Statutory Audit Service

Independent Assurance. Regulatory Compliance. Stakeholder Confidence.

A statutory audit is more than a regulatory requirement—it is the foundation of trust between your business and its stakeholders. Banks, investors, regulators, and boards rely on audited financial statements to make informed decisions. In Nigeria, the Financial Reporting Council of Nigeria (FRC) requires that only registered audit and assurance firms conduct audit engagements, and companies must comply with the Companies and Allied Matters Act (CAMA) 2020, the Financial Reporting Council Act, and applicable auditing standards. At Qeeva Advisory, we provide statutory audit services that deliver independent assurance, ensure regulatory compliance, and build stakeholder confidence.

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Why Nigerian Organisations Need Statutory Audit Services

Statutory audit is a legal requirement for many Nigerian entities, but it is also a critical source of assurance for stakeholders. Here are the most critical gaps we help you address.

Legal and Regulatory Requirement – Under CAMA 2020, companies are required to appoint auditors and have their financial statements audited annually. Public companies, banks, insurance companies, and other regulated entities face additional audit requirements. Non-compliance can result in penalties, sanctions, and director liability.

FRC Registration Requirement – The Financial Reporting Council of Nigeria has published a National Audit and Assurance Firms Register and warned that any engagement carried out by an unregistered audit and assurance firm will constitute a violation of Nigerian law and attract sanctions under the FRC Act and the Audit Regulations. Organisations must engage registered firms.

Stakeholder Confidence – Banks, investors, and creditors rely on audited financial statements to assess creditworthiness, investment potential, and business viability. Audited statements build confidence and facilitate access to capital.

Access to Funding – Lenders and investors require audited financial statements before committing capital. Without audited statements, organisations face higher borrowing costs or denied funding.

Tax and Regulatory Compliance – Audited financial statements support accurate tax filings and demonstrate compliance with FIRS and other regulatory requirements.

Detection of Errors and Fraud – Audits detect errors, misstatements, and fraud that may otherwise go undetected. Audit findings provide opportunities to strengthen controls and improve financial reporting.

Director and Officer Protection – Audited financial statements protect directors by demonstrating that they have discharged their duties to ensure accurate financial reporting.

Public Accountability – Public interest entities—companies with public accountability—must demonstrate accountability through audited financial statements.

Investor and Donor Reporting – Donors, development finance institutions, and impact investors require audited financial statements as a condition of funding.

Business Valuation and Transactions – Audited financial statements are essential for M&A transactions, valuations, and due diligence.

Regulatory Filings – SEC, CBN, NAICOM, and other regulators require audited financial statements for regulatory filings.

Going Concern Assessment – Auditors assess whether the entity is a going concern, providing early warning of financial distress.

The Solution: Professional Statutory Audit Services

We provide statutory audit services that deliver independent assurance, ensure regulatory compliance, and build stakeholder confidence. Our approach combines rigorous audit methodology, deep technical expertise, and practical commercial awareness.

At Qeeva Advisory, we understand that audit is not just a compliance exercise—it is an opportunity to add value. Our audits are designed to provide assurance, identify risks, and recommend improvements. Our team brings deep expertise in financial reporting, auditing standards, and Nigerian regulatory requirements.

Matthew Ogagavworia, FCA, CFAN, brings over 20 years of experience across banking and finance, capital markets, oil and gas, consulting, and audit. His expertise forms the foundation of our audit practice.

Whether you need a statutory audit, group audit, or specialist audit, we provide the expertise and commitment to help you succeed.

Our Comprehensive Statutory Audit Services

We offer end-to-end statutory audit services tailored to the Nigerian business environment.

Statutory Audit

We conduct statutory audits in accordance with Nigerian and international standards.

Annual Financial Statement Audit – We audit annual financial statements prepared in accordance with IFRS and Nigerian reporting standards. We provide an independent opinion on whether the financial statements give a true and fair view.

Companies and Allied Matters Act (CAMA) Audit – We conduct audits in compliance with CAMA 2020 requirements, including appointment, scope, and reporting requirements.

IFRS-Compliant Audits – We audit financial statements prepared under IFRS, including complex areas such as financial instruments, revenue recognition, leases, and business combinations.

Audit Opinion and Reporting – We issue audit opinions in accordance with International Standards on Auditing (ISA), including unmodified, qualified, adverse, or disclaimer of opinion.

Management Letter – We issue management letters that identify control weaknesses, risks, and improvement opportunities.

Audit Committee Reporting – We report to audit committees on audit findings, issues, and recommendations.

Board Reporting – We report to boards on audit outcomes and significant matters.

Group Audit

We conduct group audits for organisations with multiple entities.

Group Audit Planning – We plan group audits, including scoping, materiality, and component identification.

Component Auditor Coordination – We coordinate with component auditors, ensuring consistent audit approach and quality.

Consolidation Audit – We audit consolidated financial statements, including intercompany eliminations, currency translation, and non-controlling interests.

Group Audit Reporting – We issue group audit opinions and report on significant matters.

Multi-Jurisdiction Audits – We support audits across multiple jurisdictions, coordinating with international firms where required.

Specialist Audit Areas

We conduct audits in specialist areas requiring technical expertise.

Financial Instruments Audit – We audit financial instruments, including derivatives, hedge accounting, and expected credit loss (ECL) modelling.

Revenue Recognition Audit – We audit revenue recognition under IFRS 15, including complex contracts and performance obligations.

Lease Audit – We audit lease accounting under IFRS 16, including lease identification, measurement, and disclosure.

Business Combination Audit – We audit business combinations under IFRS 3, including purchase price allocation and goodwill.

Impairment Audit – We audit impairment assessments under IAS 36, including goodwill and other intangible assets.

Inventory Audit – We audit inventory, including valuation, existence, and obsolescence.

Fixed Asset Audit – We audit fixed assets, including existence, valuation, and depreciation.

Provisions and Contingencies Audit – We audit provisions and contingencies under IAS 37.

Employee Benefits Audit – We audit employee benefits, including defined benefit obligations under IAS 19.

Tax Audit – We audit current and deferred tax, including deferred tax asset recoverability.

Consolidation Audit – We audit consolidation, including intercompany reconciliation and elimination.

Related Party Transaction Audit – We audit related party transactions and disclosures.

Going Concern Assessment – We assess going concern and report on material uncertainties.

Regulatory Audits

We conduct audits required by regulators.

CBN Regulatory Audit – We conduct audits for banks and financial institutions in compliance with CBN requirements.

SEC Regulatory Audit – We conduct audits for public companies and capital market operators in compliance with SEC requirements.

NAICOM Regulatory Audit – We conduct audits for insurance companies in compliance with NAICOM requirements.

PENCOM Regulatory Audit – We conduct audits for pension operators in compliance with PenCom requirements.

NDIC Regulatory Audit – We conduct audits for deposit money banks in compliance with NDIC requirements.

Sector-Specific Regulatory Audits – We conduct audits for other regulated sectors, including oil and gas, telecommunications, and healthcare.

Internal Control Audit

We audit internal controls over financial reporting.

ICFR Audit – We audit internal control over financial reporting (ICFR), assessing design and operating effectiveness.

Control Testing – We test controls to assess whether they prevent or detect material misstatements.

Deficiency Assessment – We assess control deficiencies, including significant deficiencies and material weaknesses.

Management Letter on Controls – We report on control weaknesses and recommend improvements.

ICFR Documentation Review – We review ICFR documentation for completeness and accuracy.

Audit-Related Advisory

We provide advisory services that support the audit.

Audit Readiness – We help you prepare for audit, ensuring financial records, documentation, and controls are ready.

Financial Statement Preparation – We support preparation of financial statements that are audit-ready.

IFRS Advisory – We advise on complex IFRS matters before and during audit.

Internal Control Improvement – We recommend control improvements based on audit findings.

Audit Committee Advisory – We advise audit committees on their oversight responsibilities.

Audit Tender Support – We support organisations in selecting auditors through competitive tender.

Special Purpose Audits

We conduct audits for specific purposes.

Agreed-Upon Procedures – We perform agreed-upon procedures engagements for specific purposes.

Special Purpose Financial Statements Audit – We audit special purpose financial statements, including regulatory and donor reporting.

Grant Audit – We audit grants and donor-funded projects, ensuring compliance with donor requirements.

Contract Audit – We audit contracts and contractual compliance.

Fraud Audit – We conduct fraud audits to detect and investigate fraud.

Forensic Audit – We conduct forensic audits that support legal and regulatory proceedings.

Due Diligence Audit – We conduct due diligence audits for transactions.

Liquidation Audit – We conduct liquidation audits for entities in liquidation.

Audit Methodology and Quality

We apply rigorous audit methodology that meets professional standards.

Risk-Based Audit Approach – We apply a risk-based approach that focuses audit effort on the risks of material misstatement.

Audit Planning – We plan audits to ensure appropriate scope, resources, and timing. We conduct diagnostics and analytical review before making audit planning decisions.

Materiality Determination – We determine materiality based on quantitative and qualitative factors.

Audit Evidence – We obtain sufficient, appropriate audit evidence to support our opinion.

Professional Skepticism – We apply professional skepticism throughout the audit, challenging assumptions and evidence.

