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
A Nigerian auditor reviewing a group with UK accounts will usually want full-period statements for every UK account, the year-end balance in each currency, evidence of who can sign, the exchange rates used to translate balances, and a match between UK and Nigerian intercompany records. Prepare them before the audit starts: UK companies must keep bank statements and other records for six years, and the Nigerian company's audited accounts feed its CAC annual return and its tax filing deadlines.
When a Nigerian subsidiary is audited, or a Nigerian auditor reviews a group, UK bank accounts often become the slowest part of the job. The auditor is not being difficult: bank balances are among the most important figures in any set of accounts, and a statement that cannot be traced back to the bank is weak evidence. This guide lists what to prepare and how to make it easy to check.
Why the Nigerian side needs it on time
The Nigerian timetable is fixed by law. PwC's summary of CAMA 2020 compliance says a company's annual return to the CAC is filed with its audited accounts within 42 days after the annual general meeting. PwC's tax summary says a company files its income tax return within six months after its financial year end, with penalties of ₦100,000 for the first month late and ₦50,000 for each month after. A UK account that holds the subsidiary's money, or funds it, sits on the critical path for both.
On the UK side, GOV.UK says a limited company must keep accounting records, including bank statements, for six years from the end of the last financial year they relate to. Your UK company may itself be exempt from audit if it meets two of the small-company limits GOV.UK lists (from April 2025, turnover up to £15 million, assets up to £7.5 million, 50 or fewer employees), but that does not stop a Nigerian auditor asking for its records when they are part of the group's evidence.
The evidence pack
| Item | What good looks like |
|---|---|
| Full-period statements | Every account, every currency, covering the whole financial year with no missing pages; PDFs downloaded from the bank, not spreadsheets |
| Year-end balance | The closing statement for the last day of the year, plus a balance letter or confirmation if the auditor asks for one |
| Account list | Bank, account name, currency, last four digits, purpose, opened and closed dates |
| Signatories and mandate | Who can approve payments, with any change in the year |
| FX workings | The rate used to translate each foreign-currency balance, with its source and date |
| Intercompany schedule | Each transfer between UK and Nigerian entities, matched on both sides with the naira and pound amounts |
| Large or unusual items | Invoice, contract or board approval for anything above the materiality level the auditor gives you |
Bank confirmations
Auditors often prefer to obtain balance confirmations from the bank rather than rely on statements you supply. Banks have their own procedures, forms and lead times for these requests, and some need written authority from the account holder. Ask your auditor at planning stage whether they will request confirmations from your UK bank, then ask the bank how it handles them so the request is not stuck at year end.
Translating and matching
Most disputes in group audits come from translation and timing, not missing money.
- Use one documented rate source for year-end translation and apply it consistently. Never type a rate from memory.
- For money in transit at year end, show the date it left the UK account and the date it reached the Nigerian account.
- Where a conversion happened, show the amount sent, the amount received and the implied rate, so the auditor can see the true cost.
Worked example
Example only. The UK parent sent £20,000 to its Lagos subsidiary on 30 December; it arrived as ₦38,400,000 on 2 January. The UK ledger shows £20,000 out in December. The Nigerian ledger shows ₦38,400,000 in January. At year end, intercompany will not match unless the subsidiary records £20,000 in transit, translated at the year-end rate in its policy. The implied conversion rate was ₦38,400,000 ÷ £20,000 = ₦1,920 per pound (example figure, not a current rate).
A timeline that works
- Two months before year end: agree the evidence list and materiality with the auditor; ask whether bank confirmations will be requested and give any authority the bank needs.
- Year end: download closing statements for every account the same week, before any account is closed or changed.
- Weeks one to three after year end: prepare the account list, FX workings and intercompany schedule; clear items in transit.
- Before fieldwork: send the pack in one folder with an index, so the auditor is not working from scattered email attachments.
Make documents easy to verify
A PDF can be edited. Auditors are trained to test documents that come from the client, which takes time. Statements and receipts that a third party can check for authenticity reduce that back-and-forth. See also building a receipts audit trail across UK–Nigeria payments and group audits with a Nigerian subsidiary.
Where Pryme fits
Pryme partners with VerifyDoc.ai, so any customer can generate a verifiable statement or receipt that anyone can check is genuine and unaltered (verifiable receipts and statements). A Pryme Business Account shows NGN, GBP, USD and EUR balances in one place (business multicurrency), which simplifies the account list. Naira deposits are held by a licensed Nigerian microfinance bank.
Questions people ask
What UK bank documents will a Nigerian auditor ask for?
Full-year statements for every account, the year-end balance, an account list, signatory details, FX translation workings and an intercompany schedule.
How long must a UK company keep bank statements?
Six years from the end of the last financial year they relate to, per GOV.UK.
Why do group audits get stuck on intercompany balances?
Usually because money was in transit at year end or the two companies used different exchange rates. Record transit items and agree one rate source.
When is the Nigerian annual return due with audited accounts?
PwC's CAMA 2020 summary says within 42 days after the annual general meeting.
Sources
- PwC Nigeria: Key compliance requirements under CAMA 2020 (Apr 2021) · accessed Oct 2026
- PwC Worldwide Tax Summaries: Nigeria, corporate tax administration (reviewed 29 May 2026) · accessed Oct 2026
- GOV.UK: Running a limited company, company and accounting records · accessed Oct 2026
- GOV.UK: Audit exemptions for private limited companies (updated 14 Oct 2026) · 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.