Audit Services


Business Cardinal is a leading Nigerian audit, tax and advisory firm. Operating as a united partnership, we work as one integrated team, leveraging expertise, scale and cultural understanding to deliver exceptional and tailored services in audit and accounting, as well as tax, financial advisory, consulting and legal services

Business Cardinal is a registered practicing member of the Institute of Chartered Accountants of Nigeria. We act and are so engaged by incorporated and registered entities in Nigeria as Statutory Auditors. All audit engagements are conducted using International Standards on Auditing (ISAs) combined with the full technical and implementation knowledge of International Financial Reporting Standards (IFRSs) and such local regulations and guidelines issued by the Financial Reporting Council of Nigeria (FRCN) while also complying with the legal requirements specified in the Companies and Allied Matters Act Cap C.20 LFN 2004.

Business Cardinal’ internal governance regarding audits is structured to guarantee the highest quality by instituting a high level of quality assurance at each stage in the conduct of an audit. The audit services group is structured into internal departments that focus exclusively on the selected sectors of the Nigeria economy with the sole aim of developing and engendering specialist skills and knowledge of those sectors of the economy in those departments and by implication the staff in those departments.


The Audit Services we Offer

After the setup of a company, the management needs to continually check and re-check the workings of the business to figure out if any fraudulent activity is going on. To cater to the verification is where the audit and assurance services come in.

An audit is the inspection of the overall workings of the business. The audit process may be conducted by an in-house department or a third party. They would usually perform a comprehensive and systematic examination of the books of accounts, records of the various transactions, etc. to provide an accurate and correct picture of a business. This would not only help in understanding the present situation of the company but also allow the management to plan for the future.

But with the audit landscape changing fast, and any investigation into your finances being potentially disruptive to your day to day work, it’s common for companies to find audit and assurance time-consuming and stressful.

Our specialist team don’t see audit and assurance duties as a tiresome obligation. We see them as an important opportunity to help your organization improve and grow. Whatever we do for you, whether it be statutory external, internal audit or any other of our full range of assurance services. The ultimate aim is to help you achieve your wider business goals.

We provide audit and assurance services to thousands of clients across the Nigeria ranging from complex corporate businesses to SMEs, across a wide range of industry sectors.


According to CAMA of Companies and Allied Matters Act, the shareholders of a company should vote to appoint auditor or auditors during the annual general meeting. The auditors in question should have a certificate stating that they are allowed to practice in the domain and should also be a member of the Institute of Chartered Accountants of Nigeria (ICAN, Nigeria) or the Association of National Accountants of Nigeria (ANAN).

It is a common practice of the Nigerian auditors to adopt the International Standards on Auditing (ISA) as are issued by the International Auditing and Assurance Standards Board (IAASB). The laws made by the local government further complement the guidelines. After every quarter, the auditor must prepare and maintain the books of accounts and the company audit report. After preparation of the stories, the auditor should mention their professional opinion as to whether the audit paints the accurate financial picture of the company or not.




Conducting an audit may lead you to discover specific information about the company which were previously unknown to you. Such information would allow you to focus on the affected area of the business properly. Performing an audit is not only beneficial for the management of the business but also advantageous for potential investors in the company. Some of the advantages of conducting a review in Nigeria are as below:

  1. First and foremost, it would help in the identification of any outdated or inadequate accounting practices being followed in the business. Auditing provides a complete picture of the financial health of the business and also shows the various transactions conducted by it. The transparency would allow the management to understand the entire workings of the company and find out any discrepancy between reality and the expected outcome.


  1. An audit will help in tax planning of the business. It will ensure that your company is prepared for tax season and would enable you to plan and leverage the various tax write-offs so that the company is benefited as much as possible.



  1. It is not recommended that only a single type of accounting system is used for every company. By conducting an audit, we can gather the required data which would help us in using the right accounting system. The analysis would mean that there would be less number of problems in accounting and thus fewer errors would come up in the future.


  1. The credibility of the company’s financial records will be strengthened. When the company has documented proof of all the activities of the business, the investors tend to put more trust in these companies.



  1. It will help to prevent the occurrence of fraudulent activities in the company. An audit will help to pinpoint the fraudulent activity which would allow the management to take relevant remedial measures against such actions. A case further impartial is where the audit could be conducted by a reputed third party which would pass correct and unbiased judgement in case any fraudulent activity is found.



We at Business Cardinal offer the following audit services in Nigeria:

  • Accounting Services

Primarily, our accounting services involve the recording of financial transactions, maintenance of the books of records and the preparation of relevant financial reports for our clients. These services can be delivered by providing the client with our resources who shall be resident in the client’s office or by accessing the required information at our offices thereby working offsite.

