Muoghalu Emmanuel Co Accountants Business Advisors Muoghalu Emmanuel
Muoghalu Emmanuel & Co. (Accountants & Business Advisors) Muoghalu Emmanuel & Co. Proposal for Audit Services INFRASTRUCTURE, GOVERNMENT AND HEALTHCARE FINANCIAL AND ENTERPRISE SERVICES AUDIT Proposal for the Provision of Internal/External Audit Services
The contacts at Muoghalu Emmanuel & Co. in connection with this proposal are: Content Ebuka Muoghalu P Contact Partner Cell: +234 7033510422, +2347052680225 Page Content Page 2 About Us 3 Our Values 4 Our Range of Services 5 Audit Process 7 External Audit Services: Our Customised Solutions 8 Benefits of Internal Audit Service 9 Internal Audit Services – Proposed Scope of Work 10 Work Plan for the Audit (Proposed) 12 Audit, Methodology & Approach 14 Key People 18 The Roll Call 20 Why Choose us? 21 Our Specialization 22 Our Role in the Society 23 Conclusion 25 Appendix – Financial Proposal 27 1
� Muoghalu Emmanuel & Co. (Chartered Accountants), a fast growing professional services company, provides tax, advisory and accounting outsourcing services. � � About Us Audit, Tax and Advisory for Growing Companies, Like Yours Although we are a young and growing practice, our industry expertise, in-depth skills and “Big 4” experience allow us to provide high quality, value-added services with superior technical capabilities, ultimately resulting in an inspired growth in our clients’ operations. � Our Vision is to be a leading provider of audit, tax and advisory services to growing organisations. � Our Mission is to be seen by our clients as their trusted partner for inspiring growth by consistently delivering value in everything we do. � One-Stop Solutions Provider From being just an accounting firm, we are evolving into a fully integrated onestop resource centre with the capability of advising growing companies and charities on all aspects of their business needs. We work with organisations within the commercial, governmental and non-governmental sectors and offer services across Audit, Tax, Advisory and Accounting Outsourcing Services. � � With the mission to provide quality service through high level expertise, our professionals commit their skills and common ethic of innovative thinking to generate results for their clients. � �
Our Values � � � Our values define who we are and it serves as the foundation of each step we take towards the realisation of our vision. They guide our decision making process and ensure that our people make correct and appropriate choices. � We respect the individual and our employees are our major Associates: We believe in motivating our employees to provide exceptional service to our clients by supporting their development, providing opportunities for personal growth, and celebrating their successes and achievements. We believe that it is critical to promote managers from within who will serve as examples of success for others to follow. We respect people for who they are and for their knowledge, skills and experience as individuals and team members. We give and seek regular, open and honest feedback so that we can improve and grow at all levels. We are open and honest in our communication as we act with integrity at all times: We share information and knowledge frequently and constructively. We strive to uphold our independence and high professional standards as we work together with both our employees and clients to create strong, dependable and successful relationships. � We promote a consistent culture of excellence: We strive to exceed our clients' expectations every day. We continuously work towards achieving the highest standards of quality in everything we do by developing leading edge solutions through innovative thinking that set the benchmark in our areas of expertise. Our professionals commit their skills and common ethic of innovative thinking to generate value for our clients. � We create value for our partners and stakeholders: We act as responsible corporate citizens by broadening our skills, experience and perspectives through work in our communities and protecting the environment. We deliver world class expertise with a "local touch" to our clients through enduring relationships built on genuine understanding and trust. Although it is our goal to be the best and not necessarily the biggest or most profitable; we believe that our success at satisfying clients and motivating employees will ultimately bring growth and longterm profitability.
