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WHY YOU NEED A GOOD INTERNAL CONTROL SYSTEM

The human body works like every business system, how? For starters it is made up of different systems that work independently but are also integrated. The brain like the CEO runs the activities of the body. There is information flow, through the blood. Just as it is necessary for ... Read More

Thank God It’s Friday

Amazing video we got here!!!! You can ease up your weekend by watching our videos and reading interesting articles on pml advisory website. https://www.youtube.com/watch?v=Y65ca099A24

HOW TO IMPROVE YOUR BUSINESS USING SOCIAL MEDIA

Social media networks were a novelty 5 years ago, but today their importance is no longer debated. Yes, businesses have definitely realized the power of social media and accepted that social media marketing has to be part of their marketing and PR mix. In Social Media Examiner's 2013 End of ... Read More

Seven Steps to Implementing Knowledge Management in Your Organization

The information age has transformed the way organizations do business. It has also transformed the way they measure their return on investment (ROI). Today, to have a truly competitive, fast-paced business positioned for profit, success and long-term survival, it is critical to look beyond the physical assets of the ... Read More

A RISK STRATEGY FOR BUSINESS SURVIVAL

The global financial crisis which wrecked business continuity and survival all over the world came in the wake of failed risk management and corporate governance practice. While it could be admitted to a reasonable extent that some companies have strategic risk management policies in place, no stringent commitment was ... Read More

Audit Nigeria

In a conscious effort to enhance the oversight function of the management, the internal audit reporting system of an entity, among others, should not be underplayed. Successful enterprises in the corporate world are beginning to embrace the big picture of their business functions and processes through detailed attention towards ensuring ... Read More

IFRS (International Financial Reporting Standards)

1. IFRS adoption is compulsory for companies in Nigeria 2. IFRS Adoption is more than an accounting exercise. Processes and systems will be affected. 3. Do not change your system until the system impact is done 4. Board of directors need  to be trained on IFRS 5.  FRC say “no to external auditor serving as IFRS Consultant ... Read More

WHY YOU NEED A GOOD INTERNAL CONTROL SYSTEM

Section 1.3(1) of Guidance on Management Report on Internal Control Over Financial Reporting (ICFR) requires that every Public Company and Public Interest Entity (PIE) are required to file, on annual basis, its audited financial statements including a report on Management assessment on internal control over financial reporting, to the Commission and Council. Public companies and PIEs were mandated to report on ICFR in 2023 and 2024 respectively.

In the subsequent year of adopting ICFR, organizations transition from the initial design and implementation phase into a period of testing, and continuous improvement.

While the first year focuses heavily on establishing frameworks, policies, and control documentation, the second and subsequent year is about strengthening execution, adapting practices into daily operations, and achieving sustainable compliance.

PML Offering in subsequent reporting year

To achieve subsequent years’ objectives around report on ICFR, PML is pleased to offer the following:

  1. Perform walkthrough and substantive testing to confirm that controls are operating as designed.
  2. Identify gaps between documented processes and actual practices.
  3. Provide recommendations and hands-on support to address control deficiencies noted during the first year.
  4. Streamline redundant controls and align them with evolving business processes.
  5. Support management in preparing reliable internal and external reports for regulators, auditors, and investors.
  6. Conduct training and awareness programs to strengthen accountability and control ownership.

With PML Professional Services as your ICFR partner, your year 2 and subsequent year of ICFR report is about turning your compliance into competitive advantage and enhanced confidence in the numbers reported in your financial statements.

For more information on your 2025 ICFR assessment and readiness for attestation, please contact Adeola Adesanya on 08038499321 or aadesanya@pml.com.ng.

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