Michael Andersen Consulting Company Ltd. has proposed to act as the external auditors for Federal University of Technology Lokoja. They will audit the university's financial accounts and records for accuracy, validity, appropriateness and efficiency. Their audit will involve analyzing issues concerning university operations, auditing past transactions, examining accounting policies, and reporting on any exceptional issues. They will prepare an audit report with key findings and recommendations. Michael Andersen believes their experience and multi-disciplinary team are well positioned to complete the audit in an efficient manner while minimizing disruption to the university's operations.

1. Proposal to Act as External
Auditors Act as External Auditors
Proposal to
Federal University of
Federal University of Technology
Technology Lokoja
Lokoja
November 2011
November 2011
AUDITAUDIT
Proposal to Act as External
Auditors
Michael Andersen 1

2. Disclaimers
 This Proposal is made by Michael Andersen Consulting Company
Ltd., a Nigerian Accounting and Audit practice , is in all respects subject
to the negotiation, agreement, and signing of a specific engagement
letter or contract.
 This Proposal contains confidential material proprietary to Michael
Andersen Consulting Company Ltd. The materials, ideas, and concepts
contained herein are to be used to assist Federal University of
Technology Lokoja.
 This information and the ideas herein may not be disclosed to anyone
outside the Federal University of Technology Lokoja, or be used for any
other purpose, except with the prior consent of Michael Andersen
Consulting Ltd.
 This proposal is subject to the satisfactory completion of Michael
Andersen’s customary evaluation of prospective clients and
engagement. 2
Michael Andersen

3. Michael Andersen Telephone : 234 (0) 7033420653;
Consulting Company Ltd. 234 (0) 8056667569; 234 (0)
228B Eti-Osa Way Dolphin 8028903048, 234 (0)
Estate, Ikoyi, 8067661346
Lago, Nigeria. Email:
Andersenfinance@live.com
Nigeria & Confidential
Private Internet: www.Michael
Federal University of Technology, Andersen.com
Lokoja,
Kogi State.
Attention: Professor Abdulmumini Rafindadi- The Registrar
23 July 2010
Dear Sir,
On behalf of Michael Andersen Consulting Company Ltd., we thank you for
granting us to the opportunity to submit a proposal to provide Audit services
as external auditor to the institution.
3
Michael Andersen

4. Michael Andersen Consulting Company Ltd. is delighted to submit this formal
response which presents our scope of work, approach and methodology,
experience and capability with respect to assisting you in achieving your goals.
We have carefully considered your requirements and believe that we are
ideally placed to provide you with the services you require. We are putting
forward a team that:
 Comprises seasoned professionals with deep transaction experience.
These professionals understand the salient issues in the education
environment and technical issues associated with the proposed
engagement and are expected to bring their expertise to bear towards a
successful execution.
Accordingly, we would like to draw your attention to the following aspects of
our proposal:
Michael Andersen Consulting Company Ltd. is amongst the leading
advisors in the Public Sector Accounting in Nigeria, offering unrivalled
experience in the areas of Audit and transaction support.
Michael Andersen Consulting Company Ltd. is currently executing
numerous audit related advisory services and transaction structuring,.
This is an important opportunity for us. The team is ready to commence work
when instructed and enthusiastic about the prospect of working with you.4 We
Michael Andersen

5. Proposal content
• Background
• Our approach and scope of work
• Why ATACOFF?
• Team structure
• Business arrangements
• Key contacts
5
ATACOFF

6. Background (1/2)
We are a leading Accounting, Taxation, Audit and Consulting group
Who We Are of firms located in Abuja the Nigerian capital. Our main focus is
Auditing, Accounting, Business Consulting, Financial Advisory, and
Taxation for Private and Public Sector Organisations. We provide
Accounting Solutions with public sector focus to create value for
our clients and maximize our stakeholders' wealth.
Our The Federal University of Technology, Lokoja is in need of
Understanding external auditors to audit the financial accounts of the college
Of and past records for accuracy ,validity, appropriateness and
Your Needs efficiency. Michael Andersen Consulting Company Ltd. is
equipped to provide audit and assurance services with
minimal disruption to clients’ operations.
In accordance with your requirements, the specific work to be
Required carried out are as follows:
Services  To carry out complete and comprehensive analysis of all
issues concerning the operation of the institution;
Michael Andersen 6

7. Background (1/2)
 To audit all past transactions for
accuracy, validity, appropriateness and efficiency;
 To establish reasons underpinning any inaccuracies and
the parties involved in any form of irregularities;
 To examine and comment on the accounting policies;
 To carry out this audit with the highest degree of skill, care
and diligence normally
Required
demonstrated by Auditors with similar qualifications and
Services
experience in the performance of comparable engagements
of this nature;
 To summarise and report upon any exceptional issues
noticeable to the Auditor during the engagement and that
may have a significant impact on the overall integrity of the
system and process;
 To prepare an Audit Report together with Executive
Summaries, Annexes and other documentations as may be
seen necessary on key findings, outcomes, results and
ATACOFF recommendations; and, 7

