Audit and Assurance
provide audit and assurance services to public and private institutions with a
view to meeting their statutory obligations. In addition, we support them in improving
their corporate reporting while providing assurance that their systems are
operating efficiently and effectively. Our audit and assurance approach are tailored to suit the size and nature of
the client’s business. We keep abreast with developments in legislations and regulations,
and as such, we can help with complex reporting issues involving International
Financial Reporting Standards (IFRS) and International Public Sector Accounting
Standards (IPSAS). The
services covered in our audit and assurance portfolio include:
As part of the statutory requirement for public and private institutions, an auditor is expected to provide opinion to the stakeholders that the financial statements examined by them show a true and fair view for the fiscal year concerned. Amedu Onekpe has seasoned professionals who have experience in carrying out statutory audits for various entities.
Sometimes when management of corporate entity wants to improve their performance, they carry out management audit. This will essentially entail the review of the financial statements, policies and procedures, including organisational objectives, structure and control systems. The objective of this type of audit is to ensure that the overall efficiency and effectiveness agrees with the objectives of its stakeholders. Amedu Onekpe has capability to carry out this type of audit and provides appropriate recommendations for implementation with a view to ensuring process improvements and optimal performance. Ultimately, this will enhance the entity’s efficiency and effectiveness.
Value for Money Audit
Value for money audit is a special audit that involves an independent examination of an entity’s resources to determine if they are being used economically, efficiently and effectively for the benefits of all stakeholders. Usually, this type of audit is carried out by stakeholders to evaluate the entity’s management on how it allocates or deploy the resources. Accordingly, the objectives which value for money audit seeks to achieve include the following:
- provide assurance to stakeholders that the allocation or deployment of resources of an entity is being done in line with the three parameters of value for money audit. That is, economically, efficiently and effectively.
- provide independent and unbiased information and advice to stakeholders on how best to allocate or deploy resources for optimal benefits of all.
- encourage entities to improve their performance in achieving organisational goals through implementing policies and procedures to delivery best value for money.
- help stakeholders to identify and suggest good national and international practices to improve organisational performance.
When irregularities are suspected, forensic audit is carried out to determine the cause(s) and the effects with a view to taking corrective measures. This type of assignment helps us to make recommendations to clients that enable them put in place robust internal control measures to safeguard the resources of the entity. More importantly, the implementation of our recommendations helps to eliminate future occurrence of irregularities.
Under this type of audit, we help our clients to assess the level of compliance with the project management standards established by stakeholders to ensure that the project was completed within time and cost budgets. The specific objectives of a project audit include the following:
§ To ensure that the capital expenditure (CAPEX) and operation expenditure (OPEX) are within the budget approved by management of the entity for the project.
§ To confirm that all stakeholders involved in the design, implementation and commissioning of the project are satisfied.