Statutory audits are for entities that require an audit for statutory reason associated with the filing of their annual report and financial statements with the Registrar of Companies of the FSC for meeting the Companies Act requirements. We can provide you with quality audit services completed with the completeness and accuracy of information contained in your financial statements to meet the expectation of the investors, regulatory bodies, customers and lenders.
Our risk based audit approach, which includes an in built quality system and is up-to-date with the latest Auditing Standards, give you certainty that your audit has been completed under the rigorous professional standards. Our audit approach, which is based on understanding of our client’s business and risks, has four key phases in the process:
- Planning – identifies and develop overall audit approach with particular focus to key risk areas;
- Controls phase – Evaluate and test the key internal control areas and advise management of any issue during the interim audit;
- Substantiation – Carry out test of details on significant account balances both during the interim and final audits
- Completion – the submission of the audit opinion and the delivery of management letter.
Our Statutory Audit Services involves;
- A detailed review of the company’s accounting systems and systems of control and also requires a detailed understanding of the company’s business. Such a review and knowledge can provide increased opportunities to provide proactive business advice on many matters;
- An unqualified audit report can improve the status of the accounts in the eyes of banks and commercial lenders, the Taxman and suppliers who may be seeking credit references, etc;
- A history of accounts with clean audit reports can also be a factor if you ever wish to sell the company or, perhaps, take it to the market;
- The possibility of fraud can be reduced and an audit can act as a deterrent to any potential fraudster.