Audit Services

  • Audit Assurance

We are committed to delivering high quality audit services designed to deliver real value and meet investor’s expectation which begins with completeness, accuracy and fair presentation of information in your financial statements and disclosures.
We approach your audit with a deep and broad understanding of your business, the industry in which you operate, and the latest regulatory standards.Because we work as a team on-site and off-site we share views and ideas, this has helped in building a formidable team of experts with wide range of experience able to proffer solutions to the most complex audit issues. Our clients are happy with our prompt and professional advices and responses to issues arising during audit.

The quality of our audit services is supported with our technology tool which has aided our personnel in working smarter resulting in quality audit time being saved. Our audit process is automated, with our tool producing audit documentations as required by International Standards on Audit. Our workflows are customized to specific industry allowing us to focus on industry specific requirements related to our client’s business.
Our audit documentations and files are prepared with practice review consciousness, this has been made possible with our advanced and secure technology tools. We take conscious steps to ensure that conflict of interest are well managed. Our client-Audit feedback process allows us to solicit feedback from our client on the overall quality of our audit services.

Click here to read about Our Audit Methodology

  • Financial reporting review

The objective of our review engagement is to enable us to state whether, on the basis of procedures which do not provide all the evidence that would be required in an audit, anything has come to our attention that causes us to believe that the financial statements are not prepared, in all material respects, in accordance with an applicable financial reporting framework. 

  • Agreed upon procedures

Our procedures, unlike others we believe not a single cap can fit all heads.That is why we employ variety of mean to different ends. Our procedures are design to suit different industrial needs. Since our clients are going to be from various sector of the economy, we design our procedures with different module for different client.
Our client engage us to carry out those procedures of an audit nature to which we and the entity and any appropriate third parties have agreed and to report on factual findings. The recipients of the report form their own conclusions from the report by the auditor.  
The report is restricted to those parties that have agreed to the procedures to be performed since others, unaware of the reasons for the procedures may misinterpret the results.

Audit Services

CAMA -PML  

HOW START-UPS AND SMALL BUSINESSES IN NIGERIA CAN BENEFIT FROM THE NEW CAMA BILL

In Nigeria, the Small and Medium Scale Enterprises (SMEs) is the driving force and establish an important mainstay of the Nigerian economy. A few years ago, SME is reported to represent close to 90 percent of the industrial but informal sector in terms of the number of enterprises. Economically, this sector is at the centre of sustainable development of the country and its importance can better be understood in relation to the structure of the Nigerian economy with many performance contributions as the source of technology innovation and employment.

On May 15, 2018, the 8th Senate of the Federal Republic of Nigeria passed the new Companies and Allied Matters Act (CAMA) bill into law after going through the third reading on the floor of the upper chamber of the national assembly. It is said to be one of the biggest business reform bills passed in Nigeria in over 28 years. The repeal and re-enactment of the Companies and Allied Matters Act (CAMA) was the result of a collaborative effort among the Senate and key stakeholders in the business community.

With regards to creating an enabling environment for start-ups in the country, this is one of the best move by the Government. But what are the direct effects of the CAMA bill on small businesses and start-ups in Nigeria?

The new Act when signed into law would have far-reaching effect on the economy and give birth to a new dawn for small business and start-ups in the country, specifically on the activities of small and medium size businesses. Some of the benefits/direct effects of the bill on small businesses are highlighted below;

Single Member Companies/ One-man Company

By the provision of this new bill, it possible for a single person to form and run a private company. This is good news for budding start-ups and young entrepreneurs because it has totally resolved business registration bottlenecks.  A lot of businesses have been forced into unnecessary partnerships because prior to the passage of this bill, to legally own a business in Nigeria, you needed to provide at least two or more people as co-owners of the business. This provision is consistent with what is obtainable in several other advanced economies.

Introduction of Limited Liability Partnerships

The bill creates a new form of legal identity for businesses in Nigeria known as the ‘LLP’ (Limited Liability Partnership). The essential feature of the Limited Liability Partnership is that it combines the organizational flexibility and tax status of a partnership with limited liability for its members. 

Ease of reduction of share capital

To ease the process of doing business, amendments have been proposed in the Bill to the process by which a company can reduce its share capital, by enabling private companies to reduce share capital of such companies if a special resolution to that effect is passed, without the added burden of applying to court for a confirmation of the reduction. 

The bill has also reduced the minimum share capital for companies and start-up in Nigeria.  Evidently, this will encourage more investments and create new jobs.

Optional requirement to have a Company Secretary

The Bill seeks to further reduce the regulatory burden of having a company secretary on small companies. The requirement to have a Company secretary will be limited to public companies, thereby making it optional for small businesses.

Exemption from holding Annual General Meeting

The new CAMA bill removes some unnecessary regulatory provisions such as the requirement for annual general meetings. Small businesses and companies having a single shareholder would no longer be mandatorily required to convene and hold Annual General Meetings This would make business ownership and registration easy, as the bill provides an environment for small business to start and grow.

Exemption from Audit and Fewer reporting obligations for small companies

The proposed CAMA contains provision which exempt companies that have not carried on any business since its incorporation or whose turnover in a financial year is not more than N10 million and the balance sheet total is not more than N5million from the requirement to have its financials audited in respect of that financial year. However, such a company must not at any time within the financial year in question carried on business as an insurance company, a bank or such other company as may be prescribed by the Commission.

Another impact of the Act is to reduce the financial reporting obligations of small companies. Such companies, as stated above will be exempt from the yearly audit process. This invariably means that cost is reduced, and more money can be ploughed back into the business for expansion.

Reduction in Time and Cost for Setting up a Company:

The new bill now lets you register your business from anywhere in the country via the e-registration portal. Now, people can register their small businesses from the comfort of their homes without having to go through all the previous rigorous processes.

This, in no doubt, will largely ease the means of registering business in Nigeria as all the hassles related to the manual registration of Company can now be dispensed with.

Although the Commission has since adopted e-registration, there was no federal legislation to that effect. This anomaly has now been fixed by the proposed CAMA.

CONCLUSION

The introduction of the new provisions highlighted above would greatly improve the ease of doing business in Nigeria and has a lot of economic benefits. Small business can now access loans due to their legal entity status and more people will be willing to do business with small registered entities. It is hoped that it will soon be assented to by the President of the Federal Republic of Nigeria.