Audit Services

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  • 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

"Not every customer who owes you today will pay you tomorrow."

This simple reality is the foundation of Expected Credit Loss (ECL) under IFRS 9 – Financial Instruments.

Unlike the old IAS 39 model, which recognised losses only after a default occurred, IFRS 9 introduced a forward-looking approach. Rather than waiting for customers to default, entities are required to estimate potential credit losses using historical data, current conditions, and reasonable forecasts of future economic events.

The Three-Stage ECL Model

IFRS 9 classifies financial assets into three stages based on changes in credit risk:

This ensures that impairment provisions reflect changes in credit quality throughout the life of a financial asset.

Why Economic Conditions Matter

Expected Credit Losses are influenced by more than historical payment patterns. IFRS 9 requires entities to consider forward-looking information, including inflation, interest rates, exchange rate movements, unemployment, and overall economic conditions.

As these factors worsen, the likelihood of customer default increases, often resulting in higher impairment provisions—even before any actual default occurs.

Illustrative Example

ABC Limited has trade receivables of ₦100 million and initially estimates an Expected Credit Loss of 2%, resulting in an impairment allowance of ₦2 million.

As inflation rises and customers experience cash flow challenges, management revises its expected loss rate to 6%. Consequently, the impairment allowance increases to ₦6 million, despite no customer having defaulted.

This demonstrates the essence of IFRS 9: recognising expected losses rather than waiting for actual losses to occur.

Why It Matters

Expected Credit Loss is more than an accounting requirement—it is a proactive risk management tool. By recognising potential losses early, organisations improve the reliability of their financial statements, strengthen credit risk management, and provide investors with a more realistic view of financial performance.

Final Thought

Economic uncertainty is inevitable, but delayed recognition of credit risk should not be.

The Expected Credit Loss model under IFRS 9 encourages entities to move from a reactive to a forward-looking approach, ensuring that financial statements reflect both today's realities and tomorrow's risks.

In an uncertain economy, the strongest financial statements are those that anticipate risk—not merely report it.

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