AI agents for business finance: what they can and can't do
What AI agents can do in bookkeeping, close, collections and compliance today, where a person must stay in charge, and how to judge a product.
The short answer
Most Nigerian companies must file audited accounts with their annual return, unless CAMA's small-company or dormant-company exemption applies, and tax returns follow six months after year end. Auditors will ask for bank statements and confirmations, ledgers, fixed-asset, payroll and tax evidence, contracts and board minutes. From abroad, give read-only access to a single shared record set and keep statutory registers at the Nigerian office, since CAMA bars keeping the register of members outside Nigeria.
An audit is easier when the owner is in the room. When you live abroad, the auditor's questions travel through your manager or accountant, documents sit in different places and every gap costs a week. Good preparation turns the audit into a review of records that already exist, rather than a hunt for them.
Does your company need an audit?
Under section 402 of CAMA 2020, a company is exempt from the audit requirement for a year if it has been dormant since incorporation or qualifies as a small company under section 394, unless during that year it was an insurance company, a bank or another company type the CAC prescribes. We could not open the section 394 thresholds for this article, so confirm with your accountant that the company still qualifies each year rather than assuming it does.
Where an audit is required, PwC's summary of CAMA compliance says companies other than single-shareholder companies file annual returns with audited accounts within 42 days after the AGM. On the tax side, PwC's May 2026 tax summary says company income tax returns are due six months after year end and annual filings include financial statements prepared under IFRS. The Nigeria Tax Administration Act 2025 lets a small company submit a statement of accounts attested by the taxpayer instead of audited financial statements for tax purposes, which is a tax concession, not a CAMA audit exemption.
What auditors usually ask for
| Area | Typical request | Who in Nigeria holds it |
|---|---|---|
| Cash and bank | Year-end statements for every account; bank confirmation letters | Finance lead; banks directly |
| Sales and receivables | Invoice listing, debtor ageing, credit notes, customer confirmations | Accounts |
| Purchases and payables | Supplier invoices, creditor ageing, WHT receipts issued | Accounts |
| Payroll | Payroll registers, PAYE remittance evidence, pension schedules, group life certificate | HR or payroll provider |
| Fixed assets | Asset register, purchase invoices, evidence assets exist | Office manager |
| Tax | VAT returns, WHT returns, prior year assessments and Tax ID | Tax adviser |
| Legal and governance | Board minutes, register of members, contracts, loan agreements, leases | Company secretary or directors |
Foreign-currency balances need one more item: the exchange rates used at transaction dates and at year end, with their source, so the auditor can recompute the naira equivalents. Our guide on which naira rate to use in your books covers the choice.
Records that must stay in Nigeria
Section 110 of CAMA requires the register of members to be kept at the registered office, another office where it is written up, or the office of a third party who prepares it, and states the company "may not keep the register outside Nigeria". Keep the register physically or electronically held by the Nigerian office or company secretary, and give yourself a copy, not the original.
Tax records have their own rule. Section 31 of the Nigeria Tax Administration Act 2025 requires books and records sufficient to determine tax, kept in English, for at least six years after the year of assessment, and section 57 lets the tax authority demand records held in computers or cloud facilities, giving at least seven days in a notice. Cloud storage is therefore acceptable for tax, provided someone can produce the records quickly.
Giving the auditor remote access
- One record set. Agree a single shared folder structure mirroring the auditor's request list, with read-only access for the audit team.
- Read-only bank access or direct confirmations. Let the auditor request bank confirmations directly from the bank; never forward login details.
- Signatures from abroad. UUBO's summary of CAMA 2020 notes section 101 accepts an electronic signature where a company document must be authenticated, so directors abroad can sign the financial statements and representation letter electronically if the auditor accepts it.
- Scheduled calls. Book a weekly call during fieldwork with the auditor, your Nigerian finance lead and yourself, with a running list of open items.
- A named owner for each request. Every item on the list has one person in Nigeria responsible and a due date.
A preparation timeline
- Two months before year end: agree the audit fee, scope and timetable; check exemption status.
- Year end: count cash and stock, capture bank balances and closing rates.
- Within a month: close the books, reconcile every bank and control account.
- Fieldwork: answer requests within two working days; keep a log.
- Sign-off: board approves accounts; directors sign; file the annual return and tax return on time.
For the filing steps, see CAC annual returns from abroad and company tax filings when the owner is abroad.
Where Pryme fits
Statements from a Pryme Business account can be issued as verifiable documents through Pryme's partnership with VerifyDoc.ai, so an auditor can check that a statement is genuine and unaltered. The Finance agent can assemble the request list from your records for a person to review, and its actions are recorded.
Questions people ask
Does a small Nigerian company need an audit?
CAMA s.402 exempts dormant companies and small companies under s.394, except banks, insurers and other prescribed types. Confirm the s.394 thresholds with your accountant each year.
When are audited accounts due in Nigeria?
PwC's summary says annual returns with audited accounts are due within 42 days after the AGM, and company tax returns six months after year end.
Can I keep my company's records abroad?
Not the register of members: CAMA s.110 says it may not be kept outside Nigeria. Tax records may be held in the cloud if they can be produced on demand.
Can I sign Nigerian financial statements electronically from abroad?
CAMA s.101, as summarised by UUBO, accepts electronic signatures for documents a company must authenticate. Check that your auditor accepts them.
Sources
- LawGlobalHub: CAMA 2020 section 402, exemption from audit · accessed Oct 2026
- LawGlobalHub: CAMA 2020 section 110, location of register of members · accessed Oct 2026
- PwC Nigeria: Key compliance obligations under CAMA 2020 and CR 2021 (Apr 2021) · accessed Oct 2026
- PwC Worldwide Tax Summaries: Nigeria corporate tax administration (reviewed 29 May 2026) · accessed Oct 2026
- Nigeria Tax Administration Act 2025 (gazette copy) · accessed Oct 2026
- Udo Udoma & Belo-Osagie: CAMA 2020 highlights of changes in governance · accessed Oct 2026
This article is general information, not financial, legal or tax advice. Products described are provided under the terms on this site and are subject to regulation and eligibility.