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IFRS Advisory

Every business faces a financial reporting or accounting issue at some point when preparing their financial reports. In these situations, expert advice underpinned by an in-depth understanding of International Financial Reporting Standards (IFRS) is crucial.

Skillsfuture Professionals has one of the best technical accounting divisions in the consulting space, with a number of its virtual team members also forming part of Skillsfuture International’s global IFRS team.

As a member of the Global Public Policy Committee and via our extensive global network, Skillsfuture is at the forefront of IFRS reporting and implementation.

Our service offering in each technical area includes:

• Specialist technical advice
• Preparation of financial statements.
• Training, including webinars and e-learning
• Preparation of accounting manuals and policies
• Implementation services of new accounting standards
• Skillsfuture Lease Management Services (i.e. outsourcing of lease accounting)

We have provided IFRS Advisory services to many quoted and private organization across major sectors of the economy:

• Greif Plc
• ZNM Limited
• Globestar FZE
• Acergy Limited
• Subsea7 Limited
• Pelagic Limited
• Globestart Limited
• Ibafon Oil Limited
• Optimum Exposures Limited
• Halogen Securities Limited
• Insight Communications Limited
• Bakertilly Liberia (for its Banking clients)

IPSAS Advisory

International Public Sector Accounting Standards (IPSAS) are the public sector equivalent of International Financial Reporting Standards (IFRS) issued by the International Public Sector Accounting Standards Board (IPSASB). The move towards accrual accounting IPSAS in the public sector has the potential to strengthen Public Financial Management (PFM) globally and increase transparency and high-quality financial reporting.

Skillsfuture Professional Team is ready to act as your trusted advisor in all matters linked to public sector financial reporting (IPSAS). From the implementation of new IPSAS standards to complete IPSAS conversion projects, our team of experts will adapt to your needs to assist in translating complex theoretical requirements into workable solutions.

In this capacity, we will help you in addressing the strategic accounting and financial reporting challenges facing the finance function:

• IPSAS conversion projects and change management;
• supporting with the accounting and reporting aspects of complex transactions, providing technical accounting advice;
• assisting with drafting IPSAS financial statements, preparing for and completing audits, and liaising with the auditors;
• high level diagnostic reviews of GAAP differences and impact assessments on IT systems, internal processes and accounting policies;
• delivering training solutions and interactive workshops discussing the implications of accrual accounting and IPSAS developments tailored to the context of your organization;
• preparing detailed computations and managing projects such as: financial instruments, revenue recognition and related costs, leases, capitalization of internal use software and website development costs.

Skillsfuture Professionals has in its IPSAS clientele based the following public sector entities:

Nigeria Export Processing Zone Authority (NEPZA): Skillsfuture Professionals provide end-to-end IPSAS conversion and training services to NEPZA to meet the Conversion Roadmap of the Technical sub-committee of FAAC on the IPSAS adoption.

Kaduna State Government (KDSG): We converted the Financial Statement of KDSG (Accountant General Reports) to Accrual Basis IPSAS in 2016 and we have been responsible for the annual preparation and presentation of KDSG’s Financial Statements up to year 2019.

Corporate Governance Advisory

Corporate Governance Advisory is a complete set of services that assists organizations during their institutionalization process. We offer comprehensive services to our clients as follows.

• Complete Due Diligence: The first step of any governance restructuring program is a thorough assessment of the status and practices of corporate governance for the client highlighting specific areas of strengths and weaknesses. We undertake this in comparison with the requirements of the Nigeria Code of Corporate Governance 2018 and other relevant sectoral codes, where applicable.
• The due diligence exercise is followed by a set of recommendations forming a comprehensive action plan or a governance restructuring roadmap. Positioned among the most reliable corporate governance advisory firms, Skillsfuture Professionals assist clients in developing, or recommend adjustments to the drafts of governance related documentations; the most important being the Nigeria Code of Corporate Governance 2018, the charters and terms of reference for the board and committees and other governance organs, and key policies. The team carries out its commitment towards our clients and ensures that the governance action plans are followed through to implementation.
• A cornerstone of appropriate implementation is building awareness to corporate governance among the firm’s concerned officers and their role therein through a series of trainings and workshops delivered by our experts. The implementation phase is also supported by regular follow-up on the progress.
• We evaluate the existing senior management structure of companies within the framework of Corporate Management Principles, identify job definitions and working styles of the senior management structure (Board of Directors, Early Risk Identification Committee, Monitoring Committee, etc.) in line with the Corporate Management Principles, and document who has what authority and responsibilities.
• To enable standardization of the processes, we help write procedures that incorporate all the fundamental controls with respect to the internal processes of companies.
• In the interest of an efficient and productive delegation of authority, which is an essential step of corporate management, we hold talks with the Board of Directors, Senior Management and the relevant process owners to identify existing approval limits and authority, and fashion an authority matrix on the basis of a given position with respect to all processes. We also formulate an “organization guideline” in tandem with the Nigerian Code of Corporate Governance 2018 issued by the Financial Reporting Council.
• The Nigerian Code of Corporation Governance Section 14.1 requires entities to report on its formal and rigorous annual evaluation of the Board’s Performance and that of its Committees, the Chairman and individual Directors. The Code requires this process to be externally facilitated by an independent external consultant at least once in three years. We are very knowledgeable and highly experienced in delivery on this mandate.
• Further to the above, Section 15.1 requires entities to undertake an annual corporate governance evaluation, including the extent of application of application of the Nigeria Code, at least once in three years. At Skillsfuture Professionals, we possess what it takes to take the troubles off your organization and your Board.

Computer Aided Audit Tools and Techniques (CAATTs)

• Data Analyst, Accountants, Auditors deal with information in myriad ways encompassing the areas of accounting, assurance, consulting and compliance and most of this information is now available in electronic form. This is true not only in case of large and medium enterprises but even in small enterprises. The truth of the matter is “one cannot analyze/audit data which is flying in bits and bytes by using the ancient method of riding on a horse back”. We are living in a knowledge era where the skill sets are keys to harnessing the power of technology to be effective as knowledge workers. Computer Assisted Audit Techniques (CAATs) refers to using technology for increasing the effectiveness and efficiency of analysis.
• Skillsfuture Professionals has the franchise for the training and deployment of ActiveData for Excel in the whole of the Sub-Sahara Africa. ActiveData enables analysts/auditors to do more with less and add value through the assurance process which is more robust and comprehensive.
• ActiveData For Excel® adds advanced data analysis capabilities and time saving worksheet management features to Microsoft Excel®.
• With ActiveData for Excel you can join, merge, match, query, summarize, categorize, locate duplicate and missing items, combine, split, splice, slice and dice your data. Over 100 features are included in this easy-to-use package.
• ActiveData for Excel offers a feature-rich product at a fraction of the price of competitive database-driven analysis tools.

Our ActiveData Clientele base include:

• Troyka Group
• Skye Bank Plc
• Bank of Industry
• Bakertilly Nigeria
• Kaduna State Government
• West African Examinations Council
• Ayorinde Thomas & Co. (Chartered Accountants)