A statutory audit is a legal procedure to be done to review the accuracy of an organization’s financial statement and records. It is mandatory to conduct a statutory audit for government organizations to monitor and evaluate their performance.
Generally, the statutory report is prepared for the public. It helps to determine whether the company is providing fair and accurate financial information to the public. The statutory audit examines information such as bookkeeping records, bank balances, and financial transactions. The statutory auditors are selected by the General Meeting of Shareholders for the period of 3 to 5 years.
Advantages of Statutory Audit
The advantages of conducting a statutory audit for one’s company are:
- It improves the reputation of
- The statutory audit report
enhances the credibility and reliability of the firm
- It helps the prospective
clients in evaluating the company before doing any business
What Are Statutory Audit Requirements?
A firm needs to have the following documents before getting a statutory audit started:
- Details of fixed assets
- Bank statements with details of transactions therein and the details of cash receipts & payments
- Information on secured and unsecured loans and advances
- Trade payables & receivables
- Local purchases & import purchases
- Local sales and export sales information
- Details of inventory
- Administration and selling expenses
- Details of foreign exchange earnings & expenditures
- Statutory dues & other levies
Ogedengbe Blessing & CO Statutory Audit Services in Nigeria
- We analyze your company to highlight any problems, and provide the suitable suggestions
- We use up-to-date and innovative audit software to assist our client
Why Ogedengbe Blessing & CO?
Ogedengbe Blessing & CO is a Nigeria based financial consultancy firm offering a wide range of services including auditing, accounting, VAT, tax consulting, software consultancy, and management. We have been providing the best audit services in and around Nigeria. Our audit team works with you for the well-being of your firm. We adopt up-to-date audit software to analyze and identify any problems, and provide the best solutions.
For any statutory audit services, do contact us – we’d be happy to assist!
Is statutory audit compulsory?
As per the Commercial Companies Law, audit is mandatory for all companies
Are there any requirements from any government departments other than the license issuing authority?
Other government authorities such as the Municipality, various Ministerial Departments, Insurance Authorities, etc. also demand companies to submit their audited financial statements as and when required by such authorities.