"Our boutique firm offers a full range of professional services which cater for businesses and charities of any size. " Our Range of Services AUDIT & SERVICES ASSURANCE l. FINANCIAL STATEMENTS AUDIT l. FRAUD REVIEWS INVESTIGATIONS l. DUE DILIGENCE REVIEWS l. INTERNAL AUDIT SERVICES & Experiencing our refreshing style and approach will provide you with the best of both worlds – the relationship driven service style you expect, coupled with our depth of expertise and proven national capability. The Muoghalu Emmanuel & Co. brand promises this to all our clients, however large or small, whether they are local, national or international, and whatever their need. TAX & REGULATORY SERVICES l. CORPORATE TAX ADVISORY l. PAYE & EXPATRIATE TAX ADVISORY l. TRANSACTION TAX ADVISORY l. BUSINESS SUPPORT SERVICES We recognise that it is our clients that drive our strategy and that we need to understand what matters to them – and that is what matters to us. We focus on what is important to our clients; adopting a partnership style approach, being responsive and reliable, keeping our promises and maintaining open and frank communication. Our relationship style approach ensures that we partner with you and really get to know you and your company. This understanding enables us to look for innovative ways to assist your company in maximising growth opportunities, improving processes and, in turn, exceeding your expectations. In partnering with you, we will also build a trusted relationship where you can count on us to keep our promises. You can expect us to deliver outcomes when we say we will and trust that we have genuine interest in your company. � ADVISORY SERVICES ◦ ACCOUNTING ADVISORY SERVICES ◦ BUSINESS SERVICES VALUATION ◦ TRANSACTION SUPPORT SERVICES ◦ RECOVERY OF EXCESSIVE BANK CHARGES. ◦ STAFF OUTSOURCING 4
Overview of Process Audit Process Early Final visit Discussion of audit strategy at Quality and Audit Planning meeting Performance of audit procedures Agreement of audit logistics. Discussion of key issues with the senior management. Identification of key concerns by the company management. Form audit conclusions Initial drafts of program audit reports. Completion Finalisation of reports Audit conclusion meeting with the company management Issue audit opinion Agreement of schedules to be prepared by the client at the year end visit Risk analysis and identification of audit risk Audit fieldwork and detailed testing of areas of residual risk Issue audit opinion Timely identification and resolution of key risks and issues � A top-down, risk based audit approach � The financial statement audit has never been more important in today's business environment. There is more scrutiny and � scepticism of a company's financial statements than ever before. Investors have lost faith in corporate governance and reporting � and they expect more. Meeting donor expectations begins with the completeness and accuracy of information contained in a � company’s financial statements. Our firm’s audit starts with a broad understanding of the company. The auditors then � consider the risks the company faces; the way management controls these risks and the degree of transparency in the � company's reporting to stakeholders. � All audits are planned, controlled, recorded and reviewed with a high level of partner involvement at each critical stage of the � engagement. The key elements of our approach include: ü Obtaining an understanding of the client’s activities from both an accounting and program perspective, including the nature of the charity programs, the control environment, the style of management, and the economic and legal environment in which the entity operates; ü Detailed audit planning, including an assessment of risk and planning our responses thereto; ü Thorough briefing of the engagement team; ü Responsiveness to changes that may arise during the engagement; ü Working closely with the management thereby ensuring “no surprises”; and ü Adherence to quality control policies at each stage of the engagement. ü At the end of each audit, we review the attainment of the audit objectives that we have set out for each engagement and provide a management letter giving pragmatic advice that adds value to the business. 5
Internal Audit Services – Our Customised Solutions � We � sourcing services for growing and changing businesses in all industries in Nigeria. Our philosophy is that business owners and managers should concentrate on what they do best – create their products or perform their services for their clients - and leave their non-core functions, such as internal audit, to an accounting professional to develop for them. This ultimately leads to the optimization of business resources and processes, cost effectiveness, time saving and opportunity to leverage on best practices in the industry. We provide Internal Audit services, which supplement the in-house Internal Audit function or provide expert knowledge to help execute priority areas of your audit plan and report directly to the audit committee to ensure complete independence and objectivity. � � A top-down, risk based internal audit approach Muoghalu Emmanuel & Co. Audit Methodology (MECAM) guides our professionals in delivering rigorous audits of your organization. The audit methodology is designed to meet applicable national and international standards. We perform our audits in accordance with International Standards on Auditing and relevant national standards, such as those adopted by members of the Institute of Chartered Accountants of Nigeria (ICAN). 6
