PWAL - Technical Proposal On Audit

TECHNICAL PROPOSAL FOR
APPOINTMENT AS
EXTERNAL AUDITORS
TO
PACT WEST AFRICA

LIMITED
SUBMITTED BY:
BBC PROFESSIONALS
[CHARTERED ACCOUNTANTS]
Technical Proposal for Appointment as External Auditors to PWAL – By BBC PROFESSIONALS Page 0
PACT WEST AFRICA LIMITED
TECHNICAL PROPOSAL FOR
APPOINTMENT AS EXTERNAL AUDITORS
CONTENTS PAGE
1.0 Brief introduction of our firm 2
2.0 Our Offices and Contact Information 12
3.0 Experiences and similar assignments 13
4.0 Our understanding of the assignment 16
5.0 Brief Methodology proposed for

performing the audit assignment 18
6.0 Proposed Timeline/deliverables for project 25
7.0 Resume of Key Personnel Proposed for 26

the assignment
8.0 Documents attached 40
1.0 BRIEF INTRODUCTION OF OUR FIRM
1.1 ESTABLISHMENT
BBC PROFESSIONALS (Formerly Balogun Badejo & Co) was established on 1 April, 1969
and it is one of the largest indigenous practicing accounting firms in Nigeria offering to
clients; professional auditing, accounting, tax, insolvency, consultancy, financial
and management advisory services, amongst others.
The firm had continued to render excellent accounting services to her numerous clients and
the nation at large for over 49 years. During these years of existence, the firm has had the
privilege of having two Partners as Past Presidents of The Institute of Chartered
Accountants of Nigeria (ICAN). These are Sir John A Balogun, KSC and Chief Adeboye
O Badejo in 1980/81 and 1999/2000 respectively.
We also make bold to say that one of our own that trained and qualified in BBC Professionals,
Mr. Chidi Ajaegbu was the Golden Jubilee President of the Institute, a rare privilege
that we cherish and which adds credence to our corporate existence.
1.2 CHANGE OF NAME

In order to reposition the firm for better services to her prospective and numerous customers
and further improve our brand name, the firm changed her name in October 2012 from
Balogun Badejo & Co to BBC PROFESSIONALS. As a result of the change, note that some of
the documents that were included in this proposal had the old name.
1.3 INTERNATIONAL ASSOCIATION

We are a member of PrimeGlobal, a worldwide association of independent accounting firms.
PrimeGlobal is one of the top five largest associations of independent accounting firms in the
world; as of June 2017, the association was comprised of approximately 300 highly successful
independent public accounting firms in 80 countries. PrimeGlobal provides its
independent member firms with tools and resources to help them furnish
superior accounting, auditing, tax and management services to clients around
the globe. Through PrimeGlobal, independent member firms offer the strength
and capabilities of a large, worldwide organization with technical depth and
geographic reach impossible for a local firm alone.
For details about PrimeGlobal, and the services it offers its independent member firms, visit
the PrimeGlobal website at www.primeglobal.net.
The PrimeGlobal Headquarters is located at:
3235 Satellite Boulevard
Building 400, Suite 300
Duluth, GA 30096
USA
1.4 MISSION
Our mission is to excel in our special areas of proficiency: accounting, auditing,
taxation, management advisory services, insolvency, etc and place at the disposal of
our clients the highly technical skills peculiar to the very professional accountant.
1.5 TEAM SPIRIT

In line with our mission, we work as a team to bring about the needed solutions and high
quality delivery to our numerous clients. We believe in Team Spirit and that we have
exhibited in all our previous assignments and shall equally bring to bear in future projects.
In BBC, we believe that no one knows it all. Consequently, we brainstorm to proffer solutions
when the need arises.
1.6 COMMITMENT
Our firm is committed to:
 excellent quality and timely delivery of our service.
 conscientious maintenance and improvement of our place in the profession.
 contribution to the development of our community and profession in manpower
development, technical expertise, meaningful and stable employment in a healthy
environment whilst simultaneously discharging our social responsibilities.
 dissemination of technical information towards regular communication to our
staff, clients and the public.
1.7 REGISTRATION WITH RELEVANT AUTHORITIES

Our firm is registered with the following authorities amongst others:
 The Institute of Chartered Accountants of Nigeria (ICAN)
 Public Practice Section of ICAN (PPS)
 Corporate Affairs Commission (CAC)
 Securities & Exchange Commission (SEC)
 Office of the Auditor-General of the Federation (AGF)
 Office of the Accountant-General of the Federation (AGF)
 Some Offices of the Auditor-General of the States
 Chartered Institute of Taxation of Nigeria (CITN)
 Bureau of Public Enterprises (BPE)
 PrimeGlobal, a worldwide association of independent accounting firms
 Financial Reporting Council Of Nigeria (FRCN) - Partners
1.8 AVAILABILITY OF APPROPRIATE SKILLS

We have adequate manpower that can handle any assignment in the following categories:
1.9 KEY DRIVERS OF OUR PRACTICE
PARTNERS OF BBC PROFESSIONALS (Chartered Accountants)
22 33
11
44 55
1. J O Obogwu - Managing Partner

2. E U Itodo - Deputy Managing Partner
3. A M Adetuyi - Partner
4. G C Egwuenu (Mrs.) - Partner
5. O O Agbeje - Partner
1.9 KEY DRIVERS OF OUR PRACTICE (cont’d)
BBC PROFESSIONALS (Chartered Accountants) (Formerly Balogun Badejo &
Co) is well known for Efficiency, Integrity and Professionalism when it comes to the
practice and dealing with our clients. We take pride in the competence and experience of the
partners who drive the firm. We present a brief profile of our Partners.
(1)
JAMES O. OBOGWU
Chairman/Managing Partner
He attended St Paul’s Grammar School, Ebu and University of Benin, Benin City, where he
bagged a Master in Business Administration (MBA). Employed as a Trainee and rose
through the ranks to become a Partner on 1 April 2005. JOO became the firm’s Managing
Partner on 1 April, 2013.
Mr. Obogwu is a Fellow of both the Institute of Chartered Accountants of Nigeria and the
Chartered Institute of Taxation of Nigeria.
JOO as he is fondly called was the firm’s Deputy Managing Partner up to 31 March, 2013. He
is the Editor-In-Chief of our in-house journal, TICK Magazine.
He is currently:
- A Practice Monitoring Reviewer of the Institute of Chartered Accountants of Nigeria

