Transparency and Accountability: NBA Engages PWC Accounting Firm

NBA President Paul Usoro SAN

The Nigerian Bar Association (NBA) has engaged the services of PriceWaterhouseCoopers (PWC) for the purposes of auditing and review of the NBA account. According to the NBA President Mr. Paul Usoro SAN who revealed this in a press statement, the step was taken in fulfillment of the commitment made in his inaugural address of 31st August, 2018.

“The PwC LoE fulfills the commitment in my Inaugural Address of 31 August 2018 to the effect that “transparency and accountability . . . would be our watchwords at all times”. Earlier, during the campaigns, I pledged to strengthen the NBA’s finance governance structures by, amongst others, preparing and publishing quarterly financial statements which would contain sufficient information that meets International Accounting Standards and best practices.”

Mr. Usoro noted that the appointment is the beginning of a journey towards establishing the promised standards of financial probity, accountability and transparency.

He further stated that the intention is to institutionalize standards of financial governance, probity and transparency in the psyche of members of the NBA and make them irreversible at the NBA national level within his 2-year tenure in the expectation that these would rapidly percolate down and become pervasive in the branches and other organs of the Association.

He further reveals that upon the submission of the PwC Deliverables, as detailed in the PWC’s Project Scope/ Work Plan, same would would be promptly published and made readily available to members and also constitute agenda items for discussion at the immediately following National Executive Committee meeting.

Below is the Detailed Project Scope/ Work Plan as excerpted from the PWC’s Letter of Engagement:

S/N Phase and Activities Deliverables Timelines


1. Preparation of Financial Statements
  Obtain  relevant  financial  information including:

  • Previous year ‘s business for current and non-current assets, current and non–current liabilities, and net assets
  • Current year ‘s trial balance
  • Supporting schedules for current year ‘s trial balance, accounts, ledgers, and sub-ledgers
  • Bank statements, bank account and ledger account reconciliations
  • Fixed asset register including
  • information on classes of assets, purchase dates, asset particulars ,location etc.

Review and validate key financial statement line items (including non-current assets, liabilities, inventory and cash); ensure that they reconcile back to adequate support documentation and schedules, ledgers and sub-ledgers

Prepare and pass appropriate adjustment journal entries for various accounts, ledgers and sub-ledgers and update the respective schedules accordingly

Prepare updated trial balance and financial statement for period from 1 to 31 August 2018






For period under review

·         Updated trial balance and supporting schedules.

·         Financial statements













4 weeks

2 Finance Function Review
  ·         Gather data and other relevant information through interviews and walkthroughs to gain understanding of and insight into the current finance operations and processes.


·         Assess the adequacy and effectiveness of the finance function and its operating model including its:

·         Revenue collections

·          Payment processes

·         Treasury management

·          Enabling technology

·         Identify gaps, areas of inefficiencies, revenue leakages, control weaknesses, risk exposures, and make recommendations to address them




·         Finance

function diagnostic report


findings        and







2 weeks


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