Financial Management Review Template for Nigeria

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Key Requirements PROMPT example:

Financial Management Review

"I need a Financial Management Review agreement for a Nigerian manufacturing company seeking quarterly reviews of its financial controls and reporting processes, starting from March 2025, with special attention to compliance with new CAMA regulations and international reporting standards."

Document background
This Financial Management Review agreement template is designed for use when engaging professional services firms to conduct comprehensive reviews of an organization's financial management practices in Nigeria. It is particularly relevant for businesses seeking to assess their financial controls, compliance with Nigerian regulatory requirements, and alignment with best practices. The document incorporates key provisions required under Nigerian law, including CAMA 2020, BOFIA 2020, and Financial Reporting Council regulations. It is structured to address various aspects of financial management review, from initial assessment to final recommendations, while ensuring compliance with local regulatory requirements and professional standards. This agreement type is commonly used for both one-time reviews and ongoing financial management oversight arrangements.
Suggested Sections

1. Parties: Identification of the service provider and the client organization

2. Background: Context of the engagement and brief overview of the client's requirements

3. Definitions: Key terms used throughout the agreement

4. Scope of Services: Detailed description of the financial management review services to be provided

5. Duration and Timeline: Period of the review and key milestone dates

6. Service Provider's Obligations: Detailed responsibilities and commitments of the reviewing firm

7. Client's Obligations: Requirements for client cooperation, information provision, and access

8. Confidentiality: Provisions for handling sensitive financial and business information

9. Data Protection: Compliance with Nigerian Data Protection Regulation requirements

10. Fees and Payment Terms: Financial terms, payment schedule, and related conditions

11. Reporting Requirements: Format, frequency, and content of financial review reports

12. Professional Standards: Commitment to applicable Nigerian financial reporting and review standards

13. Termination: Conditions and procedures for ending the engagement

14. Governing Law: Specification of Nigerian law as governing law and jurisdiction

Optional Sections

1. Regulatory Compliance: Specific section addressing compliance with particular regulatory frameworks, needed when client is in a regulated industry

2. International Standards: Additional provisions for compliance with international standards, required when client has international operations

3. Audit Coordination: Procedures for coordinating with external auditors, needed when review coincides with audit activities

4. Staff Requirements: Specific qualifications or security clearance requirements for staff, needed for sensitive engagements

5. Insurance: Detailed insurance requirements, recommended for high-value engagements

6. Force Majeure: Provisions for unforeseen circumstances, recommended for longer-term engagements

7. Dispute Resolution: Detailed procedures for handling disputes, recommended for complex engagements

Suggested Schedules

1. Schedule A - Scope of Work: Detailed breakdown of financial management review activities and deliverables

2. Schedule B - Fee Structure: Detailed breakdown of fees, expenses, and payment milestones

3. Schedule C - Timeline: Detailed project timeline with key dates and deliverables

4. Schedule D - Required Documentation: List of documents and information required from the client

5. Schedule E - Reporting Templates: Standard templates for various reports and updates

6. Appendix 1 - Key Personnel: Details of key team members and their qualifications

7. Appendix 2 - Compliance Checklist: Checklist of regulatory and compliance requirements

8. Appendix 3 - Communication Protocol: Procedures for regular communication and escalation

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions
Clauses
Relevant Industries

Banking and Finance

Insurance

Manufacturing

Oil and Gas

Telecommunications

Public Sector

Healthcare

Education

Real Estate

Retail and Consumer Goods

Transportation and Logistics

Energy

Agriculture

Mining

Professional Services

Relevant Teams

Finance

Accounting

Internal Audit

Compliance

Risk Management

Treasury

Corporate Governance

Legal

Procurement

Operations

Executive Leadership

Board of Directors

Relevant Roles

Chief Financial Officer

Financial Controller

Finance Director

Compliance Officer

Internal Audit Manager

Risk Manager

Treasury Manager

Financial Analysis Manager

Corporate Finance Manager

Chief Executive Officer

Managing Director

Board Director

Company Secretary

Procurement Manager

Operations Director

Industries
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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