(ICAN)
- IFRS Paper Presenter.
- A member of Practice Monitoring Committee of the Chartered Institute of Taxation of
Nigeria (CITN)
- A member of Taxation Standard Board of the Chartered Institute of Taxation of Nigeria
(CITN)
- Chairman of the Editorial Committee of the Taxation Standard Board of the Chartered
Institute of Taxation of Nigeria (CITN).
- A member of Public Practice Monitoring Committee of the Institute of Chartered
Accountants of Nigeria.
(2)
EVERESTUS U. ITODO
Deputy Managing Partner
Everest, as he is popularly called by friends hails from Amalla in Udenu LGA of Enugu state
of Nigeria. He attended Ifruoka Primary School Amalla–Udenu LGA in Enugu State,
Government Day Secondary School Kakuri, Kaduna and St. Theresas’ College, Nsukka.
He obtained B.Sc. in Applied Accounting from Oxford Brookes University, UK and Master of
Science in Management (M.Sc. Management) from University of Lagos, Akoka, Nigeria.
EUI is a Fellow of the Institute of Chartered Accountants of Nigeria (ICAN) and the
Association of Chartered Certified Accountants (ACCA), UK. He is also an Associate of the
Chartered Institute of Taxation of Nigeria (CITN).
Before joining the firm in January 2006, he had worked with Mu’Allahyidi & Co, (Chartered
Accountants), Supertex Limited, and Union Adhesive & Chemical Company Limited, all in
Kaduna. He rose to the position of Audit Manager in the firm on 1 April, 2008, was admitted
a Partner on the 40th Anniversary of the firm on 1 April, 2009 and became the firm’s Deputy
Managing Partner on 1 April, 2013.
He is currently:
 The Finance Partner of the Firm;
 Chairman of the Firm’s Technical, Research and Training Committee; and
 A Practice Monitoring Reviewer of the Institute of Chartered Accountants of Nigeria
(ICAN).
 A member of forum of firms Committee of the Institute of Chartered Accountants of
Nigeria.
(3)
AYODELE M. ADETUYI
Partner
Mr. Adetuyi attended Egan High School Ojo, Lagos and Olabisi Onabanjo University, Ago
Iwoye, Ogun State.
AMA obtained Master in Business Administration (MBA, Finance) from University of Lagos,
Akoka, Nigeria and Master of Accounting & Finance (M.sc) from University of Liverpool, Liverpool,
UK.
He is a member of The Institute of Chartered Accountants of Nigeria (ICAN) and The

Chartered Institute of Taxation of Nigeria (CITN).
Before joining BBc in 2006, he had worked with A A Consultants; Royal Value International
Limited and Oladeji Olagunju & Co (Chartered Accountants), where he rose to the position of
an Audit Manager.
Mr. Adetuyi also has the passion of impacting knowledge, and currently serves as Director of
Studies at Foresight Professional Institute, Lagos, an ICAN Study Centre. He is a member of
Ikoyi Club.
AMA who was admitted a Partner on 1 October, 2010 is currently the Tax Partner, IFRS
Paper Presenter and Chairman of the firm’s International Financial Reporting Standard
(IFRS) implementation Team.
(4)
GLORIA C. EGWUENU (Mrs)

Partner
Mrs. Egwuenu attended Ibru College Agbarha Otor, Delta State and Edo State University,
Ekpoma, Edo State, where she studied Accountancy. Also, she studied at University of Lagos,
Akoka where she obtained Master of Science in Management (M.Sc. Management).
Mrs. Egwuenu is a member of the Institute of Chartered Accountants of Nigeria (ICAN) and
The Chartered Institute of Taxation of Nigeria (CITN). She is an IFRS Paper Presenter and
the Vice Chairman of the firm’s IFRS implementation team.
She had worked with Omega Bank Plc (now Enterprise Bank Limited), Shonubi Abah & CO
(Chartered Accountants) and Bytex Nigeria Limited before joining Balogun Badejo & Co.
GCE as she is popularly called became a partner in the firm on 1 April, 2011 and she is
currently the Administrative Partner.
(5)
OLANIYI O. AGBEJE
Partner
Olaniyi Agbeje hails from Ayedun Ekiti in Ikole Local Government area of Ekiti State. He
attended Army Children Primary School, Kakuri, Kaduna State and Comprehensive High
School, Ayedun-Ekiti, Ekiti State. He graduated from Ondo State Polytechnic (now Rufus
Giwa Polytechnic) Owo, Ondo State.
He is a member of the Institute of Chartered Accountants of Nigeria with over 13 years

experience in Financial Advisory Services.
He started his career as an Accounts Officer with Modecom Solution Limited – A telecoms
dealer before moving to Temidayo Adebayo & Co, a firm of Chartered Accountants as
Graduate Training where he rose to the rank of an Audit Manager. He later joined BBC
Professionals (formerly Balogun Badejo & Co.) in February, 2010 in pursuant of his
professional career.
He is well grounded in audit and assurance, financial modeling and analysis, Reporting
Accounting, etc.
He is married with children.
1.10 PARTNERS AND SENIOR TECHNICAL STAFF
1.10.1 Partners: {full time - 5}
NAME QUALIFICATIONS EXPERIENCE
1. J O Obogwu MBA, FCA, FCTI 30 years
2. E U Itodo B.Sc., M.Sc., FCCA, FCA, ACTI 25 years
3. A M Adetuyi B.Sc., MBA, M.Sc., FCA, ACTI 21 years
4. G C Egwuenu (Mrs.) B.Sc., M.Sc., ACTI, FCA 21 years
5. O O Agbeje HND, ACA 16 years
Senior Technical staff:
6. C M Uche-Ugwu (Mrs.) B.Sc., ACA 9 years
7. C I Onah HND, ACA 12 years
8. I E Iwuchukwu AAT, ACA 18 years
9. F E Obi B.Sc., ACA 15 years
10. F O Adeboye B.Sc., ANIMN, ACA 12 years
11. M O Lesi B.Sc., ACA 4 years
12. V O Opajobi (Miss) B.Ed., ACS 18 years
13. O F Moyegun B. Agric, PDCA 19 years
Consultants: [Part time]

