany balances to be reconciled and eliminated, and branch controls must be tested across locations.

Audit adjustments and draft findings are discussed with management before the report is finalised. There are no surprises at the board meeting. Our management letter is written for directors. Each finding states the risk, the likely financial effect and a practical remedy.

For multi-branch clients, we test controls at a sample of branches, so the letter covers weaknesses in the branch network as well as at head office. The tax compliance report is issued with the audit and helps you resolve exposures before a tax audit by the authorities.