Benefits of Internal Audit Service Our service helps organisations address key operational challenges such as: � Cost effectiveness: The most apparent benefit of internal audit services is that it eliminates the need to invest in expensive audit tools and provides the access and flexibility of deploying highly skilled auditors who understand local cultures, customs, related laws and regulatory requirements at a reasonable fee. � Pool of Expertise: Businesses tend to benefit from a pool of experts and sustainable source of professional auditors which Muoghalu Emmanuel & Co. provides. We also recruit and train exceptional and qualified personnel to eventually takeover the helm of affairs in the internal audit unit and ensure the establishment of a functional department after the expiration of our Internal Audit service engagement. � Focus on core areas (efficiency): Outsourcing allows a business to focus on the core business functions which helps to boost productivity. For example, management can reduce their employees’ workload during reporting periods as the company is able to transfer time-consuming routine internal audit functions to us. Management is then able to channel the saved time to explore new revenue areas, accelerate other projects and focus on customers. � Access to innovation: We endeavour to stay at the cutting edge by investing in advanced auditing systems and techniques for the benefit of our clients. Rather than invest heavily on a new auditing system and staff training, organisations now prefer to outsource these services to benefit from these new technology developments. 7
Internal Audit Services – Proposed Scope of Work Review of Accounting and Internal Control Systems: Our services include obtaining an understanding of the existing accounting and internal control systems so as to identify: • the major classes of transaction in the entity’s operations and how they are initiated. • significant accounting records, documents and accounts. • the accounting and financial reporting process, from the initiation of transactions to their inclusion in the financial statements. • the entity’s control environment, so as to be able to assess the attitudes, awareness and actions of management regarding internal controls. Examination and evaluation of financial and operating information: Our services would ensure a continuous process of evaluating the materiality and authenticity of underlying transactions, accounting records, documents and account balances. The end result of these assessments would be sufficient to plan and develop an effective internal audit approach/procedure for your organization. Review of the effectiveness of financial controls: economy, efficiency, operations, including and non- Muoghalu Emmanuel & Co. conducts Value For Money (VFM) audits that appraises the economy, efficiency and effectiveness of your organization’s financial, operation and management structures. Review of compliance with national laws and regulations: Our services would assist to disclose areas of notable deviation from applicable investment and Securities laws and other national laws, advise on remedial actions. 88
Proposed Scope of Work……Cont’d � Review of the authorization of transactions � We ascertain that proper authority is given for the purchase and disposal of assets of the organisation, � and that there is adequate protection afforded to, and efficient use of, these assets. We also confirm � that liabilities have been incurred only in respect of legitimate operations of the organisation. � Risk assessment � Our services include changing the focus of internal audit into a more risked based management � approach that is dynamic enough to keep up with the complexities and changes in your organisation’s � business environment. As inscribed in our mandate, we shall oversee the deployment of the E-Motion � Risk Management systems as well as design terms of reference for your audit committee. � Adoption of Internal Audit Training programme � We have developed specific, internal audit programs, allowing us to gain maximum flexibility in � designing the internal audit approach at the lowest possible cost. Our audit staff also uses software � programs to simplify the routine aspects of internal audit fieldwork. We have incorporated other audit � software into the process to perform analyses or analytical procedures on downloaded client files. � These steps help to ensure that our team spends its time on substantive audit matters, not on routine � clerical aspects of the audit. � Establishment of Internal Audit Unit � The overriding essence of Muoghalu Emmanuel & Co. internal auditing service will be the eventual set-up and � management of your organization’s internal audit unit to be manned by suitably recruited and selected audit � personnel. Our company would ensure the completion of this exercise within the term of our internal audit � engagement. 9
