Audit Software

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Do you review your clients account for regulatory compliance or financial accuracy? Then, a strong auditing solution is a necessity. Auditing clients financial statements, ledgers and accounting practices is a time-consuming endeavour. Aside requiring an expert knowledge in audit, you need the right tools to be as efficient as possible; Clients are more happy with auditors that can provide assurance in the least time possible.
Investing in current technology that provides for automation and frequent updates will give you a competitive advantage, allowing you to produce better audits more quickly.

PML Professional Services offers the external audit support services through its 2 in 1 specialised software package for Accountants and Auditors known as Auditmate.

Auditmate is a computer software package designed to assist auditors working with paper file and automated annual financial statement preparation starting from accepting an engagement to expressing an opinion on the engagement. Auditmate is specifically created to deliver the audit documentation as required by International Standard on Auditing (ISA’s). Accordingly, it ensures flexibility and user friendliness.

Other features of the software are:

  • Import trial balance from Pastel, QuickBooks and Excel
  • Client balances and journal entries automatically update lead schedules
  • Comprehensive audit programs, checklists and disclosure checklists
  • IFRS financial statements
  • New independent review template – Practical ‘Best practice’ with ISRE2400
  • Compliance with International Standards on Auditing (ISA’s)
  • Templates for group and subsidiary entities, single entity, small and medium size entity and review engagement
  • Annual financial statements and other documents
  • Regular updates as standards change
  • Multi-user on network or ‘split’ the file using ’Replication / Intergration’
  • Power point training presentations

Our strategic partnership with external audit over the years has contributed to the development of the software and our esteem clients speaks volume of this.

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Audit Software

An efficient tax system depends on both competent tax representation and timely tax compliance by taxpayers. To improve accountability, transparency, and revenue collection, Nigerian tax laws allow companies to appoint qualified tax representatives but not mandatory while also mandating individuals to file annual income tax returns. These provisions reinforce voluntary compliance and ensure that taxpayers meet their statutory obligations.

Registration of Tax Agents

Every company is required to designate a representative or tax agent who will be responsible for managing all of its tax matters. This representative serves as the primary point of contact with the relevant tax authority and oversees critical tax obligations, including tax registration, filing of returns, responding to tax queries, facilitating tax audits, and ensuring compliance with applicable tax laws.

Where the appointed representative is a paid tax agent, the individual or firm must be an accredited tax agent. Accreditation confirms that the tax agent possesses the necessary professional qualifications, technical competence, and regulatory approval to provide tax compliance and advisory services. This requirement promotes professionalism within the tax system and gives businesses confidence that their tax affairs are being handled in accordance with legal and regulatory standards.

Appointing an accredited tax agent offers several benefits, including:

Income Tax Returns for Individuals

In addition to corporate obligations, every taxable individual is required to file an annual return of income with the appropriate tax authority in the prescribed form. This obligation applies without any prior notice or demand from the tax authority and extends to every taxable person, including non-residents who are liable to pay tax in Nigeria.

Importantly, the obligation to file an income tax return exists whether or not tax is ultimately payable. Filing annual returns is therefore a statutory requirement that promotes transparency and enables tax authorities to accurately assess an individual’s tax position.

The annual income tax return must include:

Failure to file annual income tax returns within the prescribed period may expose taxpayers to penalties, interest, and other enforcement actions under applicable tax laws. Timely filing not only ensures compliance but also demonstrates good tax governance and reduces the risk of future disputes with tax authorities.

Conclusion

The requirement for companies to appoint accredited tax agents and for individuals to file annual income tax returns reflects Nigeria’s commitment to strengthening tax administration and encouraging voluntary compliance. Businesses benefit from engaging qualified tax professionals to manage their tax obligations, while individuals must recognize that filing annual tax returns is a legal responsibility regardless of whether tax is payable. Together, these measures enhance transparency, improve tax administration, and contribute to a more efficient and accountable tax system.

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