30/09/2020
Femi Ogunyemi &CO
( Financial,Management and Tax Consultants)
1, Ore -Ofe Close, by Captain Bus-Stop, Old Otta Road, Olota Abule Egba, Lagos.
30th September, 2020.
The Managing Director
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Dear Sir,
EXPRESSION OF INTERST TO RENDER CONSULTANCY SERVICES.
We refer to the above and wish to thank you for possible consideration. We would be pleased to be appointed to offer professional services in area of Financial,Management and Tax Consultant to your organisation as might be applicable. .
BASIC CONSULTING PHILOSOPHY.
Consulting is a rich mix. Each assignment is traditionally regarded as unique; nevertheless, our approach is to offer guidance and needed assistance to clients under generally accepted current best practice as soon as possible as well as adherence to the organization’s terms of reference where they exist.
Our basic consulting philosophy therefore is not only to provide timely, economic and efficient solution, we also lay emphasis on adding value by providing support and a follow-up service.
OUR FUNCTION
Our primary function as Consultants when engaged is to firm-up understanding of the purposes of our engagement, using our competences, profer solutions as far is it is practicable.
The specific approach/details will depend on the nature of the assignment. This is usually provided in our technical details where demanded.
OUR PLANNED APPROACH
The Firm has established a balanced, result oriented approach to any kind of assignment in order to achieve a standard set for us. Our approach involves the following:
Internal Evaluation
Due to the all-important nature of this initial approach, the associate in charge of the assignment shall do the Internal Control Evaluation. The purpose of the evaluation is to enable us prior to the commencement of the detailed work:
i. To gain understanding of the assignment and the purpose and to identify the control and procedures;
ii. To gain an understanding of the Management and Organization Set up of the Company in order to identify those aspects of administrative nature of internal control procedure;
iii. To enable us to determine the nature, extent, staff assignment as well as time if necessary. It will also afford us the opportunity to evaluate the strategy to achieve an efficient, effective and economic assignment.
CONSULTING PLAN
This will give us a base for the whole assignment. It will set forth:
General Information of the Organization
- Establishment Objectives
- Organization, key personnel and general operations of each division
- Staff assignment
- Time budget
- Other relevant matters
The matters set forth in the Consulting Plan will result in:
a) Establishing intended means of achieving the objectives of the assignment.
b) Assisting in the direction and control of the assignment.
c) Helping to ensure that attention is focused on critical aspects of the job.
d) Helping to ensure that the assignment is completed to an economic advantage.
CONTROL
The demand of each job determines the number, experience and qualification of staff assignment. This is followed by adequate levels of supervision by the Supervisor / Partner.
COMMUNICATION
i) Interim Report
For matters of urgency and strategic importance, these may be reported upon to forestall more serious consequences.
ii) Following the completing of the assignment, we shall submit detailed Report to the organization. The objective of the report is tailored to control more of the future. The Report will highlight:
• General commentary, which will enable any layman to understand all aspects of the matter being reported upon.
IMPLEMENTATION OF REPORT
On request, we assist in implementing recommendations on areas of weaknesses, which we have earlier reported upon.
MANAGEMENT AND SPECIAL SERVICES
Under this we offer the following services:
Review of existing Business and Accounting Systems where there is need for improvement and/or development of Accounting and Internal Audit Manuals. The overall objectives of the manual being:
To set out the general environment under which the organization will operate.
To state the accounting and financial principles and practices to be followed.
Providing codified documents of standard accounting and financial regulations to staff.
Providing specimen forms needed in the implementation of daily routines.
To provide separate volume of accounts codes that will assist in depart-mental accountability as well as providing the essential ingredient towards computerization.
Asset capitalization including identification and numbering especially Fixed Assets. This need arises in organizations with significant investments in Fixed Assets in diverse locations. The need might be to identify and codify such assets.
Conduct of training courses in all areas of taxation, finance and accounting, stores and purchasing management, internal auditing and related system.
Up-dating the accounting records and preparation of accounts for management audit. Periodic updates to accommodate changes in accounting system and assistance in preparation of accounts for both management and audit purposes.
Preparation of annual budgets and strategic plans may involve quarterly, annual or
more than a year’s budget. It also includes budget reviews.
Tax and Tax Management: This naturally follows as a continuation of our auditing and accounting services. This we do by tax planning, ensuring compliance with tax laws; PAYE, VAT, WHT management and consultancy.
Also we negotiate our fees with the client to our mutual benefit
While we await favorable consideration, kindly accept the Management’s warm regards.
Ogunyemi Oluwafemi Olayemi,
(Partner-Femi Ogunyemi & Co)
