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Press Release on Corporate Activities

Re: Update on Corporate Activities in Respect of our Firm of Chartered Accountants- Olu Adebiyi & Co., Chartered Accountants

Our clients are as important as our employees and equally considered as one of our major stakeholders That is the reason we provide your with periodic update of activities in our firm. The firm has been under-going many improvements and changes over the years and we wish to provide you with the following updates on our corporate activities:

Change of Practice Name from Olu Adebiyi & Co. Chartered Accountants
Our new name, OACO PROFESSIONAL SERVICES, represents our commitment to our Corporate Value, Professionalism. As a Professional Services provider in the area of Auditing, Assurance and Advisory, we are re-instating our commitment to ensue professionalism in serving you, our clients. Our other corporate documents will henceforth be carrying new name and wearing new looks as well.

Deployment of CaseWare Auditing Software.
Providing professional services involve deploying appropriate tools as well. We are pleased to inform you that we have acquired CaseWare Auditing Software. CaseWare is a Tested Auditing Application being used by Top 4 (four) big auditing firms in the World. It is ranked as one of the best Auditing Application ever developed. With CaseWare, the quality of financial report presented to you is assured as the software reduces errors, omission and also improves monitoring and compliance. The importance of CaseWare to our clients is that it enables us to follow-up on the Implementation of our recommendations.

This would also improve your operations and business performance, both in short and long term.

Corporate Restructuring
In order to serve you better, our organizational structure has been re-arranged to meet your needs. Our services have now been grouped into Auditing & Assurance Group and Client and Advisory Service Group. Our Auditing and Assurance Group comprises of Professional Accountants with up-to-date knowledge of International Auditing Standards (IAS) and International Financial Reporting Standards (IFRSs). This assured that your financial report will always measured up to both local and International reporting standards. Also, this also enables us to ensure that required integrity and professionalism are brought to bear in executing our auditing and assurance engagements.

Client and Advisory Services Group is responsible for following up and working with Management on implementation of the recommendations contained in the Management Letter to your company. The group will also provide supporting services for our Small Business Client (SBC) that requires professional services in ensuring Managerial Decision-Making (MDM) is supported by sounding financial information.

Admission to Partnership: Mr. Pius W. Oni, ACA
We are also pleased to inform you that Mr. Pius W. Oni, ACA, our Head of Financial Reporting has been admitted into the Partnership with effect from March 1st, 2014 as Partner, Financial Reporting and Standards (FRS). Mr. Oni joined our firm from First Bank Plc where he worked as Head of Auditing Standards of the Bank. Prior to working with First Bank Plc, he worked at a senior level with Ernest & Young and PWC, Chartered Accountants, for many years. He is presently responsible for Clients Financial Reporting & Standards and Implementation of IFRS Conversion Engagements. He also oversees the general administration of the firm.

International Financial Reporting Standards (IFRS) and the issue of First-Time Adoption and Conversion
We have published in our Insights Newsletter the important highlights on IFRS and how company financial reporting will be affected. As part of efforts to assist clients in adjusting to these new challenges, we have created an Open-Link for clients to clarify issues bothering on IFRS and its implication for their business. You can either send an email to: ifrs@oacoprofessionalservices.com or call our Partner, Financial Reporting and Standards on 0805 219 9927, Mon-Fri, 8.00am to 5.00pm.

Conclusion We wish to reiterate that we are dedicated in serving you as we shall continue to do so by Applying Knowledge, Building Relationship, and Adding Value at all times.

Thanks

Released By

OLUSEGUN ADEBIYI, FCA (NIGERIA), MBA, CPA (NEW YORK STATE, USA)
HEAD OF PRACTICE
OACO PROFESSIONAL SERVICES (CHARTERED ACCOUNTANTS)

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