Audit and Assurance Services


Whenever a fiduciary relationship with financial implications exist, there is a need for a knowledgeable outsider to independently and objectively review the accounts of stewardship and to express an opinion as to their honesty or otherwise.

The accounts of stewardship, within the context of  company is how the directors have dealt with the investments or assets of the company on behalf of the shareholders, the end- product of the stewardship, being the financial statements.

In Nigeria, the Companies and Allied Matters Act CAPC20LFN2004 has made it an obligation for every public liability company to have its annual financial statements audited before circulating same to its members.

Auditing can be defined as an independent examination of and expression on the financial statement of an enterprise by an appointed auditor in pursuance of that appointment and in compliance with any relevant law and regulation.

Assurance services: This is an engagement in which a practitioner expresses a conclusion designed to enhance the degree of confidence of the intended users other than the responsible party about the outcome of the evaluation or measurement of a subject matter against certain criteria. The outcome of the evaluation or the measurement of a subject matter is the information that results from applying the criteria. Under the “International Framework for Assurance Engagements”, there are two types of assurance engagements a practitioner is permitted to perform: a reasonable assurance engagement and a limited assurance engagement.

Reasonable assurance engagement: The objective of a reasonable assurance engagement is a reduction in assurance engagement risk to an acceptably low level in the circumstances of the engagement as the basis for a positive form of expression of the practitioner’s conclusion.

Limited assurance engagement: The objective of a limited assurance engagement is a reduction in assurance engagement risk to a level that is acceptable in the circumstances of the engagement, but where that risk is greater than for a reasonable assurance engagement, as the basis for a negative form of expression of the practitioner’s conclusion.

Audit services: Audit services is also an assurance service which focuses more on the audit of historical financial information. International standards on auditing provide specific standards for audit (high level assurance) of financial statement. Specifically, audits are only designed to test the validity of the financial statement so as to lend credibility to it.

Types of Audits

Financial statement audits

Financial statement audit determines whether the overall financial statement are presented fairly in accordance with specified criteria. This type of audit usually covers the basic set of financial statement.

Compliance audits

A compliance audit determines the extent to which rules, policies, laws, covenants or government regulations are followed by the entity being audited.

Operational audits

An operational audit involves a systematic review of organization activities, or a part of them in relation to the efficient and effective use of resources. The purpose of an operational audit is to assess performance, identify areas for improvement and develop recommendations. Operational audit is also referred to as performance audit or management audit.

Forensic audits

Forensic audit is audit of transaction or situation with utmost intention of determining the nature, extent, involvement and impact of fraud. The purpose is the detection or determination of a wide variety of fraudulent activities. The use of auditors to conduct forensic audits has grown significantly, especially where the fraud involves financial issues. Examples of where a forensic audit might be conducted include:

  • Matrimonial disputes
  • Criminal investigations
  • Shareholder and partnership disputes
  • Business economic losses
  • Business or employee fraud


Audit and Assurance services is involves conducting risk analysis, developing clients’ communication skills, preparation of financial statements and identification of where systems may be failing and the recommendation controls to these. Audit is the process of evaluating accounting entries that are present in the financial statement of the company and it is conducted to check the accuracy of the financial reports while Assurance is the process of analyzing and it is also used in the assessment of accounting entries and financial records. An Audit is a type of assurance service while Assurance services can be regulatory or compliance based as they work to ensure that a company or an organization is following the necessary guidelines and procedures strictly to provide confidence both internal and external for the financial statements prepared. An Audit provides the highest level of assurance on an organization financial statements, an Audit also provides assurance that an organization’s financial statements are free of material misstatements and are fairly presented based upon the generally accepted accounting principles. Basically, Audit is a systematic review and assessment of information or documents.

Most Audits are usually Internal or External and internal Audits are usually conducted when a company wishes to maintain a high standard of control inside the organization and wants to reduce the amount of works done by external auditors as an Internal Audit is mostly an operational audit, it could also be a financial or compliance Audit conducted in preparation for an external Audit. An External Audit is when an independent firm comes into business and performs audit work on behalf of the company or its shareholders as External Auditors usually carry out Financial or Compliance Audits.