Our detailed Roles and Responsibilities are varied and determined and agreed with each client in line with specific needs. Business Cardinal uses an effective accounting system that ensures compliance to local regulations and ensures data integrity and satisfies both local and international corporate reporting requirements. The capabilities and features of the accounting system offered for use shall be consulted with and agreed by the client.


  • External Audit

Our external audit team is here to help your business stay compliant, including making sure that your financial statements comply with current accounting standards.

However, businesses expect more from their auditors than the statutory audit and look for a value-added service. We believe the ingredients of such a service will involve having an interest in your business and its success and this will be achieved by gaining a thorough understanding of your business; collecting input from partners and senior staff; a ‘team’ approach to the work and ensuring continuity of staffing and, above all, provision of a value for money service.


  • Internal Audit

Internal Audit at Business Cardinal takes on a Risk-based approach; designed to review what a company is doing in order to identify potential threats to the organization’s health and profitability, and to make suggestions for mitigating the risk associated with those threats in order to minimize costs in the long run.

  • IFRS Conversion

The Financial Reporting Council of Nigeria has mandated all companies in Nigeria to convert from Nigeria Generally Accepted Accounting Principles (NGAAP) to International Financial Reporting System (IFRS).

We carry out a detailed conversion exercise that entails; a review of the chart of accounts and general ledger identifying areas that would be affected by the conversion to IFRS; ascertain whether the EDP method is IFRS compliant and would be useful for subsequent IFRS reporting by the company; train users, re-structure the general ledger and charts of accounts; review all account balances and raise necessary journals to implement the IFRS impact on them; attend to sub-system issues relating to configuration and data capture, and agree on post implementation reviews with the client.


  • Due Diligence

We provide financial management advice on operational and financing structures based on our thorough understanding of costing and management accounting systems.

The firm adopts a more robust approach in conducting Due Diligence assignments. This also includes identifying appropriate operational and financing structures, determining funding requirements, providing documented financial analysis and business plans, and facilitating financing for projects.


  • Reporting Accounting

Our responsibility is to provide a limited assurance report on the forecast prepared for the purpose of complying with the Listings Requirements of the Stock Exchange and for inclusion in the prospectus to prospective or existing shareholders. We would conduct the exercise in accordance with the International Standard on Assurance Engagements applicable to the Examination of Prospective Financial Information.


  • Model Audit

A model audit is the term for the tasks performed when conducting due diligence on a financial model. Financial modeling is the task of building an abstract representation (a model) of a financial decision-making situation. Our responsibility here includes providing a Model Audit Report that facilitates our Client’s ability to make a sound financial decision.


  • Government Audit

Government ministries, agencies and departments are statutorily required to maintain credible financial records and produce therefrom a set of financial statements which must be subjected to audit per



  • Continuous Audit Assignments

The role of internal audit is critical to the maintenance of the required internal control to safeguard and protect the assets of any organization. The presence of an internal audit function also prov


  • Pension Audit

Specialized audit of the corporate Pension Fund Scheme and the assessment of the fund to determine the adequacy of the Fund to meet its liabilities under the scheme. The scope of operations under this


  • Forensic audit

Special audits or investigations are uniquely required by an organization aimed at ascertaining the facts of an alleged malpractice, fraud or the effective functioning or an arm, subsidiary or divisions


  • Business Combinations, Mergers & Reconstructions

As Chartered Accountants and considering our wealth of experience in accounting practice in Nigeria, we are better positioned to offer services in areas of Business combinations, mergers of companies



  • Statutory Audit Assurance Services Investigations

Business Cardinal is a registered practicing member of the Institute of Chartered Accountants of Nigeria. We act and are so engaged by incorporated and registered entities in Nigeria as Statutory Auditors. We assist companies of all sizes, with expert knowledge across many business sectors, including manufacturing and engineering, IT & technology and wholesale & distribution.

We provide a bespoke service, tailored to clients’ specific requirements. Our team will ensure that the work is undertaken in a manner that is as least disruptive to your day-to-day operations and we provide jargon-free, easy to understand reporting that offers valuable insights into your business.


  • Impact analysis

We will help you understand and prepare for changes in accounting standards and the impact that they can have on reported results, tax, distributable reserves and the wider business.


  • Transaction support

We will address the key accounting issues that arise from transactions such as mergers, acquisitions, disposals and IPOs.


  • Reorganizations and restructurings

We can assist with any accounting complexities that arise from group reorganizations and restructurings. We will help achieve the best possible outcome for you.


  • GAAP conversions

We assess and advise on the complex issues arising from GAAP conversions. We will ensure that commercial and tax challenges and opportunities are dealt with.


