Auditing Your Business, Get A Business Plan And A Feasibility Study As A Bases


Auditing your Business, Get a Business Plan And A Feasibility Study As a Bases is prerequisite for success in the business Area. It gives you a focus and a lay down procedure to your dreams. Although, this is a free guide on Auditing your Business, Get a Business Plan And A Feasibility Study As a Bases, for all to see.   

Before going into Auditing your Business, Get a Business Plan And A Feasibility Study As a Bases, there is need to know what an Audit is; An audit is a systematic, independent, and documented process for obtaining audit evidence and evaluating it objectively to determine the extent to which audit criteria have been fulfilled.

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Furthermore, the Quality of your audit makes you work outstanding either to your financial institute, Investors or for your personnel use. To that effect, one needs to know what a quality Audit is; Quality audit is the process of systematic examination of a quality system carried out by an internal or external quality auditor or audit team. 

3 Types of Audit


First part audit; this is internal and the purpose of this is to provide information for management review and this is done on behalf of the organization itself

Second part audit; this is external, the purpose of this audit is to determine whether an organization is reliable. And this is done on behalf of the organizational customers.

Third part audit; this is also external, the purpose of this audit is to gain a certificate or to access against designated standard. This is done on behalf of an independent organization.

In like manner, there is need to know what Internal quality Audit (IQA) is? IQA is a management tool and an effective aid to improve the quality system in an organization. Internal audit is “in-house” audit and is carried out by staff within an organization to verify that the internal systems are compliant and suitable to achieve organization objectives. IQA is a management tool and focuses on improving quality systems to enhance customer satisfaction.

Purposes of IQA

  1. Provide objective measurement results 
  2. Assure the implementation of the quality management system 
  3. Assess conformance to defined objectives 
  4. Identify opportunities for improvement 

Benefit of IQA


  1. Provide input for management decisions 
  2. Identify the root cause of problems 
  3. Take immediate corrective actions 
  4. Take preventive actions 

Key Players in IQA


  1. Management and quality management representative 
  2. Functional departments 
  3. Auditor 

Responsibilities of the Auditor


  1. Carry out quality audit 
  2. Identify discrepancies 
  3. Record the audit findings 
  4. Report the audit reports 
  5. Follow up on the verification activities 

Audit preparation phase


Audit preparation phase consists of everything that is done in advance by the audit team to ensure the audit complies with the audit objectives, if the preparation of an audit is inadequate. The audit team risk wasting time during the audit performance stage or conducting a mechanical audit on the basis of a canned checklist, an unprepared auditor may focus on area of interest or knowledge or spend more time in a conference room than in the work area such an audit is of limited value, since it fails to properly assess the quality system and wastes resource.

Identification if IQA resource requirement


  1. The quality management representative should recognize 
  2. The identification of IQA resource requirement and monitor 
  3. The audit program to ensure the IQA program proceeds smoothly 
  4. Quality management representative should monitor audit service performance 
  5. Auditor performance and value-added contributions by data collection over time 
  6. Reflecting ongoing program performance 
  7. Internal auditor team members can be chosen from an internal auditor’s pool 
  8. These people have been assessed, trained, monitored and supported by top management    

Content of an Audit Schedule 

  1. Purpose of the audit 
  2. Scope of the audit 
  3. Performance standards
  4. Team members
  5. Documents required 
  6. Time schedule 

Selection of IQA Team


Chosen from the developed and available auditor’s pool of the company

  • Independent 
  • Competent 
  • Experience 

Please Note, the internal auditors can gain auditing experience by participating in company audit conducted by external auditor a few times, eventually, this internal auditors can perform the audit themselves

After the selection, there should be team leader to lead the audit team

Responsibility of an IQA team leader


  1. Establish the IQA schedule 
  2. Conduct the opening and closing meetings 
  3. Manage and assist the audit team 
  4. Represent the audit team 
  5. Making final decisions 
  6. Complete the audit report 
  7. Direct follow-up activities 

Responsibility of Team Members


  1. Study related audit documents 
  2. Establish the audit checklist 
  3. Conduct the audit following the schedule 
  4. Complete the non-conformance report 
  5. Follow-up activities 

Let’s review the following statement as either true or false


  1. The purpose of a quality audit is to identify errors and assign responsibilities for those errors; false
  2. The auditors must have technical knowledge in the field they audit; false
  3. The audit plan should be discussed with the auditees; True 
  4. An audit checklist must be rigidly adhered to in order to ensure consistency of audit results; false 

