Independent, rigorous statutory audits, special investigations, and internal control reviews that verify financial integrity, ensure compliance, and build stakeholder trust.
Overview
Independent Assurance to Safeguard Your Assets and Build Credibility
An audit is much more than a mandatory regulatory compliance check. It is a critical exercise that verifies the integrity of your financial records, protects shareholders’ interests, and provides essential assurance to lenders, investors, and regulatory authorities. In Nigeria, statutory audits must comply strictly with the Companies and Allied Matters Act (CAMA 2020), the guidelines of the Financial Reporting Council of Nigeria (FRCN), and the International Standards on Auditing (ISAs).
Beyond routine annual audits, organizations occasionally face circumstances that demand targeted, deep-dive investigations. Whether driven by a suspicion of internal fraud, a joint-venture dispute, an operational bottleneck, or a regulatory inquiry, an independent investigation provides the objective facts and clarity required to make high-stakes corporate decisions.
Phillip Eze Osuji & Co. provides robust, objective, and independent audit and investigation services. We combine technical rigor with deep sectoral insight to deliver opinions and reports that stand up to the closest scrutiny of boards, regulators, financial institutions, and courts, helping you identify systemic risks and strengthen corporate governance.
Our Scope
Audit & Assurance Solutions We Deliver
We tailor our audit and investigation engagements to the size, complexity, and specific regulatory demands of your organization.
Statutory Financial Audits
Rigorous annual examinations of financial statements, delivering a formal audit opinion in strict accordance with CAMA 2020, FRCN standards, and International Standards on Auditing (ISAs).
Special Investigations
Focused investigations targeting specific operations, accounts, projects, or allegations of impropriety. We provide a clear, factual, and independent report to help directors resolve internal disputes or external inquiries.
Internal Audit Outsourcing
We establish, co-source, or fully manage your internal audit function. We conduct ongoing control assessments, process reviews, and risk monitoring to help keep your operations resilient and compliant.
Compliance & Regulatory Audits
Assuring your adherence to relevant Nigerian laws and employee contribution schemes, including Pension Reform Act compliance (PenCom), Industrial Training Fund (ITF), and NSITF audits.
Management & Systems Audits
Comprehensive evaluations of administrative processes, IT infrastructure, accounting software integrity, and division-level operations to eliminate control gaps, errors, and operational redundancies.
Joint Venture & Partnership Audits
Independent auditing of joint-venture finances, cost-sharing pools, trust accounts, and partnership assets to confirm correct distribution of gains, adherence to covenants, and absolute transparent accounting.
Our Audit Process
How We Conduct Audits & Investigations
- 01
Engagement Planning & Risk Assessment
We meet with your team to review operations, define the engagement scope, analyze the internal control environment, and identify key financial and operating risks. This allows us to build a tailored audit program.
- 02
Control Walkthrough & System Testing
We test the design and execution of your primary controls—including authorization pipelines, segregation of duties, and IT access. This ensures we identify system weaknesses before the deep transaction testing begins.
- 03
Substantive Testing & Verification
Our audit team performs detailed testing of balances and transactions. We verify asset existence, confirm bank balances directly with lenders, reconcile trade balances, and inspect contracts to assure record accuracy.
- 04
Query Resolution & Discussion
We maintain an open query list during fieldwork, discussing unusual entries and discrepancies with your management team to clear up technical matters, verify support documents, and resolve differences.
- 05
Reporting & Management Letter
We compile the draft audited financial statements and draft a comprehensive Management Letter. This letter details any identified control vulnerabilities and provides clear, practical recommendations for improvement.
- 06
Board Review, Sign-off & Delivery
We present our audit findings to the board or audit committee. Once approved, the partners sign the independent auditor’s report, certifying the accounts for regulatory filings (CAC, FIRS, etc.) and annual reports.
Quality Verification
What We Verify in Every Engagement
Why Choose Us
Integrity, Technical Rigor, and Direct Partner Involvement
An audit is only as valuable as the integrity and independence of the firm that conducts it. At Phillip Eze Osuji & Co., we maintain strict professional independence and adhere to the highest ethical and professional standards in all our engagements.
Our firm is licensed by the Institute of Chartered Accountants of Nigeria (ICAN) and registered with the Financial Reporting Council of Nigeria (FRCN). Our partners remain actively involved in the planning, fieldwork, and delivery stages of every audit, providing your management team with constructive feedback and insights to help strengthen your business operations.
- ✓ Registered with the Financial Reporting Council of Nigeria (FRCN)
- ✓ Strict adherence to International Standards on Auditing (ISAs)
- ✓ Direct partner involvement in fieldwork, planning, and delivery
- ✓ Pragmatic management recommendations that strengthen internal controls
- ✓ Extensive experience across corporate, non-profit, and SME audits
- ✓ Seamless coordination with company boards and audit committees
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