Every organization is mandated to prepare annual audited financial statement that is in compliance with international standards of auditing and financial reporting.SouthGate's audit process is set up in a way to create value that makes difference to a client’s businesses.
SouthGate provides assurance to the shareholders and management of the company on the truth and fairness of the audited financial statements and specifically addresses any other relevant regulatory reporting requirement alongside with the Companies and Allied Matter Act 1990.
We give advice on controls and processing weakness and also confirmation of accounting treatment in respect of complex transactions.
We use statutory audit to also explore the business of our clients and the challenges they face in their respective industry.
SouthGate partners and staff have a wide range of skills, knowledge and experience working with various kinds of clients across wide range of industries. We carried out statutory audit in a way to ensure our clients get maximum value from our audit assurance and also to meet up with their reporting date.
Whether you start up or an established company, growing your business or sustaining the success of your business is your main goal. In order to achieve that goal you need access to a strong, reliable accounting function.
With our team of experienced consultants at Basicals, we provide reliable outsourced accountancy services to optimize your business performance.
We offer the following services;
1. Book keeping.
2. Systems for accounting.
3. Financial planning and preparation.
4. Budget development
5. Payroll and expense management.
6. Policies and controls, mapped, documented and provided in a single point of access.
7. Transactional services supported by distinct, repeatable and non-intrusive processes.
8. Consultation.
Project audits helps to determine the true state of a project, and whether the project looks to be on track to finish successfully. Audits can also specifically point out whether good project management rigor and structure is in place.
1. Structured Audit Plan
2. Efficiency in the Allocation of Work Areas.
3. Tracker in identifying exceptional unpredictability of a team member for Performance Appraisal
4. Comprehensive Project management tracking
5. Quality assurance review of completed Assurance engagement
6. Value for money Audit- Evaluation Audit
A Joint Venture audit is process of conducting independent examination on and review of operator activities, procedures and costs over a defined period of time. Joint venture audit is conducted for the purpose of verifying transactions and resulting charges reflected on the Operator's joint interest billings. It is being carried out to assure operator and non-operator partners that revenue and expenses are passed through correctly and in compliance with the joint operating agreement.
Who can initiate a review?
Non-operating partners schedule and fund a review of detail transactions and related supporting documentation to ensure their individual ownership interests are productive and are being protected.
Why you need joint venture audit
Joint venture audit should be conducted in order to;
1. Ensure billed charges are in compliance with the operating agreement and adequate supporting documents are provided
2. Ensure cost wholly incurred by the operator have not been charged to the joint account
3. Determine whether all vendor credits for deposits, refunds and returns have been appropriately reflected in net project costs
4. Ensure the Operator activities are in compliance with the agreement, including maintaining adequate insurance coverage and timely regulatory reporting
5. Ensure goods, services and applicable taxes are paid in a timely manner
6. Ensure project assets and costs are adequately managed, controlled and reported
7. Analyze the cash call process and ensure funding adequately matches the operation needs without material surplus
8. Ensure authorization for expenditure(AFE) was not overspent, and if it was, was it in compliance with the supplementary AFE agreement
The flow of new rules and regulations across regional, national and international borders continues to increase. No matter how large, small or diversified an organization is, almost every part of it is touched by a complex web of constantly developing regulations—and subject to enforcement measures and penalties. Not to mention reputational risk.
It’s no wonder that boards of directors in their meetings are more focused on managing risk than ever before.
Regulatory audit is not just about satisfying regulators. It offers an opportunity to consistently strengthen your organisation through strategic, proactive measures—such as best practices, employee training, internal controls, and benchmarking appropriate for your industry and size.
Regulatory audits are designed to assess whether the operations (financial and non-financials) of companies have been executed in compliance with the laid down rules and guidelines in the industry and the financial statements present a true and fair representation of the activities of the companies.
Regulatory audits include but are not limited to financial statements audit. A major role of the auditor is to participate in the prudential supervision exercised by the regulatory bodies. Additional involvement may also be requested to answer specific needs.
Basicals has the technical skill and capacity to deliver quality, independent and transparent report. Having practiced in the Nigerian Arena for many years, we have in depth understanding of most regulatory issues as it pertains to different industries. Our staff are trained to ensure compliance with professional standards, as well as optimise value for your organisation and your stakeholders.
