Audit and Assurance Services
Financial Statements presented by an organization are used by diverse stakeholders, both internal and external. The applications of the Financial Statements are varied depending on the users and these can inform investment decisions by potential and existing investors alike, national statistics and planning by governments, taxation by revenue authorities, academic exercises by students and researchers. Also, internally for the purposes of performance evaluation.
Statutorily and Financial Statements Audit
At Ibikunle Amosun & Co, we take pride in our professionalism and experience to deliver an independent view on the accuracy and fairness of financial reports. We are aware of our responsibility and therefore oblige to care for a wide and varied audience of people, corporate bodies, regulatory authorities, investors, etc who would take far-reaching decisions based upon the financial statements audited by us and on the opinions we expressed on such financial statements.
In our approach to audit, we closely examine policies, systems and processes that produced the accounts. This approach enables us to evaluate systemic issues and levels of adherences to established International Acceptable Standards of financial reporting which in turn determines the level of integrity tests, expertise and time required to duly carry out our assignment.
We lend our industry knowledge and skills to guide and advise our clients on best practices as applicable to their businesses. Our management reports have been found to strengthen internal checks and balances and the entire processes of financial accounting.
We have carved a niche for ourselves in the area of Staff Development, Information Technology (IT), Quality Service Delivery and Professionalism. We match all these together to provide the required assurances that the users of the financial reports audited by us need.
Risk Evaluation
Apart from being conscious of the underlying figures of profit and loss, business owners of modern times must keep themselves abreast of the risks they are daily confronted with in order to mitigate against threats to their organisation’s capital and earnings. These threats, or risks, could emanate from a wide variety of sources, including financial uncertainty, legal liabilities; contingent or real, management errors, cyber attacks or systems failures, accidents and natural disasters.
At Ibikunle Amosun & Co, we take an out-of-the-box assessment of any risk or threat that may hinder or impair performance or even threaten continuing existence of our clients businesses. We take a four thong approach to risk management.
1. We identify and communicate the risk
We educate our clients/organisations on all manners of risks/threats. The risks could be; Internal (processes, staff, structure, etc), External (regulations, market forces, exchange rates, government policies, cyber attacks, etc) and Natural (environmental disasters such as flood, earth quakes, etc).
2. We analyse and rank the risk.
We determine the scope and nature of the risk, isolate or interwoven, and then evaluate their severity based on their propensity to affect our client’s business’s profitability, capital, image and existence. Furthermore, at IA&Co, we rank the risks in the order of the urgency needed to deal with them. An imminent risk with high likelihood to distrust majorly the existence of our client businesses will receive higher priority than that which causes minor inconveniences.
3. Treat the risk
The essence of the first two steps is to lead us to a determined process for eliminating or, where this can not be achieved, minimising the risks. Relevant expertise will be brought to play and our clients buy in will be obtained in order to achieve this. We help to initiate discussions, and provide guidance to our clients on how best to manage risks on their own.
4. Monitoring of the risk
Not all risks can be eliminated, some just need to be controlled. Also, the internal dynamics of the workplace and its external environment result in change in the face and level of risks. With these in mind, risks require regular monitoring to keep them under checks. We help our clients to evaluate all potential risks, and develop risks management plan, that can be electronically or manually administered.
Our risks management plans are robust, yet simple to administer.
Compliance Assurance
Where adequate measures are not taken to ensure strict adherence to established rules, there are bound to be abuses which can invariably distort smooth operations of the business. At Ibikunle Amosun & Co., we assist our clients in appraising the effectiveness of corporate rules and severance levels. We further eveluate the effects of corporate governance on productivity, equity and in creating enabling environment for the development of the people and that of the organisation.