Quality Control – We apply rigorous quality control procedures, including engagement quality reviews.

Audit Documentation – We maintain audit documentation that meets professional standards.

Compliance with ISAs – We comply with International Standards on Auditing (ISAs).

Ethical Requirements – We comply with the IESBA Code of Ethics, including independence requirements.

Audit Technology and Analytics

We leverage technology to enhance audit quality and efficiency.

Data Analytics – We use data analytics to analyse large datasets, identify anomalies, and detect fraud indicators.

Computer-Assisted Audit Techniques (CAATs) – We apply CAATs for testing controls and transactions.

Automated Testing – We automate routine testing, improving efficiency and coverage.

Audit Management Systems – We use audit management systems that support planning, execution, and reporting.

Continuous Auditing – We support continuous auditing that monitors controls and transactions in real-time.

Remote Audit – We leverage technology for remote audit, enabling efficient audit across locations.

Audit Standards and Frameworks We Apply

We apply recognised audit standards and frameworks:

International Standards on Auditing (ISAs) – The global standards for audit engagements.
International Standards on Quality Management (ISQMs) – Standards for audit firm quality management.
IESBA Code of Ethics – Ethical requirements for professional accountants, including independence.
Companies and Allied Matters Act (CAMA) 2020 – Nigerian company law requirements for audit.
Financial Reporting Council Act – FRC requirements for audit and assurance.
IFRS and Nigerian Reporting Standards – Financial reporting standards for audited statements.
CBN, SEC, NAICOM, PENCOM Regulations – Sector-specific audit requirements.

Industries We Serve

We provide statutory audit services across multiple sectors in Nigeria.

Banking and Financial Services – We audit banks, insurance companies, and financial institutions in compliance with CBN, SEC, NAICOM, and NDIC requirements.

Manufacturing – We audit manufacturers, including inventory, production costs, and fixed assets.

Oil and Gas – We audit energy companies, including joint ventures, decommissioning provisions, and revenue.

Technology and Digital – We audit tech companies, including revenue recognition, capitalised development costs, and share-based payments.

Retail and Consumer Goods – We audit retailers, including inventory, revenue, and store operations.

Healthcare – We audit healthcare organisations, including revenue, billing, and regulatory compliance.

Real Estate and Construction – We audit developers and construction companies, including project accounting and revenue recognition.

Professional Services – We audit professional service firms, including revenue, WIP, and utilisation.

Telecommunications – We audit telecom companies, including revenue, subscriber accounting, and network costs.

Non-Profit and NGOs – We audit mission-driven organisations, including grants, donations, and donor compliance.

Public Sector – We audit government agencies and public sector entities.

SMEs – We provide accessible statutory audit services for SMEs.

Conglomerates – We audit diversified groups with multiple entities, currencies, and business lines.

Our Audit Process

We follow a structured, rigorous audit process that meets professional standards.

Phase 1: Engagement Acceptance – We assess independence, competence, and engagement risk. We issue engagement letters defining scope, responsibilities, and fees.

Phase 2: Audit Planning – We understand the entity, assess risks, determine materiality, and plan the audit. We conduct diagnostics and analytical review.

Phase 3: Audit Execution – We perform audit procedures, including walkthroughs, control testing, and substantive testing.

Phase 4: Completion and Review – We complete audit procedures, review findings, and perform engagement quality reviews.

Phase 5: Reporting – We issue audit opinions, management letters, and reports to audit committees and boards.

Phase 6: Post-Audit Support – We support the entity in implementing audit recommendations and preparing for future audits.

Why Choose Qeeva Advisory for Statutory Audit

FRC-Registered Firm – We are registered with the Financial Reporting Council of Nigeria and authorised to conduct audit and assurance engagements in Nigeria.

Deep Audit Expertise – We have deep expertise in financial reporting, auditing standards, and Nigerian regulatory requirements. Matthew Ogagavworia, FCA, CFAN, brings over 20 years of experience across banking and finance, capital markets, oil and gas, consulting, and audit.

Rigorous Methodology – We apply rigorous audit methodology that meets ISA requirements and professional standards.

Independent and Objective – We provide independent, objective audit opinions that stakeholders can trust.

Risk-Based Approach – We focus audit effort on the risks that matter most, ensuring efficient and effective audits.

Technology-Enabled – We leverage data analytics and audit technology to enhance audit quality and efficiency.

Practical and Value-Adding – We provide practical recommendations that strengthen controls and improve financial reporting.

Comprehensive Service Offering – We provide statutory audit, group audit, specialist audit, and audit-related advisory services.

End-to-End Support – We provide comprehensive services from planning to reporting to post-audit support.

