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  • info@goldwyns-ng.com

COMPANY STATUTORY AUDIT/ASSURANCE SERVICES & INVESTIGATIONS

As registered Chartered Accountants and member of the Institute of Chartered Accountants of Nigeria, we act as Statutory Auditors to companies operating in Nigeria and render such reports and financial statements as required to the company. Our audit engagements are executed with high international standard and we employ competent hands in the relevant client industry to execute audit assignments. All our audit teams are led by qualified Chartered Accountants and subsequent file reviews are handled by at least a partner in the Firm. All these are geared to ensure that assignments are well executed to the satisfaction of the client.

Our assurance services are geared to comprehensively review the entire gamut of Internal Controls employed in every aspect of our client operations and provide a report on the adequacy or otherwise of these. Areas of weaknesses are pin pointedly identified and recommendations to strengthen these are made to the client.

On specific request, these can be evaluated periodically by our firm to give the client the necessary assurances on the adequacy/compliance with set Internal Controls. This may become necessary as most statutory audits may not be designed to give this assurance. This service can be projected to cover such audit services as special investigation into the Affairs of a company operating in Nigeria for the purposes of the company's technical partners who are based in another country either to have an independent opinion on a specific matter or to gain an independent insight into the finances of the company.

CORPORATE INCOME TAX MANAGEMENT SERVICES

This has been extensively discussed in great detail in the main body of our proposal to which this forms an addendum. The various tax laws enacted by the legislative arm of Governments form the basis for any tax that can be levied on any company operating in Nigeria. The applicability of any of these tax laws to the circumstances of any of our clients are evaluated professionally before any advice can be given.

Given the application of any of these tax laws to any of our clients, various legal ways are exploited by our firm to ensure that maximum reliefs guaranteed by law are secured for our clients to reduce tax the tax burden without contravening the tax laws of the Federal Government of Nigeria.

GOLDWYNS has developed competences on Nigerian Tax Administration and compliance to effectively handle the tax affairs our clients effectively. Our close working relationship with the Federal Inland Revenue Service at the Corporate Headquarters- Abuja and the various regional Tax Offices across the country evidently add value to our service delivery.

IFRS (International Financial Reporting Standards) TRAINING AND CONVERSION PROGRAMS

With the enactment of the Financial Reporting Council Act 2011 all companies in Nigeria will ultimately convert to IFRS in preparing their financial statements. Competences have to be built up in companies for the effective application of IFRS. GOLDWYNS has developed capacities in strategic alliance with our foreign office for the training of staff in IFRS. This advantage has also been used to undertake several IFRS conversion programs for companies listed on the Stock Exchange and several other that are not listed on the Stock Exchange.

These competences in IFRS enable us to conduct our audit programs in a manner consistent with the requirements of IFRS as well as provide a resourceful platform for the provision of IFRS Advisory Services to our clients.

BOARD EVALUATION PROGRAMS & STRATEGIC HEALTH CHECKS

An effective Board of a company duly constituted to deliver the objectives and mission of the shareholders with unwavering commitment is perhaps the greatest asset of any organization. While dedicated and highly skilled and talented staff are very critical to the success of the company, their resourceful talents, skills and priceless experience will go to waste without the guided focus, direction and resources that an effective Board provides.

Board evaluation programs provide an independent assessment of the Board collectively and individually. The process critically examines the composition of the Boards of Companies, the nomination processes, contribution of Board members, policies assessment and impact analysis on value to the shareholders, measurement of the effectiveness of the Board’s sub committees and compliance checks.

The institution of this program in companies is a requirement of companies listed on Stock Exchanges, offering opportunities for the engendering of compliance with the code of corporate governance and a concomitant burden on Board members to put in their level best during their terms.

We have developed the skill set for the effective delivery of these programs to companies in alliance with Goldwyns – UK. Specific proposals are available to present this service to organizations offering more details on the program.

EXPATRIATE PERSONAL INCOME TAX MANAGEMENT

As a firm of Chartered Accountants, we are registered Tax practitioners in Nigeria. The management of Expatriates Personal Income Tax in Nigeria has always been a difficult case. However with our wealth of experience in public tax practice; we can efficiently and effectively manage Expatriates Personal Income Tax in Nigeria and procure for each year the Tax Clearance Certificate for each Expatriate from the relevant State Board of Internal Revenue in Nigeria.

