Statutory Audits
Tuesday,21st May, 2019. 11:33:53am

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Statutory Audits

Olajide and Associates ’s audit process is set up in a robust understanding of each client, its industry and its environment. Based on this understanding, we assess controls and the risks of material misstatement of the financial statements, including those caused by fraud. We then design and perform audit procedures to address risks that may precipitate material misstatements of the financial statements.

We determine the need for specialised skills in the planning, performing, and evaluation of our procedures. We also carefully review the results of our procedures to reach an opinion on the financial statements and determine whether our risk assessment and audit plan are appropriate.

Our audit process is fully integrated with supporting current technology and our staff have access to detailed guidance that is geared to their level of experience to guide them throughout the process and enable them to audit “round the computer” and “inside it”, while also allowing for an appropriate level of professional judgement.

Olajide and Associates uses quantitative and qualitative methods to determine the extent of its work. We carry out substantive and other texts in a way to ensure all significant and material figures are captured in our auditing process. With this approach, we are able to deliver high quality reports to our clients.

Our audit methodology focuses primarily on the activities necessary to provide an opinion on the financial statements. However, it is designed to address relevant aspects of clients' businesses in sufficient detail to facilitate the delivery of “unique good services”.

Olajide and Associates provide recommendations on improving internal control procedures and clarify certain financial procedures with regard to the preparation of financial statements and other aspects of accounting.

Olajide and Associates can carry out public sector audit in a broader scope than in the private sector. This often encompasses work on a client's arrangements for achieving value for money, as well as other areas specific to different types of public body.

Olajide and Associates can also provide Federal Government audit, Parastatall audit, Local Government and State Government Audit and also Non-profit Making Organisation audit, Pension and Retirement Benefits auditing services.

Important Reason for Statutory Auditing includes:-

  • A need for audit or independent review of internally reported financial information.
  • Compliance with regulations and audit committee or corporate governance requirements.
  • A need for advice on controls and processing system deficiencies and weaknesses.
  • Confirmation of accounting treatments in respect of complex transactions.
  • A need for greater awareness of prospective accounting and regulatory changes.
  • Confirmat5ion of Balances in the accounts.

Olajide and Associates auditing Services in geared towards:-

  • Statutory audit or specified procedures reviews.
  • Assurance on compliance with regulations or with corporate governance requirements.
  • Advising on controls and processing system deficiencies and weaknesses.
  • Advising on accounting treatments in respect of complex transactions.

We provide assurance services to shareholders and management on the truth and fairness of the financial statements and specifically address any other regulatory reporting requirements alongside the companies And Allied Matters Act 1990.

For Olajide and Associates’ s clients that require an audit for statutory and/or regulatory reasons connected with the filing of their annual and periodic financial information, we carry our their audit work with view to meeting their deadlines for submission of their accounts and reports to their regulatory bodies and to the Corporate Affairs Commission.

Olajide and Associates ’s audit work takes into account all current and prospective auditing, accounting and reporting regulations standard and guidance.

Olajide and Associates act as auditors to a significant number of small and medium sizes businesses. We tailor our service in these markets to create value and meet reporting regulations for small and medium-sized companies.

Why you need auditing Services

  • You are a regulated entity, either by incorporation or registration (CAC) or securities registration for trading purposes (SEC).

We can support you in the following ways

  • Compliance with regulations.
  • Advice on controls and processing system deficiencies and weaknesses.
  • Confirmation of accounts balances and agreement with books.
  • Increased awareness of prospective accounting and regulatory changes.
  • Independent review of externally reported financial and other information.
  • Prepare Accountants report for your SEC listing
  • Audit your company’s Pensions and Investment Accounts and Records inline with regulatory authorities.

Olajide and Associates ’s statutory audit report includes:-

The financial Statements

  • The Auditor’s Report
  • The Letter of Weakness
  • Schedules to the financial statements
  • Special reports for specialise audits.


OLAJIDE AND ASSOCIATES is a member of BNI and a registered member of The Institute of Chartered Accountants of Nigeria and Chartered Institute Of Taxation Of Nigeria


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