Professional Documents
Culture Documents
EXTERNAL AUDITORS
TO
TURBO MACHINERY
LIMITED
SUBMITTED BY:
BBC PROFESSIONALS
[CHARTERED ACCOUNTANTS]
CONTENTS PAGE
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 48 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.
For details about PrimeGlobal, and the services it offers its independent member firms, visit
the PrimeGlobal website at www.primeglobal.net.
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.
In BBC, we believe that no one knows it all. Consequently, we brainstorm to proffer solutions
when the need arises.
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(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:
(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).
(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.
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)
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.
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 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.
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
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.
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:
Some Other assignments carried out by the firm in recent past are
listed below:
Mission Securities Limited Several Public Training Courses and general Advisory.
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 Turbo
Machinery Limited. Having been in existence for over forty nine (49) years in rendering
similar services to numerous clients, we want to be part of the Company’s Project of
Transformation, Transparency and Accountability.
In summary, our job when appointed as external auditors to Turbo Machinery Limited is as
illustrated below:
1. The Company’s Profile which will contain amongst others: History, Establishment,
Head Office, Other Offices, Board, Top Management Staff, etc.
2. Names and addresses of Former Auditors, Legal Advisers, Secretary and other
professional Advisers.
3. Audited Financial Statements for the last three years.
4. Management control report for the last three years.
5. List of Bankers, Name of Account, Account Numbers and addresses of the Bank.
6. Trial balance for the financial year (for audit purpose).
7. Management accounts.
8. Systems process flow chart.
9. Cash books (for all banks, cash and petty cash).
10. Bank reconciliation statements files for all the banks, cash and petty cash.
11. Bank statements for the first quarter of the next financial year.
12. Authorization limits for cheques, purchases, contracts etc.
13. Specimen signatures of Authorizing officers and signatories to the banks.
14. Schedule of Fixed assets (including additions, on-going projects, re-classifications,
revaluations & disposals).
15. Debtors/creditors schedules and their addresses.
16. Age-analysis of debtors and creditors including details of bad debt provisions (if any).
17. Other balance sheet and income statement schedules.
18. Income summary (classified into types, locations etc).
19. List of accredited suppliers and nature of supplies (both foreign and local).
20.Stock taking report (including stock sheets, valuation of closing stocks & exception
report).
21. Internal auditor’s reports.
22. Company’s review of processes for risks, internal control and compliance.
23. Governance information and Company’s strategic focus/plans.
24. Organizational chart.
25. List of management staff and their designation.
26. List of staff.
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:
General procedures
We shall carry out pre-audit meeting/visits in order to clearly understand the
organizational structure in place, the relationship with other Professional Bodies,
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.
Even if the financial records are kept in the Head office, we shall also visit other
Branches (if any) to carry out tests and verifications in order to satisfy our audit
Financial statements
During the cause of the field work, separate files shall be maintained by each team
member to whom sectional allocation of work is assigned. A review of those files shall be
carried out by the Audit Manager/Engagement Partner while on the field.
The exercise would lead to obtaining reliable, relevant and sufficient audit evidence about
the existence, ownership and value of the assets and also ensure that all debtors, creditors
and accrued expenses are recognized.
Towards the conclusion of the audit field work, the Engagement Partner and Authorized
Official of the Company and the Head of the Accounting/Finance Department are expected
to discuss issues arising during the audit such as findings, observations and comments at
an exit meeting. Some of the issues will form part of the management control report.
A thorough review of the Audit working papers file compiled by the Auditor in-charge
would be carried out by the Audit Manager and Engagement Partner while the Concurrent
Review Partner will carry out the final review of the files, draft audited financial statements
and management control report.
2. FIELD WORK
3. HOME OFFICE
-Review of Client Systems, Processes
-Work done by staff passed to the
and Procedures
Supervisor for review
-Review of Business and market risks
-Manager and Engagement Partner shall
-Evaluation of the impact of Transactions
review the Files and Reports
with related parties and others
-Files and Reports shall be passed to the
-Review of Going-concern assumptions
quality control department for final
made by Mgt
review
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.
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.
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
Company.
5.6 Conclusion
We recognize that all methodologies to be adopted in carrying out the audit may not have
been spelt out fully in this proposal while other approaches and methodology will be
contingent on-the-job and situations that may arise during the field work.
Our Professional fee for this service shall be one million five hundred thousand Naira
Only (N1,500,000) for one (1) financial year Audit.
However, please note that this aforementioned fee excludes Value Added Tax (VAT)
and Disbursements.