Work Plan for the Audit (Proposed) S/No Description of task/deliverable Muoghalu Emmanuel & Co. Deadline 1 Internal audit visit To be advised 2 Issuance of Internal Audit service inclusive of Annual Audit plan To be advised 3 Internal Audit engagement 4 • Audit notification letter • List of audit requirements • Audit opening meeting • Progress meetings • Audit closing meeting 4 wks before audit engagement 3/4 wks before audit engagement Start date of audit As required Close date of audit Submission of Reports As required • Terms of reference for audit committee team 5 • Audit highlight memo End date of audit before closing meeting • Audit detailed report End date of audit before closing meeting • Audit summary report 2 weeks from fieldwork Quarterly review with your Finance Committee Every quarter 10
Our audit approach is designed to understand evaluate the risks in your business. We continue to refine our audit approach to ensure that it Audit Process - Risk based External Audit anticipates the company's risk profile. Business Risk Analysis and Risk Based External Audit: n Provides a basis for identifying audit risk n Focuses on key audit risks n Directs attention to key processes n Applies an understanding of the company’s business environment n Provides a context for analysis of financial information and accounting policy and disclosure issues ON F ba c n k o I M P R OV E M E NT ID E A o r tu o pp n i ti e s f or i m p r o vin g p e r f o r al e rn In t pr ov I: Strategic Analysis Understanding business objectives and strategies eo ur ch con on Im a pr o tin u o ent ce S ap u s ly Co m m m an d it V: Evaluation & Communication Frequent and informal feedback on key issues, results and opportunities for improvement Co nt d ee OU S au ls ro C U TI N eb a s is II: Process Analysis Understand the process and factors that drive business performance ss ct a N OU an dc ri t ac ro pe ns ap ex CO tio NU o tes ic T cu TI ti v Di s III: Risk Assessment Identify business risks and evaluate the design and operating effectiveness of controls ss ni ue n so da S C al s u c c e s s r up MA fac OM e g u la M U N t o r s r e g ul a rly R S E N I OR I C ATI O N W I T H G NA EN IV: Audit Test Work Audit during the year focusing on audit risk areas and non - routine transactions EM The benefits of Our approach: n A clear focus on key business risks and processes n A consistent approach across the company n Tailored audit work supporting robust opinions n Strong central leadership and strategic analysis n Added-value reporting on systems 11
Our Approach to your Audit Rooted in auditing standards generally accepted, our audit approach places a heavy emphasis on early planning and a continued understanding of how specific organization functions. This will enable us to identify critical audit components, provide your staff with a Audit Methodology and Approach better understanding of what assistance is expected of them, and tailor our procedures to the unique aspects of the company's operations. The benefit to you is a more efficient audit approach, performed within your time requirements while minimizing disruptions to your staff’s daily work schedule. Following is an overview of the key phases of our approach to the company audit: Phase 1 – Preplanning The first step of the audit is preplanning, which consists of a meeting with the company management to clearly identify the lines of communication, perform a risk analysis, discuss any concerns or issues you have and set expectations. We will also establish a preliminary timetable to ensure a smooth audit process. The proper analysis and consideration of your risk environment is an important part of this phase. Our risk assessment process encompasses: S/N 1 An assessment of inherent risks, both at the financial statement and account balance levels 2 An evaluation of internal control structure and the subsequent assessment of control risk 3 An assessment of the effectiveness of analytical procedures in controlling and detecting risk 4 An analysis of program risks We will work with the company's team to ensure that the audit effort gives proper consideration to the risk environment. To decide how limited audit resources can be utilized in the most cost-effective and efficient manner, there must be a detailed risk assessment of all business activities of the organization. Phase 2 – Planning and Timing The next step is to develop an audit plan, which includes tailoring audit programs and procedures specific to the company, agreeing on information to be provided by your staff, arranging the exact time of preliminary and final fieldwork, and performing analytical procedures prior to the audit date. This step ensures that all risks have been addressed. 12
Phase 3 – Fieldwork is the largest part of the audit process and consists of both substantive audit tests and analytical review. In future years, we would expect to perform many of our audit Audit Methodology and Approach (Continued) procedures on a preliminary basis. By performing many of our audit procedures before yearend, there is less strain on your accounting staff during the fiscal year-end. At the conclusion of the preliminary and final fieldwork, we will discuss the results of our work and our preliminary recommendations with the company's management. Phase 4 – Reviews and Wrap-Up In order to ensure that our final audit is of the highest quality, the files and reports will pass through several reviews, many of which will be performed in the field. Upon completion of our reviews, we will meet with you before the financial statements are finalized to discuss the results of the audit process. Phase 5 – Report Issuance At the end of our engagement, we will meet with the company's management to present our reports. We will provide a memorandum on internal control matters, which includes our recommendations for improving your operations, as well as information regarding any new accounting pronouncements, tax issues and other issues that impact your organization. 13
Assistance from the company's Accounting Audit Methodology and Approach (Continued) Staff We anticipate that we will receive support from the company's accounting personnel necessary for the preparation of requested schedules and other supporting documentation before we commence fieldwork. By utilizing our extensive knowledge of similar entities, we will limit the assistance required from your staff as much as possible – saving you time and money Use of Technology in the Audit We have developed specific, computerized audit programs, allowing us to gain maximum flexibility in designing the audit approach at the lowest possible cost. Our staff and managers have undergone training on the use of these audit techniques and relevant applications of these software programs. Our audit staff also uses software programs to simplify the routine aspects of audit fieldwork. We have incorporated other audit software into the process to perform analyses or analytical procedures on downloaded client files. These steps help to ensure that your audit team spends its time on substantive audit matters, not on routine clerical aspects of the audit. Timely Resolution Management of Audit Issues with We are dedicated to continue to proactively address any issues during the engagement with the company's management. Proactive issue identification and timely, collaborative resolution—with management as a critical component of the process. 14
S/No. Description of Task / Deliverable 1 Work Plan for the Audit (Proposed) Year end cut offs Muoghalu Emmanuel & Co. Deadline To Be Advised 2 Interim audit visit To Be Advised 3 Final audit visit To Be Advised 4 Advanced draft of statutory accounts issued for review To Be Advised 5 Draft Management Control Report (MCR) issued for comments To Be Advised 6 Audit Highlight Memorandum – pre-read for Audit Closing Meeting To Be Advised 7 Audit Close-Out Meeting To Be Advised 8 Management Approval for the Financial Statements for the Years ended. To Be Advised 15
We understand that you want to work with pragmatic people who know your industry and can offer an objective perspective to help you make those decisions. Why choose us? We are confident that the following qualities set us apart: � Insight. We are not just your accountant but also your business partner. We share your insights into the critical issues affecting your industry. Accordingly, we will endeavour to help mitigate your business risks today and prepare you for their future impact. We have the knowledge and insight to effectively recognize opportunities and identify specific areas of your organization that can be strengthened. Sound advice from a local firm with international affiliation like Muoghalu Emmanuel & Co. can serve a business more effectively with our BIG 4 experience and in-depth understanding of the business environment and culture. � National Network. Our clients typically requires the resources of a national firm and the local insight of professionals experienced in serving similar based organisations. By applying common business processes and national account management through a national integrated infrastructure, Muoghalu Emmanuel & Co. delivers polished and seamless professional audit, tax and advisory services from our offices and alliances in Lagos, Port Harcourt and Abuja. � Sector Knowledge. Muoghalu Emmanuel & Co. offers customised and industry focused strategies that are highly integrated across Audit, Tax and Advisory Services leading to both innovative and value-added answers to business needs. Our professionals are specialised by sector, which allows us to offer to our clients tailor-made advice to suit their requirements. The wealth of experience in our multidisciplinary team who will offer you our fully integrated service, coupled with their technical strengths will ensure you receive a world-class service. � Quality of Service. We have established a comprehensive quality-control assurance system, including policies and controls to enhance the quality of our services. Our quality assurance systems ensures that the engagement work papers passes through three levels of review before finalisation. You can depend on the quality of our work to help you make sound business decisions. � Personal Attention. We are dedicated to providing our clients with personal attention and a “hands-on” approach to avoid any surprises throughout the year. Our professionals will continue to solicit your input in advance of the engagement to incorporate your input in our risk assessment process, fraud risks, business changes and the engagement approach. � Guaranteed Continuous Communication. We remain accessible and responsive to your company throughout the year, pre-empting your needs while providing suggestions on how those needs could be met. We will provide you with frequent updates and communication of accounting developments and changes in standards that affect your industry. Our professionals have earned a reputation for helping similar organisations meet their goals and fulfill their long-term missions — we will do the same for you. 16
