Audit & Assurance
Our audit and assurance services satisfy the primary objective of expressing opinions on the fair presentation of the annual financial statements of Companies and ensuring compliance with relevant regulatory provisions. Also, to provide comfort to Directors and Investors on specific projects and ventures per time.
To ensure effective and efficient audits, our attention is typically directed towards those financial statement components and applicable assertions which have a high risk of material misstatement.
Audit & Assurance
All companies in compliance with the provision of Sec. 357 of Companies and Allied Matters Act of Nigeria are required at each general meeting to appoint an auditor or auditors to audit the financial statements of the company.
Pedabo Audit Services (Formerly Fashina Folorunsho & Co) is an indigenous firm of Chartered Accountants, with partners and consultants registered with the Securities and Exchange Commission (SEC). We specialise in providing independent and specialist support in Statutory Audit and Financial Advisory services to both public and private organisations.
Pedabo Audit provides additional value creation services borne from the combination of strong financial accounting skills and years of experience in the provision of statutory audit, systems audits, evaluation and development of accounting system and critical assessment of systems and processes. We provide a holistic service to all our audit clients by focusing on financial management and organisational performance improvement and thus add value to the systems of our clients.
We have developed our own in-house methodology in combination with an automated system with which we approach our assignments, the outcome of which makes our reports acceptable to international best practices.
Primarily, our accounting services involve the recording of financial transactions, maintenance of the books of records and the preparation of relevant financial reports for our clients. These services can be delivered by providing the client with our resources who shall be resident in the client’s office or by accessing the required information at our offices thereby working offsite. Our detailed Roles and Responsibilities are varied and determined and agreed with each client in line with specific needs.
We use an effective accounting system that ensures compliance to local regulations and ensures data integrity and satisfies both local and international corporate reporting requirements. The capabilities and features of the accounting system offered for use shall be consulted with and agreed by the client.
Internal Audit at Pedabo takes on a Risk-based approach; designed to review what a company is doing in order to identify potential threats to the organisation’s health and profitability, and to make suggestions for mitigating the risk associated with those threats in order to minimize costs in the long run.
The Financial Reporting Council of Nigeria has mandated all companies in Nigeria to convert from Nigeria Generally Accepted Accounting Principles (NGAAP) to International Financial Reporting System (IFRS).
We carry out a detailed conversion exercise that entails; a review of the chart of accounts and general ledger identifying areas that would be affected by the conversion to IFRS; ascertain whether the EDP method is IFRS compliant and would be useful for subsequent IFRS reporting by the company; train users, re-structure the general ledger and charts of accounts; review all account balances and raise necessary journals to implement the IFRS impact on them; attend to sub-system issues relating to configuration and data capture, and agree on post implementation reviews with the client.
We provide financial management advice on operational and financing structures based on our thorough understanding of costing and management accounting systems.
The firm adopts a more robust approach in conducting Due Diligence assignments. This also includes identifying appropriate operational and financing structures, determining funding requirements, providing documented financial analysis and business plans, and facilitating financing for projects.
Our responsibility is to provide a limited assurance report on the forecast prepared for the purpose of complying with the Listings Requirements of the Stock Exchange and for inclusion in the prospectus to prospective or existing shareholders. We would conduct the exercise in accordance with the International Standard on Assurance Engagements applicable to the Examination of Prospective Financial Information.
A model audit is the term for the tasks performed when conducting due diligence on a financial model. Financial modeling is the task of building an abstract representation (a model) of a financial decision-making situation. Our responsibility here includes providing a Model Audit Report that facilitates our Client’s ability to make a sound financial decision.