Chairman/Managing Partner
Position:
Name of Firm: BBC PROFESSIONALS
Education:
School Date Qualification
University of Benin, Benin City 1999 – 2001 MBA (Business Administration)
St. Paul Grammar School, Ebu 1982 – 1987 WAEC/GCE O’Level
Professional qualifications:
Institute of Chartered Accountants of Nigeria (ICAN) - FCA
Chartered Institute of Taxation of Nigeria (CITN) - FCTI
Employment Record:
Company Period 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
Education:
School Date Qualification
University of Lagos, Akoka 2011 M.Sc. (Management)
Oxford Brookes University, Oxford, UK 2009 B.Sc. Applied Accounting
Skolak Resources Information Tech. Centre 1999 Cert. Data Processing
St. Theresa’s College, Nsukka 1992 Senior Sec. School Cert.
Ifrouka Primary School, Amalla 1986 First School Leaving Cert.
Professional qualifications:
Institute of Chartered Accountants of Nigeria (ICAN) - FCA
Chartered Institute of Taxation of Nigeria (CITN) - ACTI
Association of Chartered Certified Accountants (ACCA), UK - FCCA
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
Partner
Position:
BBC PROFESSIONALS
Name of Firm:
Ayodele Morounkeji ADETUYI
Name of Staff:
Accountancy/Taxation
Profession:
Education:
School Date Qualification
University of Liverpool, UK 2o12 – 2016 International Fin. Reporting
University of Lagos, Akoka 2011 MBA (Finance)
Olabisi Onabanjo University 2006 B.Sc. (Banking & Finance)
Business Solution Limited 1999 Cert. Data Processing
Egan High School, Ojo, Lagos 1993 Senior Sec. School Cert.
St Dominic Catholic Primary School 1987 First School Leaving Cert.
Professional qualifications:
Institute of Chartered Accountants of Nigeria (ICAN) - FCA
Chartered Institute of Taxation of Nigeria (CITN) - ACTI
Employment Record:
Company Period Position
BBC Professionals Oct. 2010 to date Partner
BBC Professionals 2003 to Sept, 2010 Audit Senior, Supervisor,
Senior Tax/Audit Manager
Oladeji Olagunju & Co 2001 to 2003 Tax/Audit Manager
Royal Value Int’l Limited 2000 to 2001 Accountant
Oladeji Olagunju & Co 1998 – 2000 Audit/Account Trainee
A A Consultant 1997 – 1998 Admin Officer
Partner
Position:
BBC PROFESSIONALS
Name of Firm:
Gloria Chineku EGWUENU (Mrs.)
Name of Staff:
Accountancy/Taxation
Profession:
21 May, 1973
Education:
School Date Qualification
University of Lagos, Akoka 2012 M.Sc. (Management)
Tenderfem Computer Ltd. Osogbo, Osun State 1996 Diploma Computer Studies
Edo State University, Ekpoma, Edo State 1995 B.Sc. Accounting
Ibru college, Agbarha Otor, Delta State 1987 West African School Cert.
Abbi girls Sec. Sch., Abbi, Delta state 1984 “ “ “
Professional qualification:
Institute of Chartered Accountants of Nigeria (ICAN) - FCA
Employment Record:
Company Period Position
BBC Professionals April 2011 to date Partner
BBC Professionals 2004 to 2011 Manager, Supervisor, Senior
Bytex Nigeria Ltd 2004 to 2006 Accountant
Shonubi Abah & Co 1999 to 2004 Auditor
Omega Bank Plc 1998 to 1999 Business Dev. Officer
(Now Enterprise Bank Limited)
Good shepherd High School 1997 to 1998 Class Teacher
The Accountant general’s Office 1995 to 1996 Accounting Officer
Oshogbo Osun State (NYSC)
Education:
School Date Qualification
Ondo State Polytechnic, Owo 2o00 HND Accountancy
Ondo State Polytechnic, Owo 1997 OND Accountancy
Comprehensive High School, Ekiti State 1993 Senior Sec. School Cert.
Army Children Pri. School, Kaduna State 1987 First School Leaving Cert.
Professional qualifications:
Institute of Chartered Accountants of Nigeria (ICAN) - ACA
Employment Record:
Company Period Position
BBC Professionals 1 April 2017 to date Partner
BBC Professionals 2010 to March, 2017 Audit Senior, Supervisor,
Manager
Temidayo, Adebayo & Co 2003 to 2010 Audit Manager
Modecom Solution Limited 2002 to 2003 Account Officer