Section 335(l) of the Companies and Allied Matters Act CAMA 1990 as amended stipulates that the preparation of financial statement, shall comply with the accounting standards’ issued from time to time by the Nigeria Accounting Standard Board. Financial statements are described as the end product of accounting transactions or economic events aimed at providing qualitative and quantitative financial information to evaluate and predict the performance of an organization to permit informed judg... read more

As in many other industries in the Nigerian economy, most banks are faced with problem of fraud. It might be a gross-over statement to call the Nigerian banking system citadels of frauds. Whilst, very truly, fraudulent practices are rampart in Nigeria the level (amount and number) of fraud is not unexpected of a developing and in experiencing banking system such as ours, it is so far to the credit of the Nigeria monetary authorities, the public at-large and perhaps any other concerned Nigeria th... read more

Historically, Forensic Accounting is certainly not a new field, research findings have shown that the profession has been in existence a long-time ago. For example, in ancient Egypt, the officers in charge of Pharaoh’s grains, gold and other asset were called the “eyes, and ears’ of pharaohs’. Criminally, in Nigeria, ‘corruption and other financial and economic crimes is the base of Nigerian development efforts. Corruption bestrides the lives of the citizen. The judgment of transpar... read more

The trend and the volume are increasing on a daily basis and all levels of the society are involved. The rich, the poor, the young and the elderly, the male and female all are neck deep in fraud and fraud related activities that say a lot about our moral and family situations. From the politicians to the bank directors/executives, from the legal officers to the law enforcement personnel, from the civil servants to the school teacher, from the trader in the market to the hawkers on the street, th... read more

Corporate governance has been recognized and receiving a lot of attention in recent times. Corporate governance is not a new issue and has evolved with the growth of capitalist and the development of world economics. Corporate governance is concerned with overall polices, control, laws and numbs by which a corporation is directed, administered, control for the general interest of the shareholders. It aimed at understanding the dynamics or system put in place for the main objective to achievin... read more

Auditing and corporate governance as a good tool or form of control in organizations, are gaining more recognition in Nigeria today, due to the fact that organizations are striving to achieve their vision and mission. Auditing and corporate governance has become action of control, that is been employed in organization and gaining more recognition due to the fact that organization are striving to achieve their vision and mission as well as maximizing shareholders’ funds. This cannot how... read more

Conflict of interest and auditor’s independence are two concepts that must be considered properly in this project work. If there is any way auditors’ conflict of interest affects his independence. To start with auditor’s conflict of interest according to Andrew (2004) is a setting where an auditor trade off the influence and been biased of his report. There are two types of conflicts of interest in this regard. They are conflict where auditor earns reward from a third party between form... read more

In the year 1962 at Ikeja, Lagos State, Nigeria, a brewery company was incorporated named Guinness (Nigeria) Plc. The Benin branch which is the case study was established in mid 1972 as at the time of incorporation, it was called Guinness (Nigeria) Ltd. It was changed to Guinness Nigeria Plc in the year 1991 due to government directive to distinguish public limited companies from other limited companies. Guinness (Nigeria) Plc, Benin branch is located along the Benin Agbor road, at Oregbeni H... read more

Insurance accounting as relates to insurance company is a distinct and specialized account that is always referred to as “specialized Accounting” just like taxation is a specialized area. Though it employees the general accounting principles, concepts and conventions, there in need for a clear understanding of its preparations. In the days of “T- forms” presentation of financial statements an insurance company account could be easily recognized form the sides of the “T” to which inc... read more

According to Black Law Dictionary, tax is a rateable portion of the produce of the property and labor of the individual citizens, taken by the nation, in the exercise of its sovereign rights, for the support of government, for the administration of the laws, and as the means for continuing in operation the various legitimate functions of the state. The Institute of Chartered Accountants of Nigeria (2006) and the Chartered Institute of Taxation of Nigeria (2002) view tax as an enforced contrib... read more

Fraud is not a recent phenomenon associated to some highly-publicized cases. It can be found early in the history of our world as men have made use of tricks, manipulation, and deceit in order to acquire money, land, goods, or trust, with the overall objective of making profit. The creation of accounting and audit are connected in economic history with the desire, especially on the part of the state and the church, to contain and prevent stealing and misrepresentation in their finances. Trace... read more

Every organization both profit or non-profit organization has its objectives and goals in mind to achieve. For the non-profit making organization, their goal is to satisfy the social need of the citizens and in the effort to achieve these purposes supervision more often than not play a vital role. The size and scope of these organizations have sometimes made it hard for the executors to exercise personal and first hand supervision of operation. It is in this light that internal control establ... read more

The end product of financial reporting is the preparation and publication of financial statement. A substantial number of alternative postulate, principle assumption and method adopted by a reporting entity in the preparation of financial statement can significantly affect its result of operation and understanding the interpretation of financial reporting in financial statement. The financial statement prepared by the accountants is based on convention that is derived from printable reports a... read more

The Nigeria public sector consist of three separate level of government whose status, powers ad relationship are defined and guaranteed by the constitution. They are the federal government, the state government and the local government. Local government as the third tier of government play a very vi tal role in the development process of any country. It has a lot of responsibilities in terms of provision of social welfare service to the people... read more

Credit management is a term used to identify accounting functions usually conducted under the umbrella of accounts receivables. Essentially, this collection of processes involves qualifying the extension of credit to a customer, monitors the reception and logging of payments on outstanding invoices, the initiation of collection procedures, and the resolution of disputes or queries regarding charges on a customer invoice. When functioning efficiently, credit management serves as an excellent way ... read more

In all generation, the problems of personal income tax generation and administration continues to surface in one form or another in virtually every society, especially in this part of the world. It is important to point out that the federal government has taken adequate steps in effective tax administration. This failure on the part of the federal government is responsible for poor financial positions of both the state and local government. Besides, this inadequate planning and absolute laws go... read more

The research work “The impact of Financial Accounting Reporting on the corporate performance of Business Organizations”, basically aims at ascertaining how financial accounting reporting has helped in advancing the objectives of corporate organizations. In the process, it investigated the effected that financial accounting bear on the performance of a business. Furthermore, if sought to ascertain the compliance of relevant statues by corporate organizations and the overall satisfaction of st... read more

Small scale enterprises are a major component of the Ugandan business sector that sustained the economy through the hard times when all the different sectors of the economy were in disequilibrium. In 1986, Uganda undertook economic reforms through the IMF/World Bank funded Structural Adjustment Programs (SAPs). Like in many developing countries these reforms were meant to change the Economy from an inefficient, import dependent economy to one that is more diversified, efficient and export orient... read more

Globally the role of auditing is being appreciated for its avowed operations and activities. Ihe and Umeaka(2006:370) defined auditing “as a process carried out by suitably qualified auditors during which the accounting records and the financial statements of an organization are subjected to examination by an independent auditor with the main objective of expressing an opinion in accordance with the relevant terms of appointmentpurpose” they also noted that the objectives of auditing were gr... read more

The aim of all production is to satisfy peoples wants, however in carrying out this production, certain costs are incurred I order to achieve the stated organisational objective be it to satisfy peoples wants according to Hanson J. L to maximizes profit. For any business to achieve it s set objective there have to be adequate, strong and effective cost reduction measures (formal or informal) which should be adopted. The effectiveness of the these measures however may have heaped some of these c... read more