8. Proposal content
• Background
• Our approach and scope of work
• Why Michael Andersen?
• Team structure
• Business arrangements
• Key contacts
8
Michael Andersen

9. Our approach and scope of work (1/3)
Our audit will focus on the key issues, values and
potential risks to their realisation
Our audit process entails four • Evaluation of identified risks
basic steps: through analysis of financial
1. Planning
and operational data over time
2. Evaluation and by comparison with
3. Interpretation benchmark experience
• Interpretation of results of
4. Reporting analysis through discussions
with Prospect management
• Planning of processes and and by comparison with
activities with a view to identify benchmark experience
potential risks by reviewing Issues focused reporting
financial information about the
… Fieldwork is performed by
Prospect and discussions with
Prospect management. dedicated and qualified
Accountants and specialists:
Michael Andersen 9

10. Our approach and scope of work (2/3)
Our audit and assurance will focus on the key
issues, values and potential risks to their realisation
• Review internal audit
• Given significant
report, assessment of funding
experience, our transaction sources and utilisation
professionals can quickly • Highlighting relevant areas critical
identify areas requiring to the decision making
specialist input and ensure that • Review allocation from the
such specialists make relevant Federal Government, other
report on such issues for grants and management of such
decision making. funds.
• Re - assess the financial reports
… We bring relevant issues to
prepared by the institution.
your attention in a timely and
• Our audit and assurances
concise way:
transcends the basic values of
• Internal Control testing- regular audit as we focus on
assessment of level of control activities that add values to all
risk and checking for possible parties in the process.
Michael Andersen in the system
weaknesses • Assessment of Capital
10

11. Our approach and scope of work (3/3)
Our audit and assurance will focus on the key
issues, values and potential risks to their realisation
• Our professional audit teams are • Our experts comprehend the
briefed on the requirements of the specifics of the institution such
audit and are properly coached as financing challenges, drop in
prior to the commencement of the the trend of government
allocations over
engagement.
time, Inadequate of
• Depending on specific information, communication and
programme requirements we take technology facilities.
a pro-active approach in • Our experts are abreast of
evaluating findings and developments in auditing
discussing these with the School standards, Generally Accepted
authority to ensure agreement of Accounting Principles (GAAP)
any non-compliances and obtain and changes in regulations. In
initial thoughts on corrective this way our firm prepares11
Michael Andersen
complete and coherent audit

12. Proposal content
• Background
• Our approach and scope of work
• Why Michael Andersen?
• Team structure
• Business arrangements
• Key contacts
12
ATACOFF

13. Why Michael Andersen Consulting
Company Ltd.? positioned to assist Federal
We are strongly
University of Technology Lokoja…. .……..
OurOur Experience
Experiences
Our Multi-
Our Human
Disciplinary
Resources
Skills
Michael
Andersen’s
Difference
Our Tools and Our Holistic
Methodologies Approach
13
Michael Andersen

14. Why ATACOFF?
Michael Andersen Consulting Company Ltd. value
proposition Identifying key issues, risks
and mitigating factors up-front
Being properly prepared
Capitalising on our significant
audit experience
Having access to additional
resources
Clear
Helps
focus on Helps
increase
prompt minimise Helps Helps
complianc
identificati disruption increase maintain
e to
on and to the the speed control of
relevant
communic Institution’ of the
statutory
ation of s execution process
requireme
… getting Michael Andersen Consulting Company Ltd. involved
key issues operations
nts
and risks early helps minimise risks
Michael Andersen 14

15. Proposal content
• Background
• Our approach and scope of work
• Why ATACOFF?
• Team structure
• Business arrangements
• Key contacts
15
ATACOFF

16. Team structure (1/3)
Our team draws together audit specialists from our Lagos office to provide
you with the full range of skills and experience to help ensure the success
and the timely completion of the audit.
An outline of the structure of the core team is presented below, followed by
a more detailed description of Audit Partnereach core team member.
the role of
Associates
Trainees Staff
............Our team is constituted based on experience and qualifications
16 1
Michael Andersen