Conducting the Audit


  1. Conducting interviews with relevant staff 
  2. Reviewing related documents and records 
  3. Observing the site and working processes 
  4. Holding an auditor team meeting before the closing meeting 

This step will consist of three elements


  1. Data collection phase 
  2. Analysis and review phase 
  3. Observation of work activities 

Auditing methods


  1. Tracing method (not familiar to SME )
  2. Sampling method (familiar to SME )
  3. Exploration method (familiar to SME )
  4. Investigation method (familiar to SME )
  5. Functional audit method (not familiar to SME )

Auditor must use the auditing skill to interview, observation and data analysis

Tracing is a common means of collecting objective evidence during an audit trace means to follow the progress of something as it is processed. The item being traced may be tangible or intangible (for example, information). The A-Z to start is to pull out the flow chart of the activity and begin either at the beginning, middle or end of the process. Gather information on the process factors such as methods, machinery, material, manpower, measurement, and environmental conditions) for each step or the step you have chosen to trace and determine if it conforms to the quality standards.

Functional audit method; the auditor may start from the departmental organization chart or job description of each position to verify that the responsibilities and duties of each position conform to the defined procedures. The auditor should focus on the key position or the position affecting the qulity safety of the products and the quality system

Audit Reports


Audit Report is a written opinion of an auditor regarding an entity’s financial statement

2 Types of Audit Reports

  1. Overall report; overall report provides the overall information about the whole audit process. This is prepared by team leader. 
  2. Detail report; Detail reports are commonly prepared by team member basing on findings at areas where his/her responsibilities lie

Content of an audit report
  1. Purpose and scope of the audit 
  2. Participating members 
  3. Audit date, location, and standards 
  4. List of non-conformance's 
  5. Conclusions. 
  6. Request for corrective/ preventive actions 

PURPOSE OF A QUALITY AUDIT REPORT


The purpose of a quality Audit Report is to communicate the results of the audit to management. The report should provide correct and clear data that will be effective as the management aid in addressing important corrective action for improvement.

  • Audits provide an additional source of information 
  • To assist management in their quality system evaluation 
  • The audit report will be issued by a team leader 
  • The audit report will be distributed to senior management 

Why the worry, when Chris farm Nigeria specializes on such issues, Contact them today to fix that up for you.

On the issues of grant, and government financing issues, Chris Farm Nigeria has written several thousand business plans and feasibility reports for candidate who finally won the competitions and also got the fund on the long run.
Instant of going around, and putting yourself on the horns of dilemma, Specialist can help you do the job.




Catfish Production, Farming, Marketing, Business Plans and Feasibility Report

Engage CHRIS FARM NIGERIA to give you a professional business plans and a feasibility that will suit you demand today.


Chris Farm Nigeria develops well self-explanatory, irresistible feasibility studies or business plan for your Business start ups, Business Growth or Expansions through either personal funds, Grants, or loans, which could be new or existing ones. We delight in writing for people under Academic sectors, production sectors, manufacturing sectors, processing or packing sectors, advertising sectors, marketing sectors and other related sectors on mini, middle and large scale businesses.

For your Agribusiness, either production, processing, marketing of any Agro-industry, our feasibility studies or business plan are explicit.

Generally, our feasibility study and business plans are developed so well that it becomes irresistible when you show them to your investors or sponsors. It gives you a clear picture of what you are expected to see when you put the feasibility study or business plans into use. It also shows how much it will cost you to own your desired business, what your money can afford. The kinds of product you will need to minimize input in other to maximize output, and how much returns you will get at the end of each accounting year until your business break-even on its initial investment capital. This will give the intending business person or investor or farmer, a vivid idea on the possible benefit he or she stands to gain, when he or she starts doing the business. With that, the intending business person or investor or farmer will not need a soothsayer to make decision for him or her.


You can use this format in developing your own business Plans and feasibility Study 

OUR TABLE OF CONTENT INCLUDE;

  • SECTION I – EXECUTIVE SUMMARY
  • NAME OF BUSINESS / COMPANY
  • OFFICE & SITE LOCATION
  • MOTIVATION
  • MISSION STATEMENT
  • SOCIAL/ECONOMIC VALUE
  • PROJECT STATUS & START UP
  • WHY PREPARE THIS BUSINESS PLAN?
  • SECURITIES FOR THE PROPOSED LOAN
  • REPAYMENT
  • SECTION II – STUDY AREA
  • STUDY AREA
  • COMPANY OVERVIEW
  • MANAGEMENT TEAM
  • DEPARTMENTS IN THE COMPANY
  • EXPERIENCE
  • MANAGEMENT TEAM GAPS
  • SECTION III – INDUSTRY ANALYSIS
  • DEFINING YOUR INDUSTRY
  • YOUR INDUSTRY SIZE GROWTH RATE AND SALES PROJECTIONS
  • INDUSTRY STRUCTURE
  • MARKET OVERVIEW
  • MARKET SEGMENTATION
  • RELEVANT MARKET SIZE
  • KEY SUCCESS FACTORS
  • LONG TERM PROSPECTIVE
  • MARKET CHARACTERISTICS
  • SAMPLING TECHNIQUE
  • SECTION IV – CUSTOMER ANALYSIS
  • TARGET CUSTOMERS
  • CUSTOMER NEEDS
  • MARKET NEEDS / SOCIAL PROBLEMS AND SOLUTIONS
  • BUYERS BEHAVIOUR
  • MARKET SHARE
  • SALES FORECASTING
  • SECTION V – COMPETITIVE ANALYSIS
  • DIRECT COMPETITORS
  • COMPETITIVE ADVANTAGES
  • SECTION VI – MARKETING PLAN
  • PRODUCTS & SERVICES
  • FINISHED PRODUCTS
  • PRODUCT QUALITY AND PRODUCTION QUANTITY
  • PRODUCTION CAPACITY
  • PRICING
  • PROMOTIONS PLAN
  • DISTRIBUTION PLAN
  • SECTION VII – OPERATIONS PLAN
  • GENERAL APPROACH TO PRODUCTION
  • TECHNICAL ANALYSIS / PRODUCTION PROCESS
  • EQUIPMENT
  • PACKAGING REQUIREMENTS
  • SECTION VIII – FINANCIAL PLAN
  • REVENUE MODEL
  • FINANCIAL ANALYSIS
  • FINANCIAL ASSUMPTIONS
  • FINANCE CHARGES
  • FINANCIAL PROJECTIONS
  • FUNDING REQUIREMENTS/USE OF FUNDS
  • CRITICAL ASSUMPTIONS



  • FINANCIAL MODELS
  • SUMMARY OF PROJECT COST
  • BUDGET OF FIXED ASSETS / CAPITAL EXPENSES / INVESTMENTS
  • DEPRECIATION
  • UTILITIES
  • OPERATING EXPENSES (OPEX)
  • TOTAL REQUIRED INVESTMENT OUTLAY (REQUIRED START-UP CAPITAL)
  • FINANCING PLAN
  • INSTALLED / AVAILABLE EQUIPMENT
  • BREAK-EVEN ANALYSIS
  • LOAN REPAYMENT SCHEDULE AND INTEREST PAID
  • FORECAST OF PROFIT AND LOSS
  • CASH FLOW
  • BALANCE SHEET
  • GENERAL ASSUMPTIONS (BREAK EVEN ANALYSIS)
  • BUSINESS RATIOS - PROFITABILITY ANALYSIS
  • CONCLUSION
  • SECTION 3 – APPENDIX

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·         NOTE; According to our policy, we are not “allowed / permitted” to disclose peoples business or written feasibility study, “to anyone”, irrespective of their personality.

·        BUT, WE are permitted to display only executive summary.
·         This is just a sample of our executive summary on poultry feasibility study and business plan, carried out in Rivers State. 

·         1st sample;

These Feasibility study on poultry farming business (specializing on layers and boilers production), was conducted using projections, impressive publications, compounding interest/values, tables, graph, bar chart, pie chart, profits analysis and cash flow positions in other to give a clear picture of what is obtainable in that location, using eight plots of land, at Esemdiary village, Off Effurun Sapele Road, Okpe LGA of Delta state, Nigeria as a case study. 


Esemdiary village is a community in Okpe Local Government Area of Delta State with coordinates 05°26’N 5°57’E, which also plays the host community to the Warri Airport, which is actually located at Osubi. 


Okpe Local Government is a territory that used to be part of the original Okpe Kingdom, its headquarters is at Orerokpe, with a population of 128,398 people whose primary occupations include commercial farming, fishing, hunting, trading and gas exploration. 


After carrying out the feasibility study on Esemdiary village, Off Effurun-Sapele Road, Okpe LGA of Delta state, Nigeria, it was discovered that, farming generally will do well both on crop and animal production.

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