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Audit and Assurance
Auditing
This includes Statutory Audit and Non-statutory Audit, depending on the terms of
engagement by the client.
Statutory Audit
This applies essentially to all statutory corporations and Limited Liability
companies as required by their relevant enabling laws or by the Companies and Allied
Matters Act, 2020 as amended. It requires the examination of the financial
statements prepared by an organization/company in order to ascertain whether they
are in accordance with the underlying books of accounts and whether proper books of
accounts have been kept as specified by the laws. It also entails ascertaining
whether relevant and adequate accounting policies have been adopted and consistently
applied, and whether adequate, efficient and effective internal control system
exists.
This is all with a view of obtaining all relevant information and evidence necessary
to give us reasonable assurance that the financial statements are free from material
mis-statements, whether caused by error, irregularity or fraud.
The totality of our findings from the above will form the basis of expression of our
opinion as to the fairness or otherwise of the financial statements which we are
required to give by the statute.
The scope of this type of audit is as statutorily provided for and cannot be varied
by the client.
We would plan and conduct our audit in accordance with Generally Accepted Auditing
Standards (GAAP),
bearing in mind the requirements/ provisions of the following:
• International Auditing Standards (IAS)
• International Financial reporting Standard (IFRS)
• Generally Accepted Accounting Principles (GAAP)
• Specific Acts or Pronouncements bringing the organization into existence
• Relevant Accounting Policies
• Companies and Allied Matters Act (CAMA) 2020 as amended
Non- Statutory Audit
These are audits that are not necessarily required by the law or legislation. They
are often carried out at the request of an organization’s management to achieve a
specific
purpose or objective. Systems/ Management audit is an example of non- statutory
audit. For
instance, in systems audit, we carry out a comprehensive review of client’s systems,
policies
, processes and procedures with a view of determining their adequacy for achieving
the ultimate
profitability or improvement or for achieving cost-effectiveness.
