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2. Qualification and registration with NBAA.
To quality for registration he/she has to be certified Public
accountant (CPA) with particle experience of not less than three
years doing a professional services.
3. Finding Directors/partners.
-Partners for an audit firm must have at least two partners who
are registered by NBAA in Public Practice (CPA-PP). These
partners who are going to form a new firm, should not be
employees of auditing firms currently in Public Practice. Apart
from that key employees must hold CPA (T) or its equivalent
qualification.
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registration not later than one month.
MEMORANDAM OF ASSOCIATION:
A company only has the power to carry out the objects specified
in its memorandum or anything which is reasonably incidental
thereto.
ARTICLES OF ASSOCIATION:
Articles of association is a document which regulates the internal
workings or management of the company. In effect, they are set
of rules and regulations which the company may draw up on its
own or adopt as a model of articles. It lays rules on,
(i) Procedure of calling a general meeting.
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(ii) The rights/powers, duties or obligations of directors
(iii) Procedures shareholders shall follow to elect directors
(voting rights)
(iv) The arrangements for the division of profit.
CERTIFICATE OF INCORPORATION:
Is a special document which gives the company a legal existence after
the memorandum of and articles of associations have been inspected
and approved by the registrar of companies.
These are some of the challenges (risks) involved the Auditor in his
normal working business as Auditing firm offering financial services.