Audit Software

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Do you review your clients account for regulatory compliance or financial accuracy? Then, a strong auditing solution is a necessity. Auditing clients financial statements, ledgers and accounting practices is a time-consuming endeavour. Aside requiring an expert knowledge in audit, you need the right tools to be as efficient as possible; Clients are more happy with auditors that can provide assurance in the least time possible.
Investing in current technology that provides for automation and frequent updates will give you a competitive advantage, allowing you to produce better audits more quickly.

PML Professional Services offers the external audit support services through its 2 in 1 specialised software package for Accountants and Auditors known as Auditmate.

Auditmate is a computer software package designed to assist auditors working with paper file and automated annual financial statement preparation starting from accepting an engagement to expressing an opinion on the engagement. Auditmate is specifically created to deliver the audit documentation as required by International Standard on Auditing (ISA’s). Accordingly, it ensures flexibility and user friendliness.

Other features of the software are:

  • Import trial balance from Pastel, QuickBooks and Excel
  • Client balances and journal entries automatically update lead schedules
  • Comprehensive audit programs, checklists and disclosure checklists
  • IFRS financial statements
  • New independent review template – Practical ‘Best practice’ with ISRE2400
  • Compliance with International Standards on Auditing (ISA’s)
  • Templates for group and subsidiary entities, single entity, small and medium size entity and review engagement
  • Annual financial statements and other documents
  • Regular updates as standards change
  • Multi-user on network or ‘split’ the file using ’Replication / Intergration’
  • Power point training presentations

Our strategic partnership with external audit over the years has contributed to the development of the software and our esteem clients speaks volume of this.

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Audit Software

The transition to the Nigeria Tax Act (NTA) 2025 is now in its active delivery stage. As of MAY 2026, the "grace period" of the new regime is ending, and the Nigeria Revenue Service (NRS) has begun active enforcement.
Understanding the specific windows for compliance and the penalties for missing them is new to avoiding financial sanctions. It is worth noting that NTA 2025 is not newly introduced. Compliance window or offenses instead the framework is designed to bring absolute clarity to taxpayers.

  1. Timeline of Enforcement
    The transition followed a phased "Activation" model:
    June 26, 2025: President Tinubu signed the four primary Reform Bills. The Nigeria Revenue Service Act, Nigeria Tax Administration Act, Nigeria Tax Act and Joint Revenue Board Act became legally effective on this date to allow for the structural rebranding of the
    FIRS to the NRS.
    January 1, 2026: The Commencement Date. All new tax rates (including the 0% rate for small businesses 30% for large companies and the 4% Development Levy) and administrative procedures became mandatory.
    April - June 2026: The First Filing Cycle. Companies with a December 31 year-end are currently navigating their first full filing period under the unified NTA 2025 rules.
    January 1, 2028: The sunset date for certain Free Trade Zone exemptions. After this date, entities in these zones will be fully liable for tax on sales to the customs territory.
  2. Timelines for Filing and Extensions
    The Nigeria Tax Administration Act (NTAA) 2025 has harmonized filing deadlines across the country.
    Standard Deadlines
    Company Income Tax (CIT): Must be filed within 6 months after the end of the company's accounting year.
    VAT & Withholding Tax: Returns must be submitted on or before the 21st day of the following month (for VAT) and 30th day (for WHT) of the following month.
    PAYE: Must be remitted on or before 10th day of the following month.
    Extensions
    The NRS may grant an extension for filing if a taxpayer applies before the deadline and
    provides a valid reason (e.g., system outages or serious technical difficulties).
    Note: An extension of the filing date does not automatically extend the payment date .
    You may still be required to make a "provisional payment" to avoid interest charges while the extension is active.
  3. Enforcement of the Act: “New Teeth"
    The NRS has significantly more autonomy than the previous FIRS. They are now empowered to enforce compliance through automated and digital means.
    Digital Focalization
    The NRS is deploying a "single window" digital platform. Enforcement is now largely automated:
    Automatic Flags: The system automatically flags businesses that have a turnover above
    ₦100M (tracked via bank records) but are still claiming the 0% "Small Company" tax rate.
    Technology Access: Refusing to grant the NRS access to your business's digital
    accounting systems for an audit carries a massive penalty of ₦1,000,000 for the first day
    and ₦10,000 for every day the refusal continues.
    Modern Sanctions (The "Cost of Failure")
    The 2026 penalty regime is designed to make non-compliance more expensive than the tax
    itself:
    Offense | Penalty (2026 Rates)
    Failure to Register for Tax ₦50,000 first month; ₦25,000 each subsequent month.
    Failure to File Returns ₦100,000 first month; ₦50,000 each subsequent month.
    Late Remittance of WHT Original tax + 10% penalty + Interest at CBN rate.
    False Refund Claims 100% of the amount claimed + interest.
    Obstruction of Officers ₦1,000,000 administrative penalty + potential imprisonment.
    Strategic Advice: With the ₦100,000 initial penalty for simple filing defaults, the NRS is
    signaling that "silence" is no longer an option. Even for small businesses with 0% tax
    liability, filing a "Nil Return" is the only way to prove compliance and avoid automated fine
https://youtu.be/hwkBAEHkhCc

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