√ We start the audit plan with an understanding of the control environment, control activities the management information system and its integrity. The communications framework of the organization and identification of the risks of the business, risk profiling, quantification and mitigation, We collect some critical information of the client through an internal control questionnaire and walk around assessment to see the risk appetite and temperature of the organization

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√ We lay emphasis on the data integrity approaching the audit from the substantive testing perspective. It is desirable to do compliance testing but for the risk of weak internal control system observed in many organizations we tend to go substantive.

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√ Our audit on assets is physical inspection against the data in the register while aging of receivables is tested with gap analysis . ECL economic credit loss is done an account by account basis for bank audit while inventory and cash is done through physical counting for trading companies and also for FIs .

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√ Proper auditing of the closing stock balance is a priority . This must tally with the books . Bank reconciliation is checked with bank statements against ledgers while deposits and bank balances are independently circularized Prepayments are checked against contracts and in case of amortization , the annualization is independently computed In general , the audit will be performed following International Financial reporting standards – IFRS, generally accepted auditing practices – GAAP and International auditing standards IAS.

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√ With our huge experience in compliance we shall give free compliance advisory services to our clients to effectively engage the regulators like CBN , NDIC , FIRS etc on target examinations , risk-based examination and tax audits.