Purchase Order Auditor in Nigeria Lagos –Free Word Template Download with AI

This Purchase Order is issued by Lagos Continental Holdings Limited to formally engage the services of a qualified Auditor for the conduct of a comprehensive statutory and internal financial audit of the company's operations across all business units located in Nigeria Lagos. The engagement of the Auditor is governed by the Companies and Allied Matters Act (CAMA) 2020, the Financial Reporting Council (FRC) Act 2011, and the applicable standards of the Accounting and Auditing Professional Bodies of Nigeria (NAANCOM). The Auditor shall perform all duties in strict compliance with International Standards on Auditing (ISA) as adopted in Nigeria Lagos and the broader Nigerian jurisdiction.

Grand Total in Words: Fifteen Million, Two Hundred Thousand Naira Only (NGN 15,200,000.00). All amounts are exclusive of applicable Value Added Tax (VAT) at the prevailing rate of 7.5% as levied by the Federal Government of Nigeria. The Auditor shall issue a valid tax invoice for each milestone upon completion of the respective service line item.

• Payment Schedule: Payment shall be made in three (3) equal installments. The first installment of 40% (NGN 6,080,000.00) shall be due upon execution of this Purchase Order and commencement of the Auditor's fieldwork in Nigeria Lagos. The second installment of 35% (NGN 5,320,000.00) shall be due upon submission of the draft audit report. The final installment of 25% (NGN 3,800,000.00) shall be due within fourteen (14) calendar days of the Auditor's final report acceptance by the Board of Directors.
• Method of Payment: All payments under this Purchase Order shall be made via bank transfer to the designated account of Adeyemi & Partners Chartered Accountants, First Bank of Nigeria, Victoria Island Branch, Nigeria Lagos. Account Name: Adeyemi & Partners Chartered Accountants; Account Number: 0123456789.
• Penalty for Late Payment: Any payment not received within the stipulated period shall attract a penalty of 1.5% per month on the outstanding balance, in accordance with the Commercial Courts Act 2023 applicable in Nigeria Lagos.
• Withholding Tax: The Purchasing Entity shall deduct and remit the applicable Withholding Tax (WHT) at the rate prescribed by the Federal Inland Revenue Service (FIRS) on professional service fees, and shall provide the Auditor with a valid tax credit note.

• 5.1 This Purchase Order constitutes a binding agreement between the Purchasing Entity and the Auditor upon signature by both parties. All terms herein shall be interpreted in accordance with the laws of the Federal Republic of Nigeria, with particular reference to the jurisdiction of Nigeria Lagos.
• 5.2 The Auditor shall maintain strict independence and objectivity as required by the NAANCOM Code of Ethics for Professional Accountants. The Auditor shall not undertake any non-audit services that may compromise independence during the engagement period in Nigeria Lagos.
• 5.3 The Auditor shall complete all fieldwork, analytical procedures, and reporting within the timelines specified in Section 3 of this Purchase Order. Any extension of time must be mutually agreed in writing by both parties.
• 5.4 The Purchasing Entity shall provide the Auditor with full and timely access to all financial records, ledgers, bank statements, subsidiary books, and supporting documentation located at the company's offices in Nigeria Lagos.
• 5.5 All findings, reports, and working papers produced by the Auditor under this Purchase Order shall remain the confidential property of Lagos Continental Holdings Limited. The Auditor shall not disclose any information to third parties without prior written consent, except as required by law or regulatory authority in Nigeria Lagos.
• 5.6 In the event of a dispute arising from this Purchase Order, both parties shall first attempt to resolve the matter through amicable negotiation. Failing resolution within thirty (30) days, the dispute shall be referred to arbitration under the Arbitration and Conciliation Act 2023, with the seat of arbitration in Nigeria Lagos.
• 5.7 This Purchase Order may be amended or terminated only by mutual written agreement of both parties. Termination shall not affect any accrued rights or obligations up to the date of termination.
• 5.8 The Auditor shall carry adequate professional indemnity insurance coverage of not less than NGN 50,000,000.00 for the duration of the engagement in Nigeria Lagos.

By signing below, both parties acknowledge and agree to all terms, conditions, and obligations set forth in this Purchase Order for the engagement of the Auditor in Nigeria Lagos. This document is executed in two (2) original copies, one for each party.