FAQs
Find answers to common questions about our services, processes, and how Philips Oyedele & Co. can help your organization achieve financial excellence and compliance. Whether you’re a new business, a large corporation, or an individual taxpayer, this section provides clarity on our expertise.
General Questions
This section provides foundational information about Philips Oyedele & Co. Here, you’ll find answers to common inquiries about our range of services, our core values, and the industries we serve. We aim to provide clear and concise information to help you understand who we are and what we offer.
What services does Philips Oyedele & Co. offer?
Philips Oyedele & Co. provides a comprehensive suite of financial and advisory services. Our main service pillars are:
- Audit & Assurance Services: Including Financial Statement Audits, Internal Audits, Reporting Accountants Services, and Forensic Audits.
- Tax Management: Covering Corporate Tax, Tax Planning & Compliance, Reporting, Strategy, and Tax Health Checks.
- Business & Management Consulting: Including Long-Term Business Planning, Profitability & Cash Management, Policy Design, and Accounting System Design.
- Financial & Risk Advisory: Offering Project Feasibility Studies, Business Valuations, Due Diligence, and Dispute Resolution.
- Public Sector & Government Services: Specializing in Public Finance Management, Government Contracting, and Bond Raising.
- Specialized Services: Including Receivership & Liquidation, Mergers & Acquisitions, Training, and IT Consulting.
What makes Philips Oyedele & Co. different from other firms?
Our value proposition is built on performance, professionalism, and client communication. We are fully licensed and certified by key Nigerian professional bodies, including:
- An ICAN practice license to conduct audit, assurance, and forensic services.
- A CITN practice license to conduct tax in Nigeria.
- A Corporate Affairs Commission (CAC) certification for business recovery, insolvency, and liquidation.
- Registration with the Securities Exchange Commission (SEC) to conduct financial reporting and operate on the Nigeria Capital Market.
This dedication to certified professionalism, combined with our emphasis on constant communication, ensures we meet and exceed client expectations.
What industries does Philips Oyedele & Co. serve?
We offer comprehensive audit and assurance services across a diverse range of sectors. Our expertise spans:
- Financial Services (Microfinance Banks, Mortgage Banks, Finance Houses)
- Hospitality & Leisure (Travel & Tourism, Food & Beverages, Hotels)
- Manufacturing (Industrial, Clothing & Textiles, Petroleum, Chemicals)
- Agriculture (Horticulture, Floriculture, Agribusiness)
- Construction (Building, Infrastructure, Specialized Industrial)
- Communication (Telecommunication, Media, Technology)
- Education (Private and Public Sector Institutions)
- Transport (Logistics, Freight & Cargo, Passenger Transport)
- NGO & Charitable Trusts (NGO Healthcare, Nonprofit Organizations)
How do I start an engagement with your firm?
The best way to start is by reaching out to us through our contact page. You can call one of our offices, send an email, or fill out the contact form. We will schedule an initial consultation to understand your unique needs and discuss how our services can provide the most value to you or your business.
Audit & Assurance Services
This section answers frequently asked questions about our Audit & Assurance offerings. Discover how Philips Oyedele & Co. provides value that goes beyond standard financial statements by focusing on transparency, accountability, and leadership in all financial audit matters to improve your business’s performance and compliance.
What is Philips Oyedele & Co.'s core philosophy on auditing?
Our core philosophy is that an audit should provide significant value beyond simple statutory compliance. We believe our audit should serve as a tool that helps our clients benchmark their performance and improve their operations. We achieve this by focusing on the information flow within the organization and exposing management and stakeholders to important issues regarding internal control systems and performance evaluation. Our goal is to promote transparency, accountability, and leadership in financial audit matters, delivering timely, efficient, and cost-effective financial information.
What does your Financial Statement Audit service entail?
Our Financial Statement Audit service involves a thorough and independent examination of your organization's financial statements. The primary goal is to fulfill statutory requirements by providing a clear and unbiased opinion on the financial health and position of the company. However, our advantage lies in the additional value we provide. We go beyond the legal requirements to identify and report on important issues related to your internal control systems, operational efficiency, and overall performance, giving stakeholders a deeper and more meaningful insight.
How do you assist clients with their Internal Audit needs?
We offer a flexible range of Internal Audit services tailored to each client's specific requirements and industry needs. Our services range from complete outsourcing arrangements, where we manage the entire internal audit function, to assisting with the establishment and structuring of a new internal audit department within your organization. The core objective is to provide clients with the assurance that the right systems and controls are in place, that company assets are properly safeguarded, and that funds are used efficiently and in full compliance with all relevant legislation.
What is Forensic Audit and Investigation, and when is it needed?
As professional assurance experts, our Forensic Audit and Investigation service is designed to investigate financial crimes and irregularities. This service is crucial when there are suspicions of embezzlement, misappropriation of funds, forgery, or conflicts of interest. We have handled multiple complex forensic review engagements for companies, institutions, and individuals. Our experience at Philips Oyedele & Co. includes providing technical and collaborative assistance that has resulted in the recovery of billions of naira, particularly from fraudulent banking activities. We delve deeply into financial records to uncover misconduct and provide clear, actionable findings.