Our Specialisations We believe we can add most value to our firms' clients if we truly understand their market. Our market-driven approach enables us to develop a deep knowledge of the businesses of our clients and provide them with an informed perspective on the issues they face. We do not concentrate on serving just certain industry sectors, preferring to work with a diverse set of clients. This breadth of clientele has helped to develop industry knowledge and a deep understanding and appreciation of risks, issues and opportunities in the • Charities, Grants & Trusts following sectors: • Communication, Media & Technology • Construction & Real Estate • Consumer & Industrial Markets • Education, Healthcare & Public Sector • Energy, Utilities & Natural Resources • Financial & Enterprise Services As a fast growing national firm, we excel at creating strong relationships with clients who are seeking a combination of technical excellence with a specialized range of services and a desire for outstanding client relationships. Our ability to create and maintain outstanding relationships is based on our understanding that each of our clients is distinctively different, and it is their unique needs that drive our distinctively different approach. Our clients tell us it is the way we listen to them, work with them and how we see 17 them that makes our approach distinctively
� Our role in the society is defined by the services we render and the way in which we engage and commit to the communities where we work. Muoghalu Emmanuel & Co. works to build trust and confidence in the investing public through transparent, accurate financial reporting and by helping companies improve their management and governance system, therefore, their performance. We provide services in three main areas: Audit, Tax and Advisory. Through these services, we help organisations retain the confidence of investors, manage risk, strengthen controls and achieve their potential. Audit Our Role in the Society � Around the world, the journey to success is governed by increasingly complex and broadening regulatory requirements and stakeholder demands. Strong independent assurance provides critical information for investors and other stakeholders, a robust and clear perspective to audit committees and timely and constructive input to management. � The purpose of an audit is to enhance intended users’ confidence in the audited information, adding credibility and reinforcing trust. At the conclusion of an audit, the auditor expresses an opinion on whether the audited information is presented fairly, in all material respects, in accordance with the applicable reporting framework. The auditor obtains evidence to support the auditor’s opinion, and evaluates the presentation of the audited information, including the adequacy of related disclosures. The auditor designs and performs the audit to obtain reasonable assurance about whether the audited information is free from material misstatement. Reasonable assurance is a high, but not absolute, level of assurance. Accordingly, the auditor’s conclusions usually are based on evidence that is persuasive rather than conclusive. Exercising professional judgment with an attitude of professional scepticism is fundamental to the auditor’s determination of whether the audited information is presented fairly. The financial audit also includes the consideration of an entity’s internal control over financial reporting, and in some cases, tests of those controls. These findings are shared with management, which helps the strengthening of internal control over financial reporting. The systems of quality control adopted by our firm are designed to provide reasonable assurance that the audit personnel comply with applicable laws and professional standards when performing audit engagements. � Tax: A successful tax function delivers a strong reporting foundation and sustainable planning to help the business achieve its growth potential. Businesses need tax strategies aligned with their business drivers, built on effective compliance and open, transparent reporting. Therefore our team created for the purpose of advising clients on planning, compliance, reporting and maintaining good relationships with the tax authorities. � Tax plays a valuable and vital role in today’s society. Through the government’s perspective, tax revenues fund public programmes and tax incentives can be used to attract investment; considerably, tax is a key part of economic policy. Through the perspective of a taxpayer, organizations are keen to remain compliant and pay the right amount of tax; with alternative ways to carry out business transactions this is consistent with their duty to satisfy the demands of multiple stakeholders for creating value and managing risk. An integral part of the equation are tax advisors like Muoghalu Emmanuel & Co. , who provide