UNILAG Press and Bookshop Limited: Advert For an External Auditor

Background Summary

The University of Lagos Press and Bookshop Company Limited otherwise known as the UNILAG Press and Bookshop Limited is interested in engaging the services of an external auditing firm. Initially, the company was incorporated in 2012 under the Companies and Allied Matters Act 1990 to cater for the printing needs of University and had since carried on to mention but a few the business of printers, producers of words, figures, pictures, calendars, diaries, periodicals, magazines, journals, books and diagrams in any form, by any language, and by any process; and journal proprietors, printers and publishers and sellers. However, we have over the years expanded our services beyond the walls of the University and built a brand name in the industry.

Objective

The objective of the audit of the Financial Statements is to enable the auditors to express a professional opinion on the state of the company’s financial affairs with reference to the financial position, income and expenditure of the university at the end of the reporting period.

Scope

1. The audit shall be in accordance with globally accepted auditing standards and with the provision of:
2. Companies and Allied Matters Act (CAMA) 2020)
3. International Financial Reporting Standards
4. Financial reporting council of Nigeria Act 2011(as amended)
5. Section 7 (4) University of Lagos Act (1967) as amended Chapter U9 Laws of Federation of Nigeria, 2004
6. Nigeria standards on Auditing
7. International Standards on Auditing(ISA)
8. All other relevant regulatory laws.

• The audit shall be for a period of Five (5) years. The external auditors shall be required to audit 2023, 2024, 2025, 2026 and 2027 account of the Company.

• The areas of work to be covered will include conducting such tests and inquiries as the auditor considers essentialincluding any visits to the client office. The tests will among others apply to the day-to-day operations of the Company and the verification of assets and liabilities.

• Specific areas of work that will enable the auditors form their opinion include;
• To establish whether proper books of accounts have been kept by the Company.
• To establish whether the Company’s annual financial statements are prepared in accordance with the underlying financial records and books of accounts.
• To establish whether the Company’s annual financial statements are prepared in accordance with the International Financial Reporting Standards (IFRS) and other relevant regulations.
• To establish whether all the information and explanations necessary for the audit purposes are available
• Reviewing the Company’s system of book-keeping, accounting and internal control procedures
• To establish that funds have been recorded and expended in accordance with the procurement act.
• To establish whether improvements to Company systems, procedures and controls can be made as a result of the findings of this audit.

• Forensic audit of the inventory, payables and receivables of the Bookshop

Reports

The External Auditor shall submit:

• 4 hard copies of Audited financial reports and soft copy (which shall be in PDF format) for the period noted.
• 4 hard copies of management letter and soft copy (which shall be in PDF format) which should highlight observed weaknesses in the system of internal control and the recommendations for managing the identified issues.
• Work is expected to commence three months after the end of each financial year. The audit firm is expected to submit first draft of report by June of the following year and the final report not later than July of the following year. The Company financial year ends 31^st December of each year.

Experience and Qualifications

It is expected that:

1. The audit firm should be registered and have licenses from an authorized national body.
   1. The firm should have relevant experience in accounting and auditing of a business enterprise.

Indicative Work Programme and locations of the various activities

WORK PROGRAMME	LOCATIONS	DURATION
End of the year stock count: The firm  will be required to witness end of the year stock taking of the company divisions	Press Division; Bookshop Division	3 WEEKS
Field Audit	Press Division; Bookshop Division	3 WEEKS

REMUNERATION: As a company limited by shares the UNILAG Press and Bookshop remuneration is competitive and negotiable. It is also based on achieving targets and goals.

METHOD OF APPLICATION

Interested firms with set requirements should submit their applications addressed to:

Secretary to the Board,

^c/_o General Manager, UNILAG Press

Works and Physical Planning Complex

University of Lagos, Akoka, Lagos

NOT later than Monday, December 2, 2024 starting from the date of publication of this advert. Electronic copies of application and all supporting documents should also be e-mailed to [email protected]

SHORTLISTED APPLICATIONS: Only shortlisted applicants will be contacted for interaction.

Signed

Professor Ismail Adeleke

Chairman, Board Committee on Screening