Quotation Estimate Auditor in Nigeria Abuja –Free Word Template Download with AI

Date of Issue:	15th June 2025
Quotation Estimate Validity:	30 days from date of issue (15th July 2025)
Prepared By:	Mr. Chukwuma O. Adeyemi, FCPA, FCA (Nigeria)
Firm:	Adeyemi & Partners Chartered Accountants, Plot 14, Gana Street, Wuse II, Abuja, Nigeria
Prepared For:	Board of Directors, Zenith Industrial Holdings Limited, 22 Ahmadu Bello Way, Central Business District, Abuja, Nigeria
Engagement Type:	Annual Statutory Audit and Internal Auditor Review
Currency:	Nigerian Naira (NGN)

This Quotation Estimate is formally issued by Adeyemi & Partners Chartered Accountants to Zenith Industrial Holdings Limited in respect of the engagement of a qualified Auditor to perform comprehensive statutory and internal audit services within the Federal Capital Territory, Nigeria Abuja. This document outlines the full scope of work, professional fees, disbursements, and terms governing the proposed engagement. The Auditor engagement is structured in compliance with the Companies and Allied Matters Act (CAMA) 2020, the Financial Reporting Council (FRC) Nigeria standards, and the International Standards on Auditing (ISA) as adopted in Nigeria.

The Auditor shall perform the following services for the financial year ending 31st December 2025, with fieldwork commencing in January 2026 in Nigeria Abuja:

Statutory External Audit: Full examination of the financial statements of Zenith Industrial Holdings Limited and its three (3) wholly-owned subsidiaries, including verification of assets, liabilities, equity, income, and expenditure in accordance with IFRS as applied in Nigeria.
Internal Auditor Review: Assessment of the effectiveness of internal controls, risk management frameworks, and governance structures across all operational units located in Abuja and its environs.
Tax Compliance Audit: Review of Value Added Tax (VAT), Company Income Tax (CIT), and Withholding Tax (WHT) filings submitted to the Federal Inland Revenue Service (FIRS) and the Federal Capital Territory Internal Revenue Service (FCTIRS) in Abuja.
Compliance and Regulatory Review: Verification of adherence to the Central Bank of Nigeria (CBN) regulations, Securities and Exchange Commission (SEC) requirements, and the Nigerian Stock Exchange (NSE) listing rules where applicable.
Forensic Audit (Optional Add-on): Investigation of any suspected irregularities, fraud, or misappropriation of funds identified during the course of the statutory audit.
Management Letter and Advisory Report: Submission of a detailed management letter highlighting findings, recommendations, and corrective actions to the Board of Directors within thirty (30) days of fieldwork completion.

Item No.	Description of Service	Duration	Fee (NGN)
1	Statutory External Audit – Parent Company	8 weeks	4,500,000
2	Statutory External Audit – Subsidiaries (3 entities)	6 weeks	3,200,000
3	Internal Auditor Review and Control Assessment	4 weeks	2,800,000
4	Tax Compliance Audit (FIRS & FCTIRS)	3 weeks	1,500,000
5	Regulatory and Compliance Review (CBN, SEC, NSE)	2 weeks	1,200,000
6	Management Letter, Advisory Report & Board Presentation	2 weeks	800,000
7	Forensic Audit (Optional – activated upon Board approval)	4 weeks	2,500,000
8	Travel, Accommodation & Local Transportation within Abuja, Nigeria	As incurred	600,000
9	Professional Indemnity Insurance & FRC Registration Fees	Annual	350,000
Subtotal (Excluding Optional Item 7)			14,950,000
Value Added Tax (VAT) @ 7.5%			1,121,250
Grand Total (Inclusive of VAT)			16,071,250

4.1 – A mobilization fee of twenty-five percent (25%) of the total Quotation Estimate amount shall be due and payable within seven (7) working days of the execution of the engagement letter.

4.2 – A progress payment of fifty percent (50%) shall be due upon completion of fieldwork and submission of the draft audit report for review by the Audit Committee.

4.3 – The remaining twenty-five percent (25%) shall be payable upon finalization and issuance of the signed Auditor's report and the management letter to the Board of Directors.

4.4 – All payments shall be made via bank transfer to the firm's designated account at Zenith Bank Plc, Wuse Branch, Abuja, Nigeria. Late payments shall attract a penalty of two percent (2%) per month on the outstanding balance.

5.1 – This Quotation Estimate is valid for thirty (30) calendar days from the date of issue. Beyond this period, fees may be subject to revision based on prevailing economic conditions in Nigeria Abuja.

5.2 – The Auditor shall maintain strict confidentiality of all financial records, trade secrets, and proprietary information of Zenith Industrial Holdings Limited in accordance with the Nigerian Data Protection Regulation (NDPR) 2019.

5.3 – The Auditor shall be independent and free from any conflict of interest as defined by the FRC Nigeria Code of Ethics for Professional Accountants.

5.4 – The client shall provide timely access to all books of account, bank statements, physical assets, and relevant documentation at the company's registered office in Abuja and at any subsidiary locations.

5.5 – Any additional services beyond the scope defined in this Quotation Estimate shall be subject to a separate written agreement and additional fees.

5.6 – Disputes arising from this engagement shall be resolved through arbitration in Abuja, Nigeria, in accordance with the Arbitration and Conciliation Act, Cap A18, Laws of the Federation of Nigeria 2004.

By signing below, the client acknowledges receipt of this Quotation Estimate and agrees to the terms, conditions, and fees outlined herein for the engagement of the Auditor in Nigeria Abuja.

For: Adeyemi & Partners Chartered Accountants
Name: Chukwuma O. Adeyemi
Designation: Managing Partner / Lead Auditor
Date: _______________ For: Zenith Industrial Holdings Limited
Name: _________________________
Designation: Chairman, Audit Committee
Date: _______________ ⬇️ Download as DOCX Edit online as DOCX

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