Audit & Accounting

We provide stakeholders and regulators with financial transparency and undisputed credibility. Statutory audits, internal controls, and certified reports are all credible.

What is included in the service?

What is included in the service

Statutory Audits by Certified Professionals

We provide comprehensive statutory audits conducted by certified professionals. Our service ensures that your financial statements are accurate, fully compliant with all legal requirements, and provide a clear and reliable picture of your financial health.

Transparent Financial Reporting

Build trust with every stakeholder. We prepare clear and accurate financial statements that meet the highest standards of transparency and accountability. Our reports provide the clarity your stakeholders need for informed decisions and ensure full compliance with regulatory requirements.

Internal Control Reviews & Advisory

We provide comprehensive reviews of your internal controls to identify risks and weaknesses. Our expert advisory services then provide clear, actionable recommendations to enhance security, improve efficiency, and protect your business from potential fraud and errors.

Benefit: Reliable financial information that builds trust with investors, lenders, and regulators.

Advantages

Investor Confidence

Undisputed Credibility

Robust Internal Controls

Statutory Peace of Mind

Accounting and Auditing ⚠️ Features and Challenges

Quality of Source Data: There is often a reliance on the quality and transparency of primary data. Records can sometimes be missing or poorly documented.
Ethical Concerns: Issues can arise regarding auditor independence, conflicts of interest, and the potential for misstatement of financial reports.
Infrastructure Limitations: Challenges include power outages, weak IT infrastructure, and the geographical distance of branch offices.
Regional Disparities: Competence and access to specialists are generally higher in major cities but are often constrained in rural areas.
Currency Risk: Currency risk and economic instability are significant, especially when financial statements include elements denominated in a foreign currency.

Basics

All companies are required to prepare annual financial statements showing their financial position, performance, and cash flows.
Reporting must comply with standards set by the FRC (for public interest reporting) or SME standards, if the company falls under this definition.

Practices

Accounting is maintained based on the principles of due care, completeness, and fair valuation of assets and liabilities.
Depreciation, revaluation, impairment adjustments, and recognition of liabilities and reserves are used.
Costs and expenses must be recognized appropriately, while revenue is recognized when it is reliably measurable and probable.

Auditing in Nigeria:

Financial statement audit– verifying the accuracy of financial statements and their compliance with standards and legislation.
Mandatory for several companies, especially public, significant, or listed companies.

Audit process with the ITH CONSULTING team:

Preparation and planning.
Evidence collection.
Risk assessment and misstatement detection.
Audit report preparation.
Follow-up monitoring support.

Contact form

We are always open to communication. Send us a message, and our team will respond with a tailored solution.

Email: info@ith-consulting.ng
Telephone in Russia: +7 916 526 64 66
Telephone in Nigeria: +234 916 793 8002

Mon – Fri, 9:00–17:00

Email: info@ith-consulting.ng
Telephone in Russia: +7 916 526 64 66
Telephone in Nigeria: +234 916 793 8002

Mon – Fri, 9:00–17:00