Assurance services are independent professional services that is done to improve the quality or context of information for decision makers which are usually provided by certified or registered accountants and are used by business to increase the relevance, transparency and value of their information disclosed to the market and their investors. There are different types of Assurance Services which are;

Business Performance Measurement.

Information Systems Reliability.

Electronic Commerce.

Risk Assessment.

Health care performance Measurement.

An Audit should be carried out by a registered Auditor and this Auditor must comply with certain standards, in preparation for Financial Audits the company or organization’s financial reports is prepared in accordance with the appropriate legal and financial requirements this report is then approved internally. The overview of the company and the activities of the company would have to be understood by the Auditors and the Auditor must take into consideration external factors which may have affected the business during the reporting period.

At MOC Accountants we are fully aware of the importance of Audit and Assurance services as it is conducted by qualified Auditors who would identify, consider and assess any risks relating to the financial performance or position for any internal control the organization has deemed appropriate to mitigate risks and at MOC Accountants we are qualified to do this as we know the basics and the necessary things to be known as an Audit and Assurance Service provider. We are a qualified Audit and Assurance Consultant who is independent with a recognized experience in the type of operation to be examined.

Who Are We?

MOC Accountants firm undertakes Audit and Assurance services for its clients or customers. The firm was registered as a Business Name at the Corporate Affairs Commission in the year 2010. Our company advises clients on matters involving business establishment in Nigeria and commences the incorporation of companies at the Corporate Affairs Commission.

We support your company with your business objective which is really important to us as a service provider. MOC Accountants firm specializes in business-oriented support activities, in the face of ever-transforming global executive environment, our company take pride in our ability to familiarize to the market and devise innovative strategies to help firms with their vision, mission and objectives. We help and advice organizations in complying with government regulation.

At MOC Accountants, we also assist private and public companies be it new or old with foreign equity participation in their capital structure and attaining foreign investment approvals, which such companies are statutorily required to obtain. We provide timely and cost effective solutions to both simple and complex requirements as our market Audit and Assurance experts provides a thorough research service that covers the full spectrum of global market assessment as we also engage professionals on this field in other to obtain a comprehensive result.

Our group is made up of seasoned professionals with far-reaching experience corporate performance management services in Nigeria and this enables our company to a report that can be fully depended on by our clients or customers which can be either local or international clients or customers in various sectors by do doing we help or assist sour clients or customers to boost their confidence and also strengthen the value of their business. At MOC Accountants we help you achieve the expected result which is important in the achievement of your goals and objectives at minimal cost.

Our team has acquired enormous experience over the years in the area of Audit and Assurance services and this knowledge is of great benefit to the firm in supporting its various consulting services.

Our Audit and Assurance team would provide you with a report of your financial statements and also have a discussion with you on how to improve on your company positively and you would have to work with team members who have understanding of your industry during the Audit and Assurance process.

Our Audit and Assurance Services

Single Audit

Financial Audit

Risk Assessment

Compliance Audit

Compilation and Review

Employee Benefit Plan Audit

Business Performance Measurement

MOC Accountants participates in corporate advisory work, as well as conducting corporate performance management service for your firm.

Why Us?

Our reliable experts are specialized in dealing with matters relating to Audit and Assurance services in a safe and updated manner.

Provision of assurance to business owners, increment in the chances of assessing credit facilities, improvement of business processes, improvement of control and so on are said to be the benefits of conducting Audit and Assurance Services. However, our firm helps companies improve their corporate reporting and provides assurance that their systems are operating effectively within a well-controlled environment.

At MOC Accountants, we have deep understanding of regulation and legislation issues which means we can help with complex reporting issues involving International Reporting Standards as we are vast in the development of non-financial performance reporting which helps our clients respond to the need for greater transparency, improved corporate governance and business models based on the principles of sustainability. The building and maintenance of trust has never been more challenging as we provide trust over Financial Reporting making it a big responsibility and it evident in everything we do.

We at MOC Accountants have the skills and expertise needed to undertake and complete a comprehensive Audit and Assurance service, addressing your needs making use of our assess to recent industry reports and broad database of information that we have built over years of meaningful service, our reports provided are not only practical and logical but also of standard quality examined by different management experts. The reports are also available for critical evaluation from the client and firm required to provide the clients with the answer to the necessary questions at the same time boosting our clients’ confidence in their business and their financial report.






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