This saves the company or the Expatriate individual the need to take personal responsibility for liaison with Tax Authority on their tax matters. Terminal Income Tax certificates would also be procured at the of expiration of ‘Service Contracts’ of expatriates to fully comply with Nigerian Tax Laws and prevent unnecessary enquiries and/or investigation on tax matters of the expatriates when returning back to Nigeria or for back duty investigations.

REPORTING ACCOUNTANTS

Companies from time to time may require additional equity funding to finance expansion of the businesses of the company or to meet working capital requirements to re-proportion the ratio of debt funding.

The company may secure this new equity fund by either “going public” or arranging a fresh issue of shares to the public through the Nigerian Stock Exchange. A Private Placement of the shares of the company may also be arranged to target specific investors.

Way the company goes to achieve this objective, a PROSPECTUS is required to be prepared which must be evaluated by an Independent Professional Firm of Chartered Accountants and an Independent Opinion issued thereon to safeguard the INVESTING PUBLIC.

GOLDWYNS has acted as Reporting Accountants to new capital issues in the past and will be willing to act in this capacity for any company requiring this service.

DUE - DILLIGENCE – STUDIES

We undertake the conduct of Due--Diligence--Studies on companies globally on the management of a company and its financials required for the purpose of investment in that company by a foreign company or for the establishment of pure trade—relations or acquisition bids.

These studies are conducted within the framework of set "terms-off referee (TOR) and could be useful to foreign companies in making investment decisions.

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 and finance reconstructions in companies. In delivering these services we adopt standard industry practice and utmost ethical standards to maintain objectivity and confidentiality. A technical report on the values of companies involved in the merger of acquisitions may be presented along with our report to guide all the parties involved in the merger or business combinations.

TRADE ENQUIRIES

We conduct trade enquiries for foreign companies desirous of investing in a particular line of trade in Nigeria. These might include analyses of

  • The performance of this line of trade within the Nigeria economy.
  • The operators of this line of trade in Nigeria.
  • Competition analysis
  • Regulating authorities of this line of trade in Nigeria, location, requirements etc.
  • Relevant laws regulating the trade in Nigeria.
  • Trade Union activities and other related association that impact the operation of the chosen line of the trade in Nigeria.
  • The potentials of the line of trade in Nigeria.

EXPATRIATE QUOTA PROCESSING AND MANAGEMENT OF EXPATRIATE QUOTA RETURNS

Foreign companies operating in Nigeria or Nigerian companies with technical partners, which require foreign nationals to work in specific key areas in the company, are required to procure Expatriate Quota to fill the vacancies and / or positions which the foreign Nationals are expected to fill from the Federal Ministry of Internal Affairs--Abuja.

Furthermore, all companies that fall within this category are expected to file a monthly "EXPATRIATE QUOTA RETURNS" to the Federal Ministry of Internal Affairs--Abuja.

We render services on the procurement of Expatriate Quota for companies as well as manage companies’ Expatriate Quota Returns to the Federal Ministry of Internal Affairs.

Our relationship with the Federal Ministry over the years will guarantee speedy processing of your company’s file.

TEMPORARY WORK PERMITS FOR EXPATRIATES

In some specialized cases Expatriates may be required in Nigeria to perform a specialized function either seconded by the technical partners of the company into Nigeria or in a professional capacity for a brief period. In such cases a Temporary – work - permit is processed for the Expatriate(s).

We could undertake the responsibility of processing this temporary – work - permit from the Federal Ministry of Internal Affairs and also make such necessary documentation with the Nigerian Immigration services.

INVESTMENT FEASIBILITY REPORT/ BUSINESS PLAN DEVELOPMENT

Our consultancy services have over the years dealt with several cases cutting across various production industries and financial service companies in Nigeria. We maintain a sizeable crop of professionals who have worked with us over the years and therefore adequately experienced to conduct and develop an objective Investment feasibility Report for foreign companies desirous of investing or establishing an operational base in Nigeria. This service is one of our prime and we would like to extend this service to your country nationals and organizations.

FINANCIAL ADVISORY SERVICES

We offer financial advisory services covering operations in the Nigeria Money Market, Nigeria Capital Market, Venture Capital and other non-quoted trade investments.

An in-dept financial analysis is provided to clients on a particular line of investment to enable a client make the right choice of investments and offer advice on new information that the market is reacting to, to ensure that our clients stay afloat at any point in time.

COMPANY INCORPORATION SERVICES

We serve as agent for the incorporation of new companies with the Corporate Affairs Commission-Abuja.