Other services we offer at Business Cardinal:

In addition to producing annual accounts and carrying out annual audits Business Cardinal also provides clients with the following:

  • Bookkeeping Services
  • Management Accounts
  • Taxation Services
  • Business plans and funding forecasts including, cashflows, profit and loss, and balance sheets
  • Business Advice through BAS and our advisers
  • Executive Search





Our audit approach is based on a thorough understanding of our clients’ businesses and is risk-driven. it is specifically tailored to identify and address significant risks that might have material impact on the financial statement. We examine your key business processes, evaluate controls, and perform substantive test to get an understanding of your relevant issues.

The following is an overview of our audit methodology:

  • Planning

The planning stage is a crucial part of the engagement, it involves preliminary judgement of materiality, understanding of business environment, operations and internal controls. It involves development of a bespoke audit approach to meet your organizational need.

  • Risk assessment

This stage involves consideration of risk environment. It involves an assessment of inherent risks both at financial statement and at account balance levels. We will carry out a detailed risk assessment of the organization’s business activities, evaluate the internal control structure and work with your financial team to ensure that the audit effort considers the risk environment.

  • Evaluation of internal controls

Robust internal controls are the key to a more stable organization. This stage involves evaluation of internal control and assessment of control risk. At this stage we will evaluate the design and implementation of your controls and carry out test of and operation effectiveness of the controls. This will inform the extent of substantive work to be done.

  • Audit testing

At this stage, based on our understanding of your transactions and the effectiveness of your controls, we will implore the substantive procedures that is appropriate to obtain sufficient audit evidence. We expect to perform many of our audit procedures on a preliminary basis. By performing many of our audit procedures before year-end, there is less strain on your accounting staff during the fiscal year-end.

  • Conclusion and reporting

In order to ensure that our final audit is of the highest quality, the files and reports will pass through several reviews, many of which will be performed in the field. Upon completion of our reviews, we will meet with you before the financial statements are finalized to discuss the results of the audit process. We will provide a management letter, which includes internal control weaknesses noted during the audit and our recommendations for improving your operations. We will also provide information regarding any new accounting pronouncements, tax issues and other issues that impact your organization. We will work with you to understand the impact to your organization and to provide you meaningful implementation advice. We will be available throughout the year to answer any questions that may arise.



Business Cardinal regularly provide expert audit services to clients across the Nigeria, who work in a wide range of business sectors, where we have gained a deep understanding of how these sectors operate.

Our services are an essential tool in enabling your company to improve its operations, comply with ever-changing legislative requirements and stay ahead of issues affecting your external business landscape.


  • Identifying issues relating to accounting procedures and processes, administration, management and even IT systems and processes
  • Helping facilitate the sale of a business or providing reassurance for loans or other banking facilities
  • Providing investors with greater reassurance and confidence
  • Provide transparency in financial reporting
  • The reports that we deliver will help in making business decisions, identifying areas of weakness as well as identifying areas to focus on for improved efficiencies, business growth and expansion.
  • We operate from 4 locations sited in major business centers across Nigeria. This allows us to be close to your business wherever you are.
  • We take our relationships with the key regulators in Nigeria very seriously. It is those relationships that allow us to have a comprehensive understanding of the codes and rules governing audit as well as the likely impact of any future regulation.
  • We can provide you with a team with unrivalled credentials, enjoying good relationships with Operators/ Contractors and with a deep working knowledge of commercial arrangements, enabling us to:
  • Save you time by managing the entire Joint Venture/ Contract Audit process through liaising with you, the Operator/ Contractor and other Joint Venture Partners at the right time;
  • Achieve savings for you in your Ventures by working to your agenda, collaborating with you to direct the audit effort and then capitalizing on that knowledge of your assets;
  • Identify and discuss risk areas, issue reports and then proactively managing open issues to a conclusion, involving you at the right time;
  • Focus relentlessly on recovering costs which have been incorrectly charged and ensure that appropriate correcting entries
  • Advise you on best practice and industry benchmarks;
  • Support you in the escalation and resolution of issues through the right channels at the right time


Business Cardinal provides additional value creation services borne from the combination of strong financial accounting skills and years of experience in the provision of statutory audit, systems audits, evaluation and development of accounting system and critical assessment of systems and processes. We provide a holistic service to all our audit clients by focusing on financial management and organizational performance improvement and thus add value to the systems of our clients.

We have developed our own in-house methodology in combination with an automated system with which we approach our assignments, the outcome of which makes our reports acceptable to international best practices.

Business Cardinal combine expert technical knowledge with practical, commercial experience in order to develop technically robust financial reporting solutions aligned to your business.

If you would love to engage us for this service, please call us on 08023200801 or request us to send you a proposal by email to or complete our customer enquiry form for more details.


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