Request For Audit Services for Nigeria

Request For Audit Services Template for Nigeria

A Request For Audit Services document is a formal invitation issued by an organization seeking professional audit services in Nigeria. It outlines the scope of audit requirements, qualification criteria, and submission guidelines in compliance with Nigerian regulatory frameworks, including the Companies and Allied Matters Act (CAMA) 2020 and Financial Reporting Council requirements. The document serves as a comprehensive tool for soliciting proposals from qualified audit firms, ensuring transparency in the selection process while maintaining compliance with local audit standards and procurement regulations.

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What is a Request For Audit Services?

A Request For Audit Services is a critical document used when an organization needs to procure external audit services in Nigeria. It is typically issued when a company requires statutory audits, is changing auditors, or needs specialized audit services. The document must comply with Nigerian legislation, including CAMA 2020, Financial Reporting Council regulations, and professional standards set by ICAN. It contains detailed specifications of audit requirements, evaluation criteria, and submission guidelines, ensuring a transparent and compliant procurement process. The document is particularly important in the Nigerian context where specific regulatory requirements govern audit appointments and rotations, and where organizations must demonstrate proper due diligence in auditor selection.

What sections should be included in a Request For Audit Services?

1. Introduction: Overview of the requesting organization and purpose of the RFP

2. Scope of Services: Detailed description of the audit services required, including type of audit, period covered, and specific deliverables

3. Qualification Requirements: Minimum qualifications, certifications, and experience required from bidding firms

4. Proposal Requirements: Specific instructions on proposal format, content, and submission requirements

5. Evaluation Criteria: Detailed explanation of how proposals will be evaluated and weighted scoring criteria

6. Timeline: Key dates including proposal submission deadline, evaluation period, and expected project completion

7. Terms and Conditions: General terms including confidentiality, conflict of interest, and regulatory compliance requirements

8. Contact Information: Details of the contact person for queries and submission instructions

What sections are optional to include in a Request For Audit Services?

1. Pre-Bid Meeting Details: Information about any pre-bid meetings or site visits, if applicable

2. Background Information: Additional company information, financial statements, or prior audit history when needed for complex engagements

3. Special Requirements: Any specific requirements for specialized industries or regulatory environments

4. Cost Structure Guidelines: Detailed instructions for price proposals when specific format or breakdown is required

5. International Standards Compliance: Additional requirements for international standard compliance when dealing with multinational operations

What schedules should be included in a Request For Audit Services?

1. Schedule A - Scope of Work: Detailed breakdown of audit services required, including specific areas to be covered

2. Schedule B - Required Forms: Standard forms to be completed by bidding firms including technical proposal forms and price schedules

3. Schedule C - Draft Engagement Letter: Template or draft of the eventual engagement letter to be signed with the selected firm

4. Appendix 1 - Technical Requirements: Detailed technical specifications and requirements for the audit

5. Appendix 2 - Evaluation Matrix: Detailed scoring criteria and evaluation methodology

6. Appendix 3 - Previous Financial Information: Relevant financial statements or prior audit reports (if applicable)

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Jurisdiction

Nigeria

Publisher

Genie AI

Cost

Free to use
Relevant legal definitions
Clauses
Relevant Industries

Financial Services

Manufacturing

Oil and Gas

Telecommunications

Healthcare

Real Estate

Retail

Technology

Education

Non-Profit Organizations

Government Agencies

Construction

Agriculture

Mining

Transportation and Logistics

Relevant Teams

Finance

Procurement

Legal

Internal Audit

Risk Management

Compliance

Corporate Governance

Board Secretariat

Treasury

Accounting

Relevant Roles

Chief Financial Officer

Finance Director

Company Secretary

Audit Committee Chairman

Procurement Manager

Financial Controller

Risk Manager

Compliance Officer

Board Director

Managing Director

Internal Audit Manager

Treasury Manager

Accounting Manager

Corporate Governance Officer

Industries
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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