Statutory Audit

Sola Oyetayo & Co. provides assurance services to organisations that must submit to an independent audit to comply with statutory or regulatory requirements. Our statutory audit provides assurance on the truth and fairness of an organisation’s financial information; advice on controls and processing system weakness, confirmation of accounting treatments with respect to complex transactions, and specifically addresses any other regulatory reporting requirements. Responsibility for the quality of our audits rests with each of our audit partners and every member of our client teams. Their personal commitment to compliance with the highest professional ethics, standards and our firm’s quality controls is the foundation of our commitment to professional excellence.

Internal Audit

We assist organisations to improve their internal audit functions by measuring the effectiveness of existing internal audit processes and advising on the development of enhanced internal audit methodologies. We provide full or partial internal audit outsourcing solutions, support the internal audit function and deliver tailored training programs for internal auditors.

Financial Statement Audit

Our Audit Methodology transforms the traditional, compliance-driven audit process by creating a framework to assess how a company’s business risks are managed. Clients benefit from this approach in that it equips us with comprehensive understanding of your business, including its strategies, business risks, and the processes that manage them, thus resulting in an effective and efficient audit. It focuses on critical success factors and key performance indicators that drive clients’ organisation, and positions us to add value through the audit. Sola Oyetayo & Co.'s three-phase audit methodology incorporates the following

Strategic Analysis

Industry experience and knowledge of best practices enables our multidisciplinary engagement team gain a thorough understanding of clients’ business. Working with you, we evaluate strategic business risks and regulatory challenges in order to assess their significance to your business and their potential effect on your financial statements. We analyse clients’ key processes put in place to manage risks and the procedures used in recording significant classes of transactions.

Process Analysis

We document and ensure our understanding of clients’ key business processes by evaluating the underlying risks involved. We carry out test on the design and operating effectiveness of clients’ risk-management controls as a basis for our financial statements. The audit objectives associated with these risks are then decided on and an assessment on the possibility of misstatement in clients’ financial statements for each audit objective is then carried out. We test controls throughout the period under audit to help eliminate last-minute surprises and help reduce the amount of period-end auditing required.

Substantive Procedures, Evaluation and Reporting

Here, we perform detailed, substantive audit procedures as planned; identify and investigate audit differences; evaluate findings; form our audit opinions; and report our findings.