1. P. O. Oluwi FCCA, FCA, FCTI, 42 years
2. Dr. J O Asaolu FCA, FCTI, MNIM, Ph.D 41 years
3. M O Oladotun FCCA, FCA, FCTI, FCIPM, FWAIMC 41 years
4. F C Obi FCA, ACTI 36 years
QUALIFYING SENIORS AND TRAINEES

At varying degrees of qualification and experience – over 40 in number.
2.0 OUR OFFICES AND CONTACT INFORMATION
2.1 OFFICES IN NIGERIA

Our firm has offices in the following locations in Nigeria:
Abuja Ibadan
Akure Kaduna
Benin City LAGOS - Headquarters
2.2 OUR CONTACT OFFICES AND OFFICERS
Headquarters - Lagos
Charter House
7 McNeil Road
Sabo, Yaba
Lagos
G P O Box 3260, Lagos
Tel: +234 (0) 8112731722
Website: www.bbccharter.com
Email: bbccharter@yahoo.com and bbc@bbccharter.com
Headquarters contact officers:
Name Designation GSM Email
J O Obogwu Managing Partner 08023139061 obogwu@bbccharter.com
joobogwu@yahoo.com
E U Itodo Deputy Managing Partner 08036165079 euitodo@bbccharter.com

euitodo@yahoo.com
Abuja office
Suit 24 Dee Awwal Plaza
2nd Floor, Plot 2044, Michael Okpara Street
P O Box 8601
Wuse, Zone 5, Abuja
Abuja office contact officers:

Name Designation GSM Email
C I Onah Senior 08063166927 chris.ibe65@yahoo.com
3.0 EXPERIENCES AND SIMILAR ASSIGNMENTS
We have relevant cognate experience and a strong record of value-added service to our
esteemed clients which we have been doing for over four (4) decades of our existence.
3.1 SIMILAR ASSIGNMENTS

Some of the Audit & Assurance Work that we carried out or currently engaged in which
are similar to the proposed assignment are as stated below:
 National Malaria Elimination Programme – Global Fund Principal Recipient

 United Nations Development Program (UNDP) – Projects
 United Nations Children Education Fund (UNICEF) – Implementing Partners
 Africare Nigeria
 United Nations Population Fund (UNFPA) – Implementing Partners/Projects
 World Bank Assisted Projects - Loan 2620 - UNI – Lagos State
 Institute of Human Virology Nigeria (IHVN)
 NACA Federal Government of Nigeria
 Association for Reproductive and Family Health, (ARFH)
 National Agency on the Control of AIDS (NACA) Global Fund 2011
 Sustainable Health Initiative (SHI)
 South South Healthcare Delivery Programme – G.77
 AIESEC Nigeria
 Centre for Management Development (CMD)
 Forestry Research Institute of Nigeria, Ibadan (FRIN)
 Cocoa Research Institute of Nigeria, Ibadan (CRIN)
 National Cereals Research Institute (NCRI)
 National Horticultural Research Institute (NHRI)
 Nigeria Social Insurance Trust Fund (NSITF)
 World Bank Assisted Projects - Loan IBRD 2760 - UNI - Ogun State
3.2 INTERNATIONAL FINANCIAL REPORTING STANDARD (IFRS)
Even though IFRS took off effectively in Nigeria from 2012 in line with the Roadmap, we have
acquired skills and exposures prior to the effective date knowing full well our client base
which cuts across virtually every sector of the economy. Our joint assignments with our
Global Partners really added value to BBC Professionals coupled with Foreign Trainings
attended by our representatives.
We have been privileged to render various services in IFRS viz: Public Trainings; Financial
Statements Reviews; Conversions and full Implementations amongst others. Some of the
clients’ serviced by our Firm on IFRS related assignments are listed below:
 Equity Assurance Plc

 Honeywell Flour Mills Plc
 IPWA Plc
 Man Mountain & Company Limited
 Obafemi Awolowo University (OAU), Ile – Ife
 Greenwich Trust Limited
 Academy Press Buz Forms Ltd
 Bells University, Otta
 Thomas Wyatt Nigeria Plc
 Grange Schools
 Coates Brothers Limited
 Eldorado Construction Co. Limited
Some BBC Partners in a group photograph with our Foreign Partner

after an IFRS Training organized by the Firm in Collaboration with
LDP (South Africa) – a member of PrimeGlobal at Lagos Airport
Hotel, Ikeja - Lagos
3.3 OTHER ASSIGNMENTS - GENERAL
Some Other assignments carried out by the firm in recent past are
listed below:
AUDIT AND ASSURANCE SERVICES INTERNATIONAL FINANCIAL REPORTING

STANDARD (IFRS)
 United Nations Development Programme (UNDP) –  Equity Assurance Plc
Various audit engagements
 Equity Assurance Plc
 IPWA Plc
 Thomas Wyatt (Nigeria) Plc
 Man Mountain & Company Limited
 Obafemi Awolowo University (OAU), Ile – Ife
 IPWA Plc
 Greenwich Trust Limited
 Pipelines & Products Marketing Company Limited
(PPMC)  Academy Press Buz Forms Ltd
 NEM Insurance Plc  Bells University, Otta
 Bowen Micro Finance Bank  Thomas Wyatt Nigeria Plc
 Grange Schools  Grange Schools
 Man Mountain & Company Limited  Coates Brothers Limited
 Greenwich Trust Limited  Eldorado Construction Co. Limited
 Mission Securities Limited  Several Public Training Courses and general Advisory.
 Honeywell Superfine Foods Limited RECEIVERSHIP, LIQUIDATIONS AND

DUE DILIGENCE
 Calyx Trust Limited  AIICO Insurance Plc
 Resort Securities & Trust Ltd  Afolabi Dimehin & Sons Limited
 Tax Appeal Tribunal  Nfi Insurance Plc
 Falcon Petroleum Limited  Johnnic Communications (WA) Limited
 Electronic Payplus Limited  NITEL/MTEL

 Spectrum Books Limited
 Allport Cargo (W.A) Limited
 Credite Bank Nigeria Limited (Closing Activities)
 Coates Brothers (WA) Limited
 Kainji Textiles Limited
 Metal Furniture Nigeria Limited
 Mercantile Press Limited
 Metec (W.A.) Nigeria Limited
 Oluyori Bottling Ind. {Nigeria} Limited
 NACA Global Council
 Penguin Dairies Limited
 Nigerian Foundries Limited
 Max & Kelly Nigeria Limited
 Metro-Urban Homes Limited
 Unit Six Agric Industry Limited
 Federal Radio Corporation of Nigeria (FRCN)
TAXATION SERVICES
 National Broadcasting Commission (NBC)
 Pipelines & Products Marketing Company Limited (PPMC)
 News Agency of Nigeria (NAN)
 NEM Insurance Plc
 Nigerian Television Authority (NTA)
 Bowen Micro Finance Bank
 Prime Publications Limited
 OAS Helicopters
 The Daily Times of Nigeria Plc - NSE Quoted
 Electronic Payplus Limited
 Life Press Limited  Allport Cargo (W.A) Limited
 United Nations Population Council (UNFPA)  Coates Brothers (WA) Limited
 Metal Furniture Nigeria Limited
 Nigeria Social Insurance Trust Council (NSITF)
 Metec (W.A.) Nigeria Limited
 Nigerian Foundries Limited
 Enertek Bendix Limited
 Several others
5.0 OUR UNDERSTANDING OF THE ASSIGNMENT

4.1 Introduction
Pact West Africa Limited (PWAL) recently called for proposals from reputable Audit firms to
provide External Audit service to the organization and we are hereby expressing our interest
for appointment as External Auditors to PWAL.
4.2 Brief About PWAL

For more than a decade, Pact has been promoting democracy and improving health in
Nigeria.
With funding partners that include Chevron and the Bill & Melinda Gates Foundation, Pact is
using local solutions and building the capacity of Nigerian organizations to create lasting
impact.
Starting in Nigeria with the USAID ADVANCE project in 2005, it has forged partnerships
between government and civil society, resulting in the passage of four significant national
bills to fight corruption, including the landmark Freedom of Information Act in 2011.
Its current work in Nigeria focuses on improving maternal, newborn and child health and
stopping the spread of HIV.
Pact and its partners are making sure that mothers and children receive timely, effective
health services. Its work is addressing Nigeria’s high child mortality rate by reducing cases of
diarrhea, pneumonia and malaria, which together are responsible for more than half of the
country’s child deaths. Working with the government, community-based organizations and
the private sector, Pact has sustainably increased medicine supplies and boosted early care-
seeking in rural communities.
4.3 Need for audit of financial statements
The need for stewardship, accountability, compliance with the statutory provisions and good
corporate governance of any organization has made the audit of its financial statements very
necessary. Hence the statutory audit has become a credible process by which professional
accountants look at what has transpired in an organization within a specified period and issue
an audit opinion as to the true and fair view of the entity’s financial statements.
There is also the need for the audit exercises to be conducted timely within an agreed period
and/or at regular intervals or else, it will not be useful in serving the intended purpose. In
doing this, the confidence of the stakeholders in the programmes and projects will be greatly
enhanced.
In line with the above, our firm – BBC PROFESSIONALS [Chartered Accountants] hereby
forward its application to be considered for appointment as external auditors to your
Organization. Having been in existence for over forty-nine (49) years in rendering similar
services to numerous clients, we want to be part of the Organization’s Project of
Transformation, Transparency and Accountability.
4.4 Our duties as external auditors

Our duties shall include but not limited to:
Conducting independent audit of PWAL activities/operations in line with
International Standards on Auditing and International Financial Reporting Standards;
Carrying out the audit of the Book of Accounts and expressing an opinion on whether
the financial statements prepared shows a true and fair view in all material respects in
accordance with the applicable financial reporting standards and frameworks;
Critical review of internal control processes and procedures with a view to ascertaining
the existence, adequacy and compliance of the system in the Organization;
Ensuring that the funds have been used in accordance with the conditions of relevant
financing agreements, with due attention to economy and efficiency and only for the
purposes in which financing was provided;
Issuing our reports at the end of the audit exercise which shall include the audited
financial statements and management control report (Management Letter);
Bringing to the knowledge of the Organization and Management all observed
weaknesses in the internal control systems and operations generally; and making
recommendations for improvements.
Following up all previous recommendations in order to ensure that the issues raised
are implemented accordingly and rendering assistance where necessary.
Providing other value-added services as deemed necessary.
5.0 BRIEF METHODOLOGY PROPOSED FOR
PERFORMING THE AUDIT ASSIGNMENT
5.1 SUMMARY OF STAGES:
In summary, our job when appointed as external auditors to PWAL is as illustrated below:
Preliminaries:
Upon our appointment as External Auditors, we shall carry out the following:
 Forward our Letter of Acceptance signifying our acceptance of the appointment

 Issue Letter of Engagement which shall spell out the terms of engagement
 Obtain name and address of the former auditors in order to communicate and obtain
professional clearance with regards to client acceptance procedures in line with ICAN
and IFAC guidelines
 Hold meeting with the members of the Board or Top officials (if necessary)
 Hold meetings with the Management Team to discuss issues concerning the audit
 Issue our Audit Planning Memorandum
Consequently, we shall obtain necessary background information and documentation for the
purpose of the audit.
Such background information and documentation shall include but not limited to:
1. The Organization’s Profile which will contain amongst others: History, Establishment,
Head Office, Other Offices, Board, Programme/Project officials, Top Management
Staff, etc
2. Names and addresses of Former Auditors, Legal Advisers, Secretary and other
professional Advisers
3. Donor Agreements, MOU’s, Project Documents amongst others
4. List of Approved Projects/programmes
5. Obtain financial regulations, rules, policies and procedures that apply to the specific
Programmes and projects
6. Audited Financial Statements for the last three years
7. Management control report for the last three years
8. List of Bankers, Name of Account, Account Numbers and addresses of where the
accounts are maintained
9. Trial balance for the financial year (for audit purpose)
10. Management accounts
11. Systems process flow chart
12. Cash books (for all banks, cash and petty cash)
13. Bank reconciliation statements files for all the banks, cash and petty cash
14. Bank statements for the first quarter of the next financial year
15. Authorization limit for cheques, purchases, contracts etc.
16. Specimen signatures of Authorizing officers and signatories to the banks.
17. Schedule of Fixed assets (including additions, on-going projects, re-classifications,
revaluations & disposals)
18. Debtors/creditors schedules and their addresses
19. Age-analysis of debtors and creditors including details of bad debt provisions (if any)
20.Other financial and income statement schedules
Preliminaries (Cont’d):
21. Summary of fund received (classified into types, locations etc)

22. List of accredited suppliers and nature of supplies (both foreign and local)
23. Stock taking report (including stock sheets, valuation of closing stocks & exception
report)
24. Internal auditor’s reports
25. Board’s review of processes for risks, internal control and compliance
26. Governance information and Board’s strategic focus/plans
27. Organizational chart
28.List of management staff and their designation
29. List of staff
30.Staff payroll
31. Staff loans and advances register/ledger
32. List of related third parties and nature of relationship.
33. Transactions carried out with related parties.
34. Major contracts and contractual agreements
35. Schedule of contingent liabilities
36. Details of litigations and impact on Pact
37. Annual budgets (including capital expenditure budget)
38.Payment vouchers (samples required)
39. Journal vouchers (samples required)
40.Receipts & Invoices (samples required)
The above are expected to be obtained before or during the commencement of the
assignment after which such information will be discussed with the personnel to be
engaged in the assignment in order to:
 acquaint professional staff with the background information;
 brief the personnel on the core functions;
 be well informed on the strategy to be adopted to ensure that the audit
objectives and timetable are borne in mind while carrying out the audit assignment
 design appropriate audit Programme;
 brief the team members as to the requirements, timing and explanation of
work programme; and
 ensure that the audit is carried out efficiently and effectively in accordance
with all relevant local, regional and international standards on auditing.
 On concluding the audit, we shall facilitate the procurement of a Tax
Clearance Certificate for 2017 for PWAL.
Work Plan and methodology
General procedures
We shall carry out pre-audit meeting/visits in order to clearly understand the
organizational structure in place, the relationship with Donors, implementing
agencies, other Foreign and Local Establishments. This will enable us to know the
structure in place and plan our staff strength and mix for the audit field work.
The preliminary discussions will enable us to design appropriate audit programme

which will be used by each Project Teams. In effect, Audit Programme and other
procedures designed for the assignment would be shared amongst the
team members as worksheet to be guided by the Engagement Partner with
a view to ascertaining:
 the existence of internal control systems;
 adequacy and reliability of internal control system;
 whether the Organisation has internal audit in place, their effectiveness and extent
of reliance to be placed on its work;
 the main source of revenue or donation;
 other sources of income available;
 expenditures made and expenses pattern at the Head and branch offices;
 recording, presentation and disclosure of transactions in the financial statements;
 that incomes and expenditure have been treated accordingly and also with a view to
identifying:
i) adequacy of accounting and internal control system;
ii) whether all incomes recorded were properly treated in the financial
statements;
iii) adequate monitoring of expenditure and their validity;
iv) that expenditure are eligible and duly authorized; and
v) any ineligible expenditure and in-adequacies in record keeping for inclusion
in our management control report.
We shall carryout third party confirmation as part of our audit evidence which shall
support our audit opinion. Using the addresses collected from Pact, we shall:
 write the Legal Advisers with a view to obtaining firsthand information on
litigations involving the Organisation. This will assist us in knowing the extent of
exposure to other parties and also enable us to indicate same in the contingent
liabilities as note to the audited financial statements;
 send circularization letters to all Bankers to confirm the account balances as at the
end of the year or period as the case may be;
 circularize the Debtors at the year/period end in order to obtain evidences to
corroborate the records and this will form part of our audit evidences;
 also circularize Creditors for the same purpose of obtaining audit evidences to
support our opinion.
PROCESS OVERVIEW AND QUALITY ASSURANCE
Process overview and quality assurance obtainable in BBC is better experienced than
explained. Our process starts by planning the audit assignment. The plan sets out clearly
what Audit objectives we intend to achieve and at what time frame.
In summary, the process is displayed in Risk and Quality Assurance Flow

Chart stated below:
Although the Supervising Partner will be in-charge of the audit, we have a quality
assurance department headed by a Senior Partner, where all plans and jobs go through to
ensure completeness, accuracy and compliance with the relevant local and international
standards, laws and regulations.
In effect, our reports and other deliverables shall pass through the department before we
issue the draft reports to the Client.
Final reports
Having carried out the audit field work and various stages of review, we shall issue the
draft financial statements and management control report alongside with outstanding
issues (if any). The management control report shall contain details of our review, issues
observed, consequences of lapses and recommendations.
We shall hold further meetings with the top management, finance committee (if
applicable) and Organization members to discuss the draft financial statements and
management control report.
After necessary consideration and approvals of the financial reports by all concerned, we
shall issue the final audited financial statements and management control report to the
Organization.
Conclusion
We recognize that all methodologies to be adopted in carrying out the audit may not have
been spelt out fully in this expression of interest while other approaches and methodology
will be contingent on-the-job and situations that may arise during the work.
The above is therefore the summary of what we intend to do if appointed by Pact West
Africa Limited (PWAL) to audit the financial statements for the 2014/2015, 2015/2016 and
2016/2017 financial years respectively.
6.0 PROPOSED TIMELINE/DELIVERABLES FOR PROJECT
Please find attached
herewith
7.0 RESUME OF KEY PERSONNEL PROPOSED FOR THE ASSIGNMENT
TEAM COMPOSITION AND TASK ASSIGNMENTS
Based on our experiences on similar projects in the past below are the project team members,
qualification, years of experience and proposed position for the Statutory Audit of PWAL.
Technical/Managerial Staff
S/N NAME POSITION TASK

1 J O Obogwu Concurrent Reviewer/ Quality Assurer  General Supervision of the entire assignment
 Quality Control Partner for the audit
 Project Team Adviser/ office Compliance Reviewer
2 E U Itodo Task Manager/  Liaising with the officials of PWAL

Authorized Representative  Planning
 General briefing to the Project Team
 General review of all files and Reports
 Field Compliance Reviewer
 Attend meetings

3 C I Onah Audit Manager  Supervision of Field work for effectiveness and
coordination
 Ensuring implementation of planned strategy
 Reviewing the regulations, rules, policies and
procedures that applies to the project
 Review of audit files and Draft Reports
 Review of accounting and internal control procedures
4 I E Ihejirika Audit Senior  Review accounting policies adopted for the Projects
 Check for adequate provision for contingency
 Review balance sheet items
 Check provision for contingency
 Review adequacy of monitoring of expenditure to
ensure validity
 Ascertain that assets records are properly
maintained and are up
to date.
 Review income and expenditure accounts.
 Review payment procedure to ensure that it is in
accordance with
the activities, work plan and budgets of PWAL.
 Review the activities and its progress towards
expected results
and according to the key considerations for
management.
5 O M Semi-Senior
Olagoke
 Detail review of the status i.e. valuation, ownership,
recording, classification and disclosure of assets and
project for the periods under review.
 Review activities and budgets.
 Ensure that correct exchange rates have been applied for
currency conversions.
 Test procedure with regards to existence, valuation,
recording and disclosure of cash and bank balances.
 Circularize banks for third party confirmation
 Check bank reconciliation statements and make
corrections where necessary.
 Carry out surprise cash count
 Update the records under review
 Raise journals where necessary.
 Ensure that financial records are properly updated;
 Ensure that all discrepancies in the records are properly
put right;
 Ensure that the liabilities of are completely stated and
corresponding benefits had been enjoyed (value for
money);
 Ensure that bank reconciliation statements are prepared
for all bank accounts on monthly basis for the period
under review;
 Ensure that all necessary supporting documents, records
and accounts are kept in respect of all Company’s
activities.
 Review of the depreciation policies
 Review method of reporting receipts and payments
 Prepare relevant schedules
 Generate audit evidences from records and compile
issues of non-compliance with laid down procedures
 Carryout other jobs assigned by superior team members
 Procurement of Tax Clearance Certificate
The Proposed Project Team was chosen considering the Client, Nature of Job, Timing,
Deliverables expected and most importantly, the experience, exposure and calibre of
Personnel. We are confident that the Staff mix will be adequate for the project and if there is
need to deploy additional personnel, we shall act accordingly.
CURRICULUM VITAE FOR PROPOSED PROFESSIONAL STAFF
Proposed Position: Concurrent Reviewer/Quality Assurer

Name of Firm: BBC Professionals
Name of Staff: James Ofoma Obogwu
Profession: Chartered Accountant
Date of Birth: 13 July, 1968
Years of Experience: 30 years Nationality: Nigeria
Membership in Professional Societies:
1. Institute of Chartered Accountants of Nigeria (ICAN)
2. Chartered Institute of Taxation of Nigeria (CITN)
Detailed Tasks Assigned:
 General Supervision of the entire assignment
 Quality Control Partner for the audit
 Project Team Adviser/ office Compliance Reviewer
Key Qualifications:
Client: Position: Duties:

UNDP 2015 Audit Quality Assurer General Supervision of the entire
Assignment, Quality Control Partner
for the audit, Project Team Adviser/
Office Compliance Reviewer
UNICEF Spot-Check Concurrent Reviewer General Supervision of the entire

Assignment, Quality Control Partner
for the audit, Project Team Adviser/
Office Compliance Reviewer
NACA Global Fund Grant Review/Supervising Supervising the audit Assignment,

Audit 2011 Partner Technical Support & Advice to Project
Team, Expression of Opinion on the
Financial Statements, Signing of Audited
Financial Statements and Management
Letter.
UNFPA Audit of 5th Country General Group Liaising with Focal Persons in UNDP,
Programmes – 2013 Coordinator States and Organizations, Technical
Support to Project Team Members,
Supervision of staff, Review of Financial
Reports,
Discussion of Draft Reports with
Programme Officers,
Honeywell Flour Mills Plc Engagement Partner Audit & Assurances related activities,
Taxation Services
Audit 2013
Universal Steels Group Engagement Partner “ “ “

Audit 2012
World Bank Projects Senior Consultant Advisory Services
Education:
School Date Qualification
St Paul’s Grammar School, Ebu 1982 – 1987 WASC/GCE O’Level
University of Benin, Benin City 1999 – 2001 MBA (Business Admin)
Employment Record:
Company Period Employee Position
BBC Professionals 1 April 2013 – date Managing Partner
BBC Professionals 1 April ‘12 to 31 March,‘13 Deputy Managing Partner
BBC Professionals 2005 to 31 March, 2012 Partner
BBC Professionals 2001 to 2004 Audit Manager
BBC Professionals 1997 to 2001 Audit Senior
BBC Professionals 1986 to 1997 Audit Trainee
Languages: Language Speaking Reading Writing

English Fluent Excellent Excellent
Igbo Fluent Excellent Fair
Proposed Position: Engagement Partner/Authorized Representative

Name of Staff: Everestus Uche Itodo
Date of Birth: 15 December, 1973
Years of Experience: 25 years Nationality: Nigeria
Institute of Chartered Accountants of Nigeria - FCA - 2002
Chartered Institute of Taxation of Nigeria - ACTI - 2006
Association of Chartered Certified Accountants, UK - FCCA - 2010

 Liaising with the officials of PWAL
 Planning
 General briefing to the Project Team
 General review of all files and Reports
 Field Compliance Reviewer
Key Qualifications:
UNICEF Spot Check/Audit/ Task manager/Authorised
Micro-assessment Representative
Liaising with the officials of UNICEF
Planning
General briefing to the Project Team
General review of all files and Reports
Field Compliance Reviewer
Attend meetings
Obtain the list of principal officers from the UNICEF Head
Quarters and Project location
UNDP NIM/NGO 2015 Audit Task Manager/ Meeting with UNDP Management,
Authorised representative Liaising with Focal Persons in UNDP,
States and Organizations, Technical
Support to Project Team Members,
Supervision of Audit of IPs
staff, Review of Financial Reports,
Discussion of Draft Reports with
Programme Officers, Expression of
Opinion on the financial Statements,
Signing of Audited Financial Statements
and Management Letter.
NACA Government of Engagement Partner Review of Audit files & Financial Reports,
Nigeria Audit 2012 Discussion of Draft Reports with Mgt.
Expression of Opinion on the financial
Statements, Signing of Audited Financial
Statements and Management Letter.
NACA Global Fund Grant Engagement Partner

Audit 2012 “ “ “
Africare Nigeria Audit 2009 Engagement Partner “ “ “
PPMC Limited Audit 2011 Engagement Partner “ “ “
Nigeria Social Insurance Engagement Partner “ “ “
Trust Fund 2012 Audit
Education:
Ifruoka Primary School, Amalla 1986 First School Leaving Cert.
St. Theresa’s College, Nsukka 1992 SSCE
Skolak Res, Info. Tech. Centre 1999 Cert. Data Processing
Oxford Brookes University, UK 2009 B.Sc. Applied Accounting
University of Lagos 2011 M.Sc. Management
Employment Record:
Company Period Position
BBC Professionals 1 April ‘13 – date Deputy Managing Partner
BBC Professionals April ‘09 to 31 Mar, ‘13 Partner
BBC Professionals 2006 to 2009 Manager, Supervisor,
Audit Senior
Mu’Allahyidi & Co, Kaduna 2003 to 2006 Assist. Audit Mgr., Senior
Supertex Limited, Kaduna 1995 to 2003 Shift Section Controller
Union Adhesive & Chem. Co Ltd. 1993 to 1995 Administrative Clerk
Proposed Position: Audit Supervisor
Name of Staff: Christian Ibeh Onah
Date of Birth: 25 November, 1979
Years of Experience: 12 years Nationality: Nigerian
Institute of Chartered Accountants of Nigeria

 Supervision of Field work for effectiveness and coordination
 Ensuring implementation of planned strategy
 Reviewing the regulations, rules, policies and procedures that applies to the project
 Review of accounting and internal control procedures
 Review accounting policies adopted by PWAL
 Check for adequate provision for contingency
 Review balance sheet items
 Check provision for contingency
 Review adequacy of monitoring of expenditure to ensure validity
Key Qualifications:
Client: Position: Duties
UNICEF Audit/Spot-Check/ Team Leader
Micro-Assessment Supervision of Field work for
effectiveness and coordination
Ensuring implementation of planned strategy
Liaising with the officials of UNICEF at the project
location
Reviewing the regulations, rules, policies and procedures
that applies to the project
Consolidation of Reports
UNDP NIM/NGO 2015 Audit Zonal Liaising with Focal Persons in various states,
Coordinator Coordinating Team members, Reviewing
Documents and Agreements, Checking
Compliances of procedures and approved
Workplan, Checking status of prior year
Mgt. letter Observation, Preparing Working
Files, Drafting Reports.
NACA Government of Team Leader Review of Documents, Allocations, AIE,
Nigeria Audit 2012 Budgets, etc
Reviewing Internal Controls & Processes
financial Reports, Preparing Audit files and
draft, Statements and Management Letter.
Nigeria Social Insurance Trust Team Member Systems Review and Compliance
Fund Audit 2012
Nigeria Institute Of Architects Team Leader Audit & Assurances related activities
Audit 2013
Nigeria Institution of Estate Team Leader Audit & Assurances related activities
Surveyors & Valuers 2013 Audit
IPWA PLC ’13 Team Leader Stock Verification & Compliance

Education:
Federal Cooperative College, Kaduna 2011 HND Coop. Economics & Mgt.
Government Technical College, Nsukka 1987 Senior Sec. School Cert. & NABTEB Cert.
Community Primary School, Nguru, Nsukka 1981 First School Leaving Cert.
Employment Record:
Company Period Employee Position Duties
BBC Professionals 2015 – date Audit Supervisor Audit, Accountancy, Tax
Mgt. Advisory Services etc
BBC Professionals 2013 to Date Audit Senior Audit, Accountancy, Tax
Mgt. Advisory Services etc
Nestoil Plc 2011-2012 Audit Supervisor Internal Control & Compliance
Maaji & Co 2010 Audit Trainee Audit, Accountancy, Tax
Denod Invest. Limited 2002 – 2009 Accounts Clerk Accounting Functions
Proposed Position: Auditor Senior
Name of Staff: Iwuchukwu Emmanuel Ihejirika
Date of Birth: 27 November, 1970
Years of Experience: 18 years Nationality: Nigerian
Institute of Chartered Accountants (ICAN)
 Ascertain that assets records are properly maintained and are up to date.
 Review payment procedure to ensure that it is in accordance with the activities, work plan and budgets of PWAL
 Review the activities and its progress towards expected results and according to the key considerations for
management.
 ascertain that assets records are properly maintained and are up to date.
 Review payment procedure to ensure that it is in accordance with the activities, work plan and budgets of PWAL
 Review the activities and its progress towards expected results and according to the key considerations for
management.
 Review the reports submitted to the various users to see if there will be need for improvement
Key Qualifications:
UNICEF Spot-Check Team Leader Review of accounting and internal control
procedures
Review accounting policies adopted for the Projects
Check for adequate provision for contingency
Review balance sheet items
Check provision for contingency
Review adequacy of monitoring of expenditure to ensure
validity
UNDP NIM/NGO 2010 Audit Team Liaising with Focal Persons in various
Leader locations, Procurement Review and
Analysis, Coordinating Team members,
Reviewing Documents and Agreements,
Checking Compliances of procedures and
Approved Workplan, Checking status of
prior year Mgt. Management letter
preparation, Observation, Preparing
Working Files, Drafting Reports.
UNICEF Team Leader Review of Documents, Allocations, AIE,
Budgets, etc
2016 Audit of IPs
Preparing Audit files and draft financial
Reports Statements and Management
Letter.
Education:
Eyiogugu Community Sec. Sch., Mbaise, Imo State 1985 West Africa School Cert.
Employment Record:
BBC Professionals 2006 – date Audit Senior Audit, Accountancy, Tax
Mgt Advisory Services etc
Premium Poultry Farms 2012 to 2015 Accountant Head, Procurement Department
Grand Thornton 2009 to 2010 Audit Supervisor Internal Control & Compliance
Sada Idris & Co. 2006 to 2008 Audit Manager Accounting Functions
Proposed Position: Semi-Senior
Name of Staff: Olufemi McTimothy Olagoke
Profession: Accountant
Date of Birth: 12 December, 1979
Years of Experience: 11years Nationality: Nigerian
Institute of Chartered Accountants of Nigeria (ICAN)
 Detail review of the status i.e. valuation, ownership, recording, classification and disclosure of assets and project
for the periods under review.
 Review activities and budgets.
 Ensure that correct exchange rates have been applied for currency conversions.
 Test procedure with regards to existence, valuation, recording and disclosure of cash and bank balances.
 Circularize banks for third party confirmation
 Check bank reconciliation statements and make corrections where necessary.
 Carry out surprise cash count
 Update the records under review
 Raise journals where necessary.
 Ensure that all other assets of the Programme are properly presented and disclosed in the financial statements;
 Ensure that financial records are properly updated;
 Ensure that all discrepancies in the records are properly put right;
Key Qualifications:
UNICEF Audit/Spot-Check/ Team Leader
Micro-assessment Detail review of the status i.e. valuation,
ownership, recording, classification and
disclosure of assets and project for the
periods under review.
Review activities and budgets.
Ensure that correct exchange rates have
been applied for currency conversions.
NACA Government of Team Audit and Procurement Assessment,

Nigeria Audit 2014 Leader Coordinating Team members,
Documents and Agreements, Checking
Compliances of procedures and approved
Workplan, Checking status of prior year
Mgt. letter
Observation, Preparing Working Files,
Drafting Reports.
NMEP Audit 2015 Team Member Review of Documents, Allocations, AIE,

Budgets, etc
Preparing Audit files and draft financial
Reports Statements and Management
Letter.
Education:
University of Ado-Ekiti, Ekiti, Nigeria 2001 B.Sc. Economics

Employment Record:
BBC Professionals 2006 to Date Senior Trainee Audit, Accountancy, Tax
Guardian Express Bank 02 – 08/2005 DSA Sale of Banking products
8.0 DOCUMENTS ATTACHED
The following documents are attached to this

Technical Proposal
 Certificate of Registration with Corporate Affairs Commission (CAC)
 Evidence of similar audit assignments carried out in the past
 Professional Practicing Certificates of Partners
 Audited Financial Statements for 2015, 2016 & 2017 (Please find
attached herewith)
 Tax Clearance Certificate for 2017
Certificate of Registration
with Corporate Affairs
Commission (CAC)
Evidence of Audit jobs successfully
executed within the past
Professional Practicing Certificates of
Partners
Audited Financial Statements for
2015, 2016 & 2017
(Please find attached herewith)
Tax Clearance Certificate for 2017

PWAL - Technical Proposal On Audit

Transféré par

Informations du document

Titre original

Copyright

Formats disponibles

Partager ce document

Partager ou intégrer le document

Options de partage

Avez-vous trouvé ce document utile ?

Ce contenu est-il inapproprié ?

Droits d'auteur :

Formats disponibles

PWAL - Technical Proposal On Audit

Transféré par

Droits d'auteur :

Formats disponibles

TECHNICAL PROPOSAL FOR

PACT WEST AFRICA

1.0 Brief introduction of our firm 2

2.0 Our Offices and Contact Information 12

3.0 Experiences and similar assignments 13

4.0 Our understanding of the assignment 16

5.0 Brief Methodology proposed for

6.0 Proposed Timeline/deliverables for project 25

7.0 Resume of Key Personnel Proposed for 26

8.0 Documents attached 40

1.2 CHANGE OF NAME

1.3 INTERNATIONAL ASSOCIATION

The PrimeGlobal Headquarters is located at:

1.5 TEAM SPIRIT

1.7 REGISTRATION WITH RELEVANT AUTHORITIES

1.8 AVAILABILITY OF APPROPRIATE SKILLS

1.9 KEY DRIVERS OF OUR PRACTICE

1. J O Obogwu - Managing Partner

- A Practice Monitoring Reviewer of the Institute of Chartered Accountants of Nigeria

He is a member of The Institute of Chartered Accountants of Nigeria (ICAN) and The

GLORIA C. EGWUENU (Mrs)

He is a member of the Institute of Chartered Accountants of Nigeria with over 13 years

He is married with children.

1.10.1 Partners: {full time - 5}

NAME QUALIFICATIONS EXPERIENCE

1. J O Obogwu MBA, FCA, FCTI 30 years

2. E U Itodo B.Sc., M.Sc., FCCA, FCA, ACTI 25 years

3. A M Adetuyi B.Sc., MBA, M.Sc., FCA, ACTI 21 years

4. G C Egwuenu (Mrs.) B.Sc., M.Sc., ACTI, FCA 21 years

5. O O Agbeje HND, ACA 16 years

Senior Technical staff:

6. C M Uche-Ugwu (Mrs.) B.Sc., ACA 9 years

7. C I Onah HND, ACA 12 years

8. I E Iwuchukwu AAT, ACA 18 years

9. F E Obi B.Sc., ACA 15 years

10. F O Adeboye B.Sc., ANIMN, ACA 12 years

11. M O Lesi B.Sc., ACA 4 years

12. V O Opajobi (Miss) B.Ed., ACS 18 years

13. O F Moyegun B. Agric, PDCA 19 years

Consultants: [Part time]

QUALIFYING SENIORS AND TRAINEES

2.1 OFFICES IN NIGERIA

2.2 OUR CONTACT OFFICES AND OFFICERS

E U Itodo Deputy Managing Partner 08036165079 euitodo@bbccharter.com

Abuja office contact officers:

3.0 EXPERIENCES AND SIMILAR ASSIGNMENTS

3.1 SIMILAR ASSIGNMENTS

 National Malaria Elimination Programme – Global Fund Principal Recipient

3.2 INTERNATIONAL FINANCIAL REPORTING STANDARD (IFRS)

 Equity Assurance Plc

Some BBC Partners in a group photograph with our Foreign Partner

3.3 OTHER ASSIGNMENTS - GENERAL

AUDIT AND ASSURANCE SERVICES INTERNATIONAL FINANCIAL REPORTING

 NEM Insurance Plc  Bells University, Otta

 Bowen Micro Finance Bank  Thomas Wyatt Nigeria Plc

 Grange Schools  Grange Schools

 Man Mountain & Company Limited  Coates Brothers Limited

 Greenwich Trust Limited  Eldorado Construction Co. Limited

 Honeywell Superfine Foods Limited RECEIVERSHIP, LIQUIDATIONS AND

 Tax Appeal Tribunal  Nfi Insurance Plc

 Falcon Petroleum Limited  Johnnic Communications (WA) Limited

 Electronic Payplus Limited  NITEL/MTEL

5.0 OUR UNDERSTANDING OF THE ASSIGNMENT