guidance to organisations, helping them understand complex tax laws and the choices they have. Muoghalu Emmanuel & Co. also interacts with governments, playing a role to help ensure that tax systems are fair and administered in a most effective, functional and efficient way. � Around the world, new approaches to tax management are being built based on the concept of ‘enhanced relationships’ among tax authorities, taxpayers and tax advisors. The focus is on how taxpayers manage their tax risks, and how tax authorities can best deploy their resources to administer the tax system and collect properly due tax revenues. These developments represent a new forward-looking approach to tax versus a more traditional approach of tax collector and tax payer – which in the past has become more confrontational than collaborative. There is a real opportunity for taxpayers and tax authorities, aided by tax advisors to make the best use of their resources to help create appropriate value for tax authorities to create a platform of trust, and to make a meaningful contribution to society overall. � Advisory: Muoghalu Emmanuel & Co. is a helping hand for some of the growing companies in every sector, right across the nation. We seek to add value as our professionals immerse themselves in client operations, understanding their needs, culture and unique requirements. We provide objective advice that is tailored to support individual circumstances. 18
Our professionals want to be an integral part of your organisation’s future success. Conclusion We have developed exemplary reputation for helping similar organizations, like yours, to meet their goals and fulfill their missions. Our close, personal involvement of senior professionals on business engagements, their extensive experience, their insight, our commitment to staff continuity and meeting engagement deadlines, affords us the privilege to help accomplish your goals. Your organisation faces challenges today that will undoubtedly affect your future. We understand that these challenges require more than ordinary solutions; they require forward-thinking, creative solutions that will help carry you into a future of excellence. We will take this proactive approach throughout the engagement. Muoghalu Emmanuel & Co. appreciates the opportunity to present this proposal and look forward to building a long-lasting relationship with your organisation. If you have any questions or comments, please contact our Contact Partner, Muoghalu Emmanuel Ebuka at +234 703 -351 -0422, +234705 -268 -0225 1 9
Our goal is to provide high-quality, reliable service at reasonable fees. Our fees are based on estimated hours and hourly rates, determined by each professional’s level of experience. Our Professional Fees and Expenses for Audit professional fees are stated below, excluding all taxes. S/NO DESCRIPTION OF SERVICE FEE (N) 1. External Audit for the financial year end. To Be Advised. 2. Tax Advisory and Management. To Be Advised. A Monthly Process Reviews To Be Advised. B Review of Management Accounts and Related Reconciliations To Be Advised. Our highly discounted fees include all direct costs, excluding out-of-pocket expenses. Our fees are always based on the following assumptions: v The overall condition of the company’s financial and accounting records is satisfactory. v We will receive support from the company’s accounting personnel necessary for the preparation of requested schedules and other supporting documentation before we commence fieldwork. v There will not be a need for substantial research of any unforeseen technical issues or new accounting pronouncements during the project. The agreed fees on our engagements are “not-to-exceed” commitments. Should any additional work be required or requested that exceeds the basis of our fee estimate, this work will only be performed if agreed-to by both our Firm and the Company's directors. We will bill you for 75% advance fee at the commencement of any engagement. The balance of 25% will be due for payment at the point of presenting first draft audited financial statements.
Talk to us. Let us know how we can grow together. � For any enquiries, please contact: � Muoghalu Emmanuel & Co (Chartered Accountants). 3 rd Floor, 2 Olayinka-Bamgbose street, Along Toyin Street Ikeja, Lagos +2347052680225, +2347033510422 emuoghalu@meaudit. com. ng www. meadvisory. com. ng practice@meadvisory. com. ng This publication has been carefully prepared, but it has been written in general terms and should be seen as broad guidance only. The publication cannot be relied upon to cover specific situations and you should not act, or refrain from acting, upon the information contained therein without obtaining specific professional advice. Please contact the Muoghalu Emmanuel & Co. member firms in Nigeria to discuss these matters in the context of your particular circumstances. Muoghalu Emmanuel & Co. Services in Nigeria, their partners and/or directors, employees, affiliates and agents do not accept or assume any liability or duty of care for any loss arising from any action taken or not taken by anyone in reliance on the information in this publication or for any decision based on it. � © Muoghalu Emmanuel & Co. All rights reserved.
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