Quotation Estimate Auditor in Nigeria Lagos –Free Word Template Download with AI
Professional Auditor Services
Prepared for Clients in Nigeria Lagos
Document Reference: QE-AUD-LAG-2025-0047
| Quotation Estimate No. | QE-AUD-LAG-2025-0047 | Date of Issue | 15 June 2025 |
| Prepared By | Meridian Audit & Advisory Partners Ltd. | Validity Period | 30 Days from Date of Issue |
| Client Name | [Client Company Name] | Client Address | [Street Address], Victoria Island, Nigeria Lagos |
| Service Location | Nigeria Lagos, Federal Republic of Nigeria | Engagement Type | Annual Statutory Audit |
This Quotation Estimate is formally issued by Meridian Audit & Advisory Partners Ltd. to provide a comprehensive and transparent breakdown of professional fees for the engagement of a qualified Auditor to conduct a full statutory audit of the financial statements of the client's operations located in Nigeria Lagos. This document serves as the primary financial proposal and cost estimate for the audit engagement, and it is intended to enable the client to make an informed decision regarding the retention of our Auditor services.
The Quotation Estimate has been prepared in accordance with the professional standards set by the Nigeria Auditing and Accounting Regulatory Board (NAARCOM) and the International Standards on Auditing (ISA) as adopted for practice in Nigeria Lagos. All fees quoted herein are inclusive of the professional expertise, time, and resources that the designated Auditor and the supporting audit team will deploy throughout the engagement period.
The Auditor engaged under this Quotation Estimate shall perform the following services for the client's business operations in Nigeria Lagos:
- Conduct a full statutory audit of the annual financial statements (Balance Sheet, Income Statement, Statement of Cash Flows, and Statement of Changes in Equity) for the financial year ending 31 December 2025.
- Perform substantive testing and analytical procedures on all material accounts, including revenue recognition, inventory valuation, accounts receivable, fixed assets, and liabilities.
- Review and assess the effectiveness of the client's internal control systems and financial reporting processes as operated in Nigeria Lagos.
- Verify compliance with the Companies and Allied Matters Act (CAMA) 2020, the Nigeria Tax Act, and all applicable regulatory requirements in Nigeria Lagos.
- Issue an independent Auditor's Report in accordance with the applicable auditing standards, to be filed with the Corporate Affairs Commission (CAC) in Nigeria Lagos.
- Provide management letters highlighting areas of improvement, control deficiencies, and recommendations for strengthening the financial governance framework.
- Attend the Annual General Meeting (AGM) of the client to present the Auditor's findings and respond to shareholder queries.
- Perform vouching, confirmation procedures with third parties, and physical verification of assets located at the client's premises in Nigeria Lagos.
The following table presents the detailed Quotation Estimate for the Auditor engagement in Nigeria Lagos. All amounts are stated in Nigerian Naira (NGN) unless otherwise indicated.
| S/N | Description of Service | Unit | Rate (NGN) | Amount (NGN) |
|---|---|---|---|---|
| 1 | Lead Auditor Professional Fee (Senior Partner / Director level) | Engagement | 1,200,000 | 1,200,000 |
| 2 | Senior Auditor and Audit Team Fees (4 staff, estimated 600 hours) | Hour | 18,000 | 10,800,000 |
| 3 | Fieldwork and On-Site Inspection at Nigeria Lagos Premises | Day | 85,000 | 1,700,000 |
| 4 | Internal Control Assessment and Compliance Review | Engagement | 950,000 | 950,000 |
| 5 | Preparation and Issuance of Auditor's Report and Management Letter | Engagement | 450,000 | 450,000 |
| 6 | Regulatory Filing Support (CAC, FIRS) in Nigeria Lagos | Engagement | 300,000 | 300,000 |
| 7 | Travel, Logistics, and Accommodation within Nigeria Lagos | Engagement | 250,000 | 250,000 |
| 8 | Professional Indemnity Insurance and Regulatory Levy (NAARCOM) | Engagement | 150,000 | 150,000 |
| Subtotal | 16,000,000 | |||
| VAT (7.5%) | 1,200,000 | |||
| TOTAL QUOTATION ESTIMATE (NGN) | 17,200,000 | |||
4.1 This Quotation Estimate constitutes a firm offer for the engagement of the Auditor and the audit team as described herein. Acceptance of this Quotation Estimate shall be deemed to constitute a binding professional services agreement between the parties.
4.2 Payment Terms: A mobilization fee of forty percent (40%) of the total Quotation Estimate amount shall be payable upon execution of the engagement letter. The remaining sixty percent (60%) shall be payable in two equal installments: fifty percent (50%) upon completion of fieldwork in Nigeria Lagos, and fifty percent (50%) upon issuance of the final Auditor's Report.
4.3 The Auditor shall maintain strict confidentiality with respect to all financial records, trade secrets, and proprietary information of the client encountered during the audit engagement in Nigeria Lagos.
4.4 The Auditor shall complete the audit and issue the final report within ninety (90) days from the date of the financial year-end, in compliance with the statutory deadlines prescribed by the CAC for filings in Nigeria Lagos.
4.5 This Quotation Estimate does not include tax advisory services, forensic investigation, or litigation support. Such services, if required, shall be subject to a separate Quotation Estimate and engagement agreement.
4.6 Disputes arising from this engagement shall be resolved through arbitration in Nigeria Lagos 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 for the engagement of the Auditor in Nigeria Lagos.
For: Meridian Audit & Advisory Partners Ltd.Name: ___________________________
Title: Lead Auditor / Engagement Partner
Date: ___________________________ For: [Client Company Name]
Name: ___________________________
Title: ___________________________
Date: ___________________________ ⬇️ Download as DOCX Edit online as DOCX
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