17. Team structure (2/3)
Curriculum vitae
Name Michael Olujitan
Position Chief Executive Officer, Michael Andersen Consulting Ltd.Advisory Services
Education and • B.Sc. Petroleum Engineering, University of Ibadan, Ibadan, Nigeria
Qualifications • Fellow, Association of Chartered Certified Accountants, UK
• Associate, Institute of Chartered Accountants of Nigeria
Area of expertise Financial Services; Telecommunications, Public Sector and Energy (Oil, Gas & Power)
Years of 18 years
experience
Experience and Michael specialises in value for money reviews, capital projects, Audit Tests of Financial
track record
Systems using IDEA 5.0 Audit software, preparation of Audit Reports including
recommendations for improving existing systems, Accounting and Taxation , Banking,
Corporate Finance , Project Appraisals and Funding.
He is experienced in International Project Finance,, review of viability of mergers and
takeovers, involving the review of Balance sheets and Accounts of merging organisations
and making recommendations for improvements.
• Kayode is the CEO of Michael Andersen Consulting Ltd.& Head of our Accounting
Advisory Services.
• He has overall responsibility for our Accounting Support Services and function. In this
role, he has been involved in providing accounting services, corporate governance and
risk advisory services to our major clients in key sectors of the economy.
• Prior to ATACOFF, Kayode was the Managing partner of Michael Andersen & Co
Michael Andersen Chartered Accountants, a UK based financial advisory boutique. 17

18. Team structure (3/3)
Curriculum vitae (cont’d)
Name Olugbenga Odeyemi
Position Chief Operating Officer, Michael Andersen Consulting Ltd.Advisory Services, Abuja
Education and • M.Sc. Finance, (with Distinction). Middlesex University , United Kingdom.
Qualifications • Associate, Institute of Chartered Accountants of Nigeria
• Doctor of Veterinary Medicine , University of Ibadan
Area of expertise Financial Services; Telecommunications, Infrastructure and Public Sector
Years of 7 years
experience
Relevant
Experience Prior to ATACOFF, Gbenga was a Senior Associate of KPMG Professional Services
where he led many regulatory reporting assignments. He attended international trainings
on mergers and acquisition in South Africa and united Kingdom.
As a Senior Associate, he led the teams on the following Financial Advisory Services
across the sector:
• Restructuring due diligence of a Primary Mortgage Institution based in Abuja
• Acquisition Due Diligence of a private Telecommunication operator based in Western
Nigeria
• Cross border acquisition by a leading African Mobile Telecommunication Company
• Crafting of business plans, business case assessment, financial models and
establishment of optimal financing mix
• Regulatory reporting on financial transactions for many of the States of the Federation
• Risk Assets assessment and portfolio advisory services to financial institutions
• Diagnostic review of troubled Nigerian Bank post Central Bank of Nigeria’s Audit.
ATACOFF 18
Dr. Gbenga facilitated lectures and trainings on Financial futures, options and

19. Proposal content
• Background
• Our approach and scope of work
• Why ATACOFF?
• Team structure
• Business arrangements
• Key contacts
19
ATACOFF

20. Business arrangements (1/2)
Time table
Timetable
3 - Weeks 6 - Weeks 2 - Weeks 2 -Weeks
Review and
Report
Planning Fieldwork writing Completion
Agree detailed Fieldwork Report Report
scope preparation finalisation
Issues feedback
• This timetable is indicative and may be expanded, contracted or phased
further depending on your requirements and the level of access to
information and management
• We would envisage an initial period of planning time followed by six weeks
of fieldwork, two weeks of review and report writing, developing a draft
report for factual accuracy assessment by management, with a view to
having a final report within 3 months of commencing the work
20
Michael Andersen

21. Business arrangements (2/2)
Time table
We have designed the process to ensure minimal disruption:
-We will be happy to revisit the timetable with you at any point, should
the need arise
-Ideally, we would hope to be fully briefed up front by the School
Authority
• -We will agree based on hourly rates list with you at the the level of skills
Our fees are an information request corresponding to start of the
and experience of the personnelour be assigned order for an efficient are
audit before commencement of to fieldwork in to the audit. Our fees
exclusivefrom theand reimbursable commencement
process of VAT date of fieldwork out-of-pocket expenses which shall be
calculated separately.
• Our out-of-pocket expenses such as transportation, report production etc,
which are a direct result of the project, are charged at cost and billed
separately.
Michael Andersen
21

22. Proposal content
• Background
• Our approach and scope of work
• Why ATACOFF?
• Team structure
• Business arrangements
• Key contacts
22
ATACOFF

23. Key contacts
We welcome enquiries and will be happy to discuss your specific needs with
you. Please feel free to contact any of the individuals listed below:
Name Phone Number E-mail
Michael Olujitan + 234 7033420653 or +234 8056667569
michaelolujitan@hotmail.com
CEO, Michael Andersen Consulting Company Ltd.
+234 8075444920 or +234 8028645994 @yahoo.com
COO, Michael Andersen Consulting Company
Michael Andersen 23