Audit and Assurance

As required by statutory bodies, an audit is required routinely (usually annually) to ensure that the financial statements of an entity reports a true and fair view of that entity’s activities.

An auditor is an independent third party employed by the shareholders of an entity to review the financial records of that entity for a particular period usually a year. By conducting the audit, the auditor will provide the shareholders and other users of the financial statements reasonable assurance that the financial statements reviewed show a true and fair view for that period. SIAO boasts of a crop of seasoned professionals who have experience in conducting the statutory audit of companies across various industries.

Management audit is basically the review of a company’s financial (financial statements) and non-financial information (policies & procedures, organisational objectives, structure, control systems) for the purpose of evaluating the overall efficiency and effectiveness of the management over the company’s activities in line with the objectives of the shareholders of the company.

This type of audit can be conducted by SIAO and we provide recommendations in line with best practice to any defaults or issues identified after the review of the company’s information. We believe that after completion of this audit and implementation of our recommendations, the company’s efficiency and effectiveness should significantly increase.

We undertake Forensic Audits for corporate and unincorporated entities, profit and not for profit entities as a unique and special assignment. We assist clients in identifying irregularities and produce remedial plans to eliminate future occurrence.

Value for money audit is an independent examination of an audit to assess whether the use of funds or resources is at the economy, efficiency, and effectiveness.

However, some corporations require this kind of assessment because shareholders or owners want to assess agents (Managers or Directors of the Company) regarding the usages of their money.

Objective of Value for Money Audit

  • provide the shareholders or owners with independent information and advice about how economically, efficiently and effectively departments, agencies and other central government public bodies or non-profit organization have used their resources;
  • encourage audited bodies to improve their performance in achieving value for money and implementing policy; and
  • identify good practice and suggest ways in which public services and non-profit organization could be improved.
  • provide the shareholders or owners with independent information and advice about how economically, efficiently and effectively departments, agencies and other central government public bodies or non-profit organization have used their resources;
  • encourage audited bodies to improve their performance in achieving value for money and implementing policy; and
  • identify good practice and suggest ways in which public services and non-profit organization could be improved.

This is a review of a project to assess the level of compliance with the relevant project management standards. Also, this audit helps to evaluate the efficiency of the project in meeting the budget and planned schedule/ timeline.

The objectives of a project audit include:

  • To ensure project efficiency: This is achieved by ensuring that actual project expenses do not exceed the project budget.
  • Customer satisfaction: This will be achieved by interviewing the customer at different stages of the project to confirm his/ her satisfaction

Reporting Accountant Services

SIAO reporting accounting team has vast experience in been solution provider to Nigerian Capital Market and Operation. SIAO has track record in providing excellence service with high level of integrity, confidentiality and accuracy governed by International Federation of Accountants (IFAC). Our clients are international and local brands in various sectors of the economy.

A Reporting Accountant report on the financial information provided in a prospectus. They may or may not be the company’s own auditors. It is usual for reporting accountants to have had previous experience of new issues and the preparation of prospectuses. The reporting accountant submit a report to accompany the annual accounts of a small company stating that (a) the accounts are consistent with the accounting records of the company and the provisions of the Companies Act and (b) that the company is exempt from statutory audit on the basis of its size. The reporting accountant may not be an officer or employee of the company in question.

Statement of Networth

We offer personalized service in financial planning to high net worth individuals and corporate entities to enable them get the right solutions and proactive advice towards the fulfillment of financial leverages.

Our mission and primary functions is to assist our high networth clients to ascertain the accuracy of their statement of networth.

FREQUENTLY ASKED QUESTIONS (FAQ)

Audit is an independent examination of the books of accounts and records of an entity by an Auditor with a view to express an opinion thereon.

Assurance engagement means an engagement in which a practitioner expresses a conclusion designed to enhance the degree of confidence of the intended users other than the responsible party about the outcome of the evaluation or measurement of a subject matter against criteria.

Audit evidence is the Information used by the auditor in arriving at the conclusions on which the auditor’s opinion is based. Audit evidence includes both information contained in the accounting records underlying the financial statements and other information.

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SIAO is an independent Nigerian professional services firm, providing Audit & Assurance, Accounting, Tax, International Financial Reporting Standards Advisory, Human Resource, and Financial Advisory Services.

OUR SERVICES
CONTACT SIAO
ABUJA OFFICE

BOI House,
Plot 256, Zone A
Off Herbert Macaulay Way
Behind Unity Bank Building
Central Business District
Abuja

Tel: +23492912462,
Tel: +23492912463

CONTACT SIAO
LAGOS OFFICE

18b Olu Holloway Road,
(Former Temple Road),
Off Kingsway Road,
Ikoyi,
Lagos.

Tel- +234(802)1810043