All companies operating in Nigeria must be registered with Corporate Affairs Commission-- Abuja, where they are issued with a certificate of incorporation and Certified True-copies of Forms CO2 and CO7, which are used in conjunction with the certificate of incorporation for the opening of Business Bank Account with Banks in Nigeria.

We have an established link with the Corporate Affairs Commission—Abuja to execute your request efficiently and fast.

FILING OF ANNUAL RETURNS

AII companies operating in Nigeria are required to file due annual returns to some government designated bodies and regulatory authorities. These include:

  • CORPORATE AFFAIRS COMMISSION – ABUJA: - The audited Financial Statements of the company and some other associated documents are required to be filed with the corporate affairs commission-Abuja.

  • FEDERAL INLAND REVENUE SERVICES: -The audited Financial Statements and annual report of the company are required to be filed with the FIRS for the purpose of computing the company's tax liability for the year.

  • FEDERAL MINISTRY OF INDUSTRIES: - The audited financial statements and a detail listing of the company's Fixed Assets used in the trade or business of the company for each year are expected to be filed with the Federal Ministry of Industries to enable the company to obtain ACCEPTANCE CERTIFICATE, which enables the company to legally claim the due CAPITAL ALLOWANCES on the Fixed Assets used in the conduct of the company's trade.

  • If the company is in financial services, it may be required to file returns with:
    • THE CENTRAL BANK OF NIGERIA.
    • THE NIGERIA DEPOSIT INSURANCE CORPORATION.
    • THE SECURITIES AND EXCHANGE COMMISSION.
    • MONTHLY RETURNS TO THE FEDERAL INLAND REVENUE SERVICE

Our firm is in a position to obtain and file all these mandatory returns to these regulatory authorities on behalf of the company and attend to all such letters and enquiries that may be sent to the company by any of these regulatory authorities.

RECRUITMENTS

We offer employee recruitment services to Nigerian and Foreign companies covering, head hunting and employee placements.

The clients’ terms of reference in the conduct of these services is followed to the letter to ensure objectivity and recruitment of the most competent employee into services of our clients.

CORPORATE TAX ADMINISTRATION

Corporate Tax administration including Pay-As-You-Earn for staff members and Value-Added-Tax. This incorporates advisory services.

SYSTEM DEVELOPMENT & INSTALLATION

We undertake specialized study of systems of operations and work processes in companies and organizations with the aim of conceptualizing appropriate accounting systems and computerizing those systems for our clients. Hardware requirements are prescribed along with developed systems. We also provide systems maintenance contracts to ensure that developed systems are working satisfactorily.

SPECIAL AUDIT

Special audit assignments are undertaken on behalf of clients. This could cover audits of the accounts of your organization and its subsidiaries.

ACCOUNTANCY SERVICES

This involves manual or computerized updating of Financial Accounting records and preparation of Final accounts.

DESIGN and IMPLEMENTATION of INTERNAL CONTROLS on ACCOUNTING

Design and implementation of Internal Controls on accounting `systems and the institution of the Internal Audit function and inspection manual.

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 includes the review of the factors used in the computation of staff’s End of Service Benefits and those currently enjoying pensions.

CORPORATE TURN-AROUND PROGRAM

We undertake the view of the activities and finances of perceived distressed corporations and Strategic Business units or Divisions within an organization. This involves physically participation in the management of such Divisions for a predefined period of time to turn around the fortunes of the company and hand it over again to the management of the parent company (Corporate Recovery Programs).

TRAINING PROGRAM

Specialized training programs are arranged for our clients in computing and accounting fields to up-date the knowledge of client’s staff in these dynamic fields.

ASSETS VALUATION and PREPARATION of FIXED ASSETS

Assets Valuation and preparation of Fixed Assets register and the determination of optimum capital structure.

DEVELOPMENT and INSTALLATION of BUDGETARY CONTROL

Development and installation of budgetary control procedures and conducting concomitant variance analysis and its uses. This aspect covers budgetary controls, costing and management information systems.

CONTINIOUS AUDIT ASSIGNMENTS

Continuous Audit Assignments- for specialized projects and other specialized processes in Divisions within the organization. This exercise is designed to arm management with necessary information at all times so that necessary interventions are made in organizational plans and processes before severe harm is done.

INVESTMENT APPRIASAL

Investment appraisal and financial advisory services on projects and Divisions within the organization.

GOVERNMENT AUDIT

Government Audit- Statutory audits are undertaken for clients and government parastatals in compliance with government regulations.