Best Accounting & Auditing Lawyers in Igando

When financial-records or audit problems need legal help in Igando

For businesses in Igando, accounting, audit and financial-reporting law can affect company records, statutory audits, tax filings and disputes with regulators. Local shops, wholesalers, contractors, schools and other businesses may need to show that their books support reported income and transactions.

Igando is in Alimosho, Lagos State, but many company and tax obligations come from federal law or apply across Lagos. A lawyer can advise on legal duties, regulator correspondence and disputes; a chartered accountant can examine records and prepare or review accounts. Some matters require both.

Situations where a lawyer may be useful

• A tax authority questions a business’s returns, expenses, VAT records or payroll figures, and the owner needs help responding without missing an objection deadline.
• A company receives an audit qualification or disagreement arises over the auditor’s findings, access to records or responsibility for errors.
• Business partners dispute missing receipts, unexplained payments, incomplete books or who must bear a tax assessment.
• A company has missed annual returns or other filings with the Corporate Affairs Commission and needs to understand the steps and consequences of putting its records in order.
• A regulator or investigator requests accounting records, and the business needs advice on what it must provide and how to preserve relevant documents.
• A business is preparing for a sale, investment or loan and needs legal review of accounting representations, audit findings or financial-reporting obligations.

Key laws affecting businesses in Igando

The Companies and Allied Matters Act 2020, which commenced on 7 August 2020, governs Nigerian companies, including their accounting records, financial statements, audits and corporate filings. Whether an audit exemption applies depends on the company and the statutory conditions.

The Companies Income Tax Act, consolidated as Cap C21, Laws of the Federation of Nigeria 2004 and amended over time, governs taxation of company profits. The applicable rules depend on the business, the relevant tax period and later amendments.

The Financial Reporting Council of Nigeria Act 2011 establishes the Council and provides for oversight of financial reporting and relevant professional standards. Businesses should check which reporting and audit standards apply to their entity and sector.

Frequently asked questions

Does every Igando business need an annual audit?

No. Audit requirements depend on the entity type and applicable statutory exemptions. A company’s size and circumstances may matter, so confirm its position under the current company law before relying on an exemption.

Do I need a lawyer to answer a tax query?

Not for every routine request. A lawyer may be important where the query could lead to an assessment, penalty, investigation or formal dispute, particularly if a response deadline applies.

Should I hire a lawyer or an accountant for an audit problem?

An accountant can review figures, prepare accounts and explain accounting standards. A lawyer advises on legal duties, rights, deadlines and disputes; complex matters may benefit from both professionals working together.

How much does a lawyer cost in Igando?

There is no single local fee. The cost usually depends on the work involved, such as reviewing a notice, preparing a response, negotiating or handling a formal appeal. Ask for a written scope, fee basis and estimate before instructing counsel.

How quickly should I respond to a tax or audit notice?

Check the notice immediately for its response date and preserve the records it identifies. Objection and appeal periods can be limited and depend on the type of decision, so obtain advice promptly rather than assuming an extension is available.

Can a small company correct incomplete books or missed filings?

Often, corrective steps are possible, but the right process depends on what is missing and whether a regulator has already contacted the company. A lawyer and accountant can help distinguish a filing correction from a tax or compliance dispute.

Where can a company challenge a tax assessment?

The route depends on the tax involved and the stage of the dispute. It may begin with an objection to the relevant tax authority and proceed to a tax tribunal or court if unresolved; a lawyer can identify the correct forum and deadlines.

Can a business refuse to provide records requested by an authority?

Do not ignore a formal request. The authority’s powers, the wording of the request and any confidentiality issues matter, so obtain legal advice on the scope of the duty and how to respond.

What documents should I take to an initial consultation?

Bring the notice or audit report, relevant tax returns, financial statements, ledgers, invoices, bank records and correspondence with the authority or auditor. A clear timeline of events can help the lawyer identify urgent deadlines.

Can I use a lawyer based outside Igando?

Yes. Many company and tax rules apply nationally or across Lagos, so location alone does not determine suitability. Consider the lawyer’s relevant experience, ability to meet or communicate with you, and familiarity with the appropriate Lagos or federal process.

How long does a tax or audit dispute take?

Timing varies with the records involved, the authority’s response and whether the matter reaches a tribunal or court. A lawyer can give a more useful estimate after reviewing the notice, procedural stage and outstanding documents.

Official resources

• Corporate Affairs Commission (CAC): Handles company registration and corporate filings, including annual returns. Its records can help a business check its filing position.
• Lagos State Internal Revenue Service (LIRS): Administers relevant Lagos State taxes and provides official information on state tax matters.
• Financial Reporting Council of Nigeria (FRCN): Oversees financial reporting and relevant standards under its statutory mandate. Its materials can help businesses identify applicable reporting requirements.

Steps to find and hire the right lawyer

1. Identify the issue today. Gather the notice, audit finding or disputed accounts and note every response date.
2. Organise key records within one or two days. Collect tax filings, company documents, ledgers, invoices, bank statements and relevant correspondence.
3. Shortlist suitable lawyers over the next few days. Look for experience in company accounts, tax disputes, audit issues or financial reporting relevant to your problem.
4. Ask about the proposed approach at an initial consultation. Confirm who will handle the work, whether an accountant is also needed, and which deadlines or forums may apply.
5. Request written terms before proceeding. Check the scope, fees, disbursements, communication arrangements and any work excluded from the quote.
6. Instruct counsel promptly and follow the agreed plan. Provide complete records, keep copies of submissions and obtain confirmation that time-sensitive responses have been filed.