Tax Management Services
Explore our Tax Management services in more detail. This section clarifies how Philips Oyedele & Co. can assist your organization with the growing complexity of tax regimes, helping to ensure your tax burden is no higher than it should be while maintaining full compliance and leveraging strategic opportunities.
How can Philips Oyedele & Co. help my business navigate Nigeria's complex tax landscape?
We recognize that the growing complexity of tax regimes and constant changes to tax laws make it almost impossible for businesses to keep pace. Our Tax division provides comprehensive advisory, agency, and compliance services to ensure your tax burden is no higher than it should be. Our services include:
- Acting as your official tax agent for submitting returns and handling routine queries from tax authorities.
- Assisting with registration for Income Tax, VAT, and PAYE, and supporting you during audits and investigations.
- Managing complex expatriate tax issues.
- Keeping you informed through tax seminars and client updates on regulatory changes.
Our reputation is built on creating innovative solutions tailored to meet each client's unique needs.
What is a "Tax Health Check" and why is it important?
A Tax Health Check is a meticulous examination of your company's financial health from a tax perspective. It is critically important because it acts as a preventative measure. Our experts conduct comprehensive reviews of your records, transactions, and operations to proactively identify potential discrepancies, inefficiencies, and risks in tax-related matters. This approach safeguards your business from potential legal penalties and financial pitfalls, providing you with actionable recommendations to enhance tax efficiency, reduce liabilities, and maintain robust regulatory adherence.
What is the difference between your Tax Planning & Compliance and Tax Reporting & Strategy services?
Tax Planning & Compliance is a strategic blend of meticulous compliance and proactive innovation. We interpret and adapt to the dynamic tax landscape to devise tailored plans that minimize your tax burdens while upholding all regulatory standards. The focus is on promoting financial resilience and growth through smart, compliant day-to-day planning.
Tax Reporting & Strategy, on the other hand, involves crafting comprehensive, high-level tax frameworks that align with your long-term business goals. We streamline reporting processes and integrate effective tax strategies to optimize overall financial efficiency. By aligning reporting with strategy, we ensure accurate compliance, help you capitalize on future opportunities, and fortify your long-term financial success.
Does your firm handle specialized tax situations like those for expatriates?
Yes, absolutely. Our tax division is fully equipped to handle specialized and complex tax situations, including Expatriate Tax issues. We understand the unique challenges and regulations that apply to foreign nationals working in Nigeria. We provide expert guidance to ensure both the individual and the employing company are fully compliant with all relevant tax laws, helping to manage tax obligations efficiently and avoid potential penalties.
Business Consulting & Advisory
This section answers questions about our Business, Management, Financial, and Risk Advisory services. Learn how Philips Oyedele & Co. acts as your strategic compass to navigate the complex business landscape, optimize operations, manage risk, and transform challenges into growth opportunities.
What do your Business and Management Consulting services cover?
Our consulting services are designed to craft actionable roadmaps for sustainable growth. We go beyond simple advice to deliver solutions for the widest range of industries. Our services cover:
- Long-Term Business Planning: Formulating a bottom-up business plan detailing your mission, objectives, and strategies for both financial and non-financial parameters.
- Business Profitability & Cash Flow Management: In-depth analysis including cost/revenue projections, product costing, inventory controls, and formulating growth strategies.
- Review, Design & Documentation of Policies & Procedures: Advising on industry best practices, facilitating implementation, and providing training. This also includes bank loan documentation.
- Design of Accounting Systems: Crafting tailored financial and cost accounting systems that align with your operations and facilitate smooth transitions to IFRS standards.
What is included in your Financial & Risk Advisory services?
Our expert advisors at Philips Oyedele & Co. meticulously assess your financial landscape to help you seize opportunities while safeguarding against potential pitfalls. Our comprehensive solutions include:
- Project Feasibility Studies: Preparing detailed studies to ensure new project expansions are feasible, viable, and sustainable over the long run.
- Business Valuations: Valuing entire businesses or individual components for various purposes such as acquisitions, restructuring, shareholder buyouts, tax appeals, or litigation.
- Due Diligence: Performing thorough investigations for mergers, acquisitions, and other major corporate transactions to ensure you have all the necessary information to make informed decisions.
- Financial Disputes, Investigations & Arbitration: Quantifying losses due to fraud or corporate irregularities and providing expert advice on how to minimize disruption and settle disputes efficiently, often outside the formal court process.
How does your firm handle Corporate Secretarial Services?
At Philips Oyedele & Co., our Corporate Secretarial Services go far beyond routine administrative tasks. We see this function as a pillar of organizational integrity. Our dedicated professionals not only attend board and shareholders' meetings but also offer critical strategic insights into complex matters like company registration, deregistration, and capital restructuring. With a keen eye on legal intricacies, we empower your business to navigate the corporate landscape with confidence, safeguarding your compliance and enabling you to focus on your core business objectives.
Can you help with specialized situations like Mergers & Acquisitions (M&A)?
Yes. We facilitate Mergers and Acquisitions (M&A) transactions through a comprehensive and strategic approach. Our expertise encompasses a range of crucial components essential for a successful M&A deal, including detailed business valuations, meticulous business analysis to identify synergies and risks, and the professional preparation of all essential merger documentation. We guide you through every step of the process with precision and expert insight.
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