Long-Term Partnership – We build lasting relationships, providing ongoing support as your business evolves.

Confidentiality and Integrity – We treat your financial information with the highest level of confidentiality.

Related Services

Internal Audit & Controls Services – Strengthen assurance, improve controls, and drive accountability.

Learn More About Internal Audit & Controls Services

ICFR Documentation Services – Document your controls, strengthen confidence, and achieve compliance.

Learn More About ICFR Documentation Services

Forensic Accounting & Security Analysis Services – Detect fraud, quantify losses, and strengthen security.

Learn More About Forensic Accounting & Security Analysis Services

IFRS Advisory Services – Achieve compliance, improve reporting quality, and build investor confidence.

Learn More About IFRS Advisory Services

Risk Management Services – We specialize in identifying and managing business interruption risks, including regulatory compliance and internal audit support.

Learn More About Risk Management Services

Financial Liability Valuation Services – We provide IFRS-compliant valuations for debt instruments, derivatives, provisions, and employee benefits.

Learn More About Financial Liability Valuation Services

Fixed Asset Verification and Asset Control Services – Know what you own, protect what you have, and optimize what you use.

Learn More About Fixed Asset Verification and Asset Control Services

Intercompany Reconciliation Burndown Services – Reconcile with confidence, close faster, and report accurately.

Learn More About Intercompany Reconciliation Burndown Services

Month-End Close Acceleration Burndown Services – Close faster, report sooner, and decide smarter.

Learn More About Month-End Close Acceleration Burndown Services

Deferred Tax Asset Validation Burndown – Complete guide for Nigerian businesses on deferred tax validation and compliance.

Learn More About Deferred Tax Asset Validation Burndown

Frequently Asked Questions (FAQ)

1. What is a statutory audit?

A statutory audit is an independent examination of an organisation’s financial statements, conducted in accordance with legal and professional requirements. The auditor provides an opinion on whether the financial statements give a true and fair view.

2. Is a statutory audit mandatory in Nigeria?

Yes. Under CAMA 2020, companies are required to appoint auditors and have their financial statements audited annually. Public companies, banks, insurance companies, and other regulated entities face additional audit requirements.

3. Who can conduct a statutory audit in Nigeria?

Only audit firms registered with the Financial Reporting Council of Nigeria (FRC) may conduct statutory audits. The FRC has warned that engagements by unregistered firms constitute a violation of Nigerian law.

4. What is the purpose of a statutory audit?

The purpose is to provide independent assurance that financial statements are free from material misstatement, whether due to fraud or error. Audits build stakeholder confidence and support access to capital.

5. What standards do you apply?

We apply International Standards on Auditing (ISAs), International Standards on Quality Management (ISQMs), and the IESBA Code of Ethics. We also comply with CAMA 2020 and FRC requirements.

6. What is an unmodified audit opinion?

An unmodified (or “clean”) opinion means the auditor concludes that the financial statements give a true and fair view in accordance with the applicable financial reporting framework.

7. What is a qualified opinion?

A qualified opinion means the auditor concludes that, except for a specific matter, the financial statements give a true and fair view. It indicates a material but not pervasive issue.

8. What is a management letter?

A management letter is a report to management identifying control weaknesses, risks, and improvement opportunities identified during the audit.

9. Do you audit consolidated financial statements?

Yes. We conduct group audits, including consolidation, intercompany elimination, and component auditor coordination.

10. How long does an audit take?

Audit timelines vary based on size, complexity, and readiness. A typical SME audit may take 2-4 weeks. Larger, complex audits may take 2-3 months. We provide clear timelines during planning.

11. Do you provide audit-related advisory?

Yes. We provide audit readiness, IFRS advisory, internal control improvement, and audit committee advisory.

12. Do you serve businesses outside Lagos?

Yes. While our head office is in Ikeja, Lagos, we serve businesses across Nigeria. Our audit services are available to clients regardless of location.

13. How do I get started?

Contact us to schedule your free consultation. We’ll discuss your statutory audit needs, assess your situation, and provide recommendations for how we can help.

Contact Us

Independent assurance, regulatory compliance, and stakeholder confidence. Let us build a partnership that strengthens your financial reporting.

Schedule Your Free Consultation to discuss your statutory audit needs and explore how we can help.

Phone: +234 802 320 0801, +234 807 576 5799

Email: info@qeeva.com

Address: 5, Ishola Bello Close, Off Iyalla Street, Alausa, Ikeja, Lagos, Nigeria

Business Hours: Monday to Friday, 8:00 AM – 6:00 PM WAT

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Statutory Audit Service

Why Nigerian Organisations Need Statutory Audit Services

The Solution: Professional Statutory Audit Services