INNOCENT ONWUGBONU & CO.

(Chartered Accountants)
List of financial audit requirements - 2023

ITEMS REQUESTED
TRIAL BALANCE
The Trial Balance for the year ended December
Trial Balance(December 2022)
2022.
GENERAL
Listing of all Board meetings held to date in FY
2022. Please provide copies of Minutes of Board
Board minute of meetings meetings held in the period under review. Please
continue to provide copies of the Minutes until
the end of the field work.
Management account and Draft financial
Financial Statements - Draft
statement for the company in IFRS format.
The company budget for FY 2022 and variance
2022 Draft analysis of budget to actual for the period under
review.
Kindly provide the text of Accounting policies to
Accounting Policies
Name of firm.
Summary of ongoing or settled litigation
including description of the issue and range of
SOLICITORS exposure (to be provided by Management).
Confirmation from Solicitors.

Tie out of the Management Account with the

Financial Statements
financial statement
PLANNING
Contract/Lease Agreement
- Contracts with serivce organisation
Organogram Updated Legal Entity Organizational Chart
Fraud Enquiry Fraud enquiry responses
Memos on the entity structure and agreements
Accounting Manuals
with the parent company
 Standard of Operation (SOP) for various cycles
such as Payroll, Inventory, Treasury, Financial
Standard of operations (SOP)
Reporting, Revenue recognition, Management
estimates, Purchasing, and supply cycles.
CASH AND BANK
Reconciliations for all cash accounts between the
bank and G/L as of year end. Reconciliations
requested to include a copy of bank statement
Cash & Bank
reflecting bank ending balance, detailed listing of
deposit in transit (If Any) and detailed listing of
outstanding cheques.
Bank statements for ALL banks between the
Cash & Bank
periods of 2022.
Cash & Bank Payment vouchers and cheques stubs
The exchange rates used for monthly valuation of
Cash & Bank
foreign transactions for 2022.
Confirmation response from all banks for
Cash & Bank
balances as at 31st December 2022.
ACCOUNT RECEIVABLES
Schedule/listing of the make up of Receivables
Trade Debtor and Other Debtors which agrees with the trial
balance as of year end: (In excel format)
Trade Debtor Trade debtor confirmation
ACCOUNT PAYABLE
Schedule of trade creditors showing supplier
Account Payable name and amount as at period end that agrees to
the TB.
Confirmation requests to all creditors for
Account Payable
balances as at 31st December 2022.
Payable and accrual schedule as at 31st
Account Payable
December 2022.
ACCRUED EXPENSES
Schedule of WHT, VAT, Pension Payable and
Accrued Expenses
Payee Payable
Evidences of all remittances - PAYE, VAT,
Accrued expenses
WHT, Pension etc.
EQUITY
Equity balances for the year indicating beginning
Equity balance, activity during the year & ending
balance.
REVENUE
Monthly analysis and summary of revenue
Revenue
recorded which agreed with the general ledger.
Revenue Signed Contract with Customer
Revenue Invoices raised for the year 2022
Revenue List of items that are sold and their prices
Sales ledger for the whole accounting year of
Revenue
2022
COST OF SALES
Purchase schedule for all goods bought in the
Cost of sales
year under review.
Ledger/details of other account head in cost of
Cost of sales
sales.

Reconciliation of cost of sales to the trial balance

showing the opening inventory balance (quantity
Cost of sales
and value), purchases, and closing inventory
balance (quantity and value) for all goods

Monthly analysis and summary of cost of sales

Cost of sales
which agreed with the ledger.
OPERATING EXPENSES
Ledger details of all admin expenses incurred
Operating Expenses
during the year.
Agreement document for the rechargeable
expenses such as
Operating Expenses -accounting service,
-payroll service,
-corporate and secretarial services
PAYROLL
Monthly payroll schedule showing names of
staffs, department, details of allowances and
Payroll
deductions (i.e. Pension and PAYE) for the
period.
The schedule for Pension, PAYE, remittances
Staff Details
during the year.
Staff Details Bonus computation
Staff Details Approved employment contract of employees
TAXATION
Company income tax computations
Capital allowance computations
Evidence of all VAT filed and remitted Tax computation for the year 2022.
Evidence of all WHT filed and remitted
Evidence of all PAYE filed and remitted
OTHERS
OTHERS Management Representation Letter
OTHERS Independence Confirmation for contract services
OTHERS
INTERNAL CONTROL
Provide us explanation and evidence of controls
Risk assessment and response policies
put in place in carry out risk assessment.
Provide us explanation and evidence of control
Internal control policies put in place to ensure that ethical issues are
communicated to the employees
Business Process
Provide the entity business process on;
- how sales orders are intiaited and processed,
- how goods are delivered to the customers -
Revenue
- how prices and discounts (any) are determined
- how do the entity ensure that services rendered
were recorded in the correct period
-Evidence of a sales order form
Revenue
-Evidence that goods was received by
Provide the entity business process on;
- how vendors are sourced
- how purchased orders are intiaited and
processed,
- how goods are delivered by the suplliers
Expenditure
- how they ensure that expenditure are recognised
in the currently year and that year end accurals
are complete
- how do receiving staff acknowledge that he has
received goods for the suppliers
Purchase order form
Expenditure
- Mail showing that vendor account be created