Independent Statutory Audit Services

Q: Is statutory audit mandatory for my business?

Under CAMA 2020, statutory audit is mandatory for: All public companies All banks, insurance companies, and discount houses Government-owned companies and parastatals NGOs and charitable organizations above certain thresholds Private companies that meet any of these criteria: Assets exceed ₦10 million (or higher as prescribed) Turnover exceeds ₦25 million (or higher as prescribed) Shareholders holding at least 10% demand an audit Company is a holding company or subsidiary of a public company We can advise on your specific obligation.

Whether you need a statutory audit to meet regulatory requirements, satisfy bankers, or reassure shareholders — Joseph Dauda & Co. delivers independent, thorough, and value-adding audit services.

An audit is more than a legal requirement — it is a business advantage.

At Joseph Dauda & Co., we know that a statutory audit can feel like a burden — but it does not have to be. When done right, an audit provides credibility, uncovers hidden risks, and gives stakeholders genuine confidence in your financial statements. We conduct independent, thorough audits that comply with IFRS, CAMA 2020, and ICAN standards. Whether you are a public company, a government agency, a bank, or an NGO, we deliver audits that go beyond compliance — adding real value to your business.

What Our Statutory Audit Covers

Full Scope Statutory Audit

We conduct complete, independent examinations of your financial statements — including balance sheet, income statement, cash flow statement, and notes. We express a clear opinion on whether your statements present a true and fair view.

Regulatory Compliance Audit

We verify that your financial reporting complies with all applicable laws — CAMA 2020, IFRS, FIRS requirements, industry-specific regulations (e.g., NAICOM for insurance, CBN for banks), and relevant guidelines.

Internal Controls Review

Beyond the numbers, we assess your internal control systems — authorization limits, segregation of duties, asset safeguarding, and fraud prevention. We report any weaknesses and recommend practical improvements.

Going Concern Assessment

We evaluate whether your business can continue operating for the foreseeable future — a critical requirement under IFRS. If risks exist, we highlight them clearly in our audit report.

Related Party Transaction Review

We identify and examine transactions with related parties (directors, shareholders, affiliates) to ensure they are properly disclosed, at arm's length, and not detrimental to the company.

Audit Report & Management Letter

You receive a formal audit opinion (unqualified, qualified, adverse, or disclaimer) plus a separate management letter — detailing findings, recommendations, and opportunities for improvement.

Common Statutory Audit Challenges We Solve

Last-Minute Panic Before Audit Deadline

Many businesses scramble when audit season arrives — disorganized records, missing documents, and stressed staff. We work with you year-round or give you a clear preparation checklist so audits are smooth, not stressful.

Disagreements with Auditors on Accounting Treatments

Unsure about revenue recognition, asset valuation, or provisions? We discuss complex issues early, reference IFRS standards clearly, and agree on treatments before the audit is finalized — no surprises.

Audit Qualifications That Harm Your Reputation

A qualified audit opinion can damage stakeholder trust and loan applications. We help you identify potential qualification risks early and correct them before they become formal qualifications.

Weak Internal Controls Exposed

Auditors often find control weaknesses that management was unaware of. We conduct a pre-audit control review, help you strengthen controls, and reduce negative findings in the final management letter.