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The Influence Of Childlessness On Marital Survival

The Influence Of Childlessness On Marital Survival

ABSTRACT

The study was an in-depth analysis of the influence of childlessness on marital survival in Ijebu-Ode Local Government Area of Ogun State. The study explored ways of reducing pressure both from the family and the society as a whole with particular reference to examining the existing causes and effects of infertility in the society. The instrument for data collection utilized for the study was questionnaire. The sampling techniques used for this study was cross-sectional survey research design. One hundred and twenty (120) respondents were randomly selected. The data collected were analyzed using tables and percentages. From the analysis of the data, it was found that programmers like marriage forum in Ijebu-Ode Local Government could help reduce feeling of inferiority complex among childless couples. Negative attitude of childless couples towards child adoption and the significant relationship between childless couples and leadership role were found. The findings from the study necessitated certain recommendations which include the fact that childless couples should seek for medical treatment jointly instead of allowing one partner to carry the burden alone among others.

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The role of accountant in the economic development of organization

The role of accountant in the economic development of organization

(a study of nigerian bottling company onitsha)

Table of Contents

Chapter one

1.0   introduction                                                1

  • Background of the study 1
  • Statement of the problem 7
  • Purpose of the study 8
  • Research question 9
  • Research hypothesis 10
  • Significant of the study 10
  • Scope of the study 11
  • Definition of terms 12

 

Chapter two

2.0   literature review                                          15

2.1   preamble or introduction                             15

2.2   theoretical/conceptional frame work           16

2.3   current literature based on the variable      20

2.4   the need for accounting information to be

Kept in the economy and then based on the variable                                                      26

2.5   summary of the literature review                 30

 

Chapterthree

3.0   research methodology                                  32

3.1   research design                                           32

3.2   area of study                                               33

3.3   population of the study                                       34

3.4   sample of the study                                     34

3.5   instrument of data collection                       35

3.6   validation of the instrument                        36

3.7   distribution and retrieval of instrument      37

3.8   method of data analysis                                      38

 

Chapter four

4.0   data presentation and analysis                   39

4.1   finding                                                         49

4.2   presentation and distribution of the finding       51

 

Chapter five

  • Summary, conclusion and recommendation 53
  • Summary of the finding 53
  • Conclusion                                              54
  • Recommendations 56
  • Limitations of the study 57
  • Suggestions for further research 58

Reference                                                     59

Appendix                                                     61

Questionnaires                                            62

Abstract

The main purpose of this project is to find out the role of accountants in the economic development of nigeria with particular reference to the nigeria bottling company onitsha. The role of accountants in the management of business organization varies and highly challenging. The accountants who make use of the concepts and principles of account concerns themselves with the recording, analysis, directing and co-operate the preparation of forecast, budget and other financial plans. Since the work of accountants has been identified as a necessity in the economic development of nigeria, nbc in particular, this research is tailored towards identifying and recommending appropriately, the salient things which all users of accounting information must watch out for in all matters concerning the improvement of their organization. In all, hypothesis were formulated based on the specific components or facts of the accountants in nbc onitsha and some final year students. Accounting related information were collected through review of relevant literature. From these, a questionnaire was designed and distributed to 50 employee of nigeria bottling company onitsha and 30 final years of accountancy students. Out of these a total of 30 and 10 respectively were recovered. A careful analysis of the responses revealed that accountants have a great significant role in the economic development of nigeria. As a result of this findings of recommendations, organizations are advised to make the best use of accountants in their daily financial transaction in order to sustain the life of their business and forestall available misuse of funds and resources. To this effect, it is very expedient to employ well meaningful accountants in all organization, nigeria bottling company in particular to ensure effective growth and development of our economy as a whole.

 

 

 

 

 

 


Chapter   one

1.0  introduction

1.1  background of the study

Role of accountant in economic development of nigeria, it has to do with the role in which accountant plays in the economic development of nigeria.

The concept of economic development has to with innovation and improvement in the quality of life of the people it is about sustained rise in the standard of living of the people overtime, whether in advance or less developed countries, nations, government superiors state of affairs or superiors they currently enjoy.

To achieve this, deliberate efforts are to be made in other to implement people–oriented policies that would raise their capacity to produce and earn more. This will manifest in the form of growth in the cross domestic product (gap) of the economy, and extension improvement in the size of per capital income. When this occurs on a sustain basis with positive impact on the citizens, quality of life. Development is said to have taken place.

Since 1960 when nigeria gained it independence, for instance the place of economic growth and development has not yet meet the aspiration of founding fathers of the nation in spite of the many development and rolling plans that have been meticulously draw up by the government. Although a lot of resources have been committed to the development of some economic projects, the results have been dismal. In fact, that the nigeria economy is presently in a quagmire, is enough evidence of the failure of past effort to pull the nations up by its bootstrap through the instrumentality of development and rolling plans.

Thus:- the basic thrust of development policies, in a less developed country like nigeria is to provide as many people as possible with the means of overcoming the helplessness and misery arising from a lack of food, health, education, security of life and property which pose serious challenges to their longevity.

Here lies the justification for the choice of topic which seeks to consider the role of accountants in the economic development.

Firstly, accountant is a person skilled in keeping, examining, recording or inspecting the accounting of an organization or a nation. Accountants plays a very vital role in the development of nigeria economy. They also contribute efficiently to the development of some business organization in nigeria example (nigeria bottling company). The role of accountants can never be looked down if the aim and purpose of the country are to be achieved.

According to agbebiyi (2000), it is obvious that accounting as a scientific process is about provision of financial information needed to take economic decisions particularly in respect of the acquisition and use of scarce corporate resources as well as the elimination of waste in the wealth creation chain. It is this professional discipline that involves systematic gathering classification, recording analyzing, interpretation and transmission of information based on data that are of monetary in nature. Such resources that is the relationship between its assets and liability, the productive activities and profitability of a business a required by owners and managers alike in order to assess the health of the organization and ascertain the changes in the stock of the wealth of shareholders.

According to professor charles magers, accounting incorporate four major functions which are communication, measurement control and decision making. Accounting as a means of communication involves the submission of financial reports to various units in the economy. In terms of measurement, accountancy through the use of account, arts as a major of wealth based on the original cost of an objective which lately developed in measuring efficiency of operation and performance.

Accounting as a means of control is exercised by the creation of book-keeping record and legislation and by the standing of the professional body to act as an independent witness and carryout and audit function.

As a result of activities, information is communicated on the basis of standardized system of measurement and results which can be relied on when making decision. Government may use published accounting information to know the extent of providing social amenities to the public; they can also use this information in knowing what is due in taxation and government tribute.

This accounting information can equally be used in preparing the country’s budget and determining how to generate income and ways of revenue expenditure. Accounting information, also are required in an economy to meet up with the stated objectives and purpose (making profit or gain) in the economy and it is the duty of an accountant to prove such an accounting information.

Beyond the role of providing information to the public, proprietors even government, the accountant has over time played the following crucial roles in the economic development process of the nation they are record keeping which assisted the merchant in determining the value he has added to his wealth at a given period. Providing financial information, internal control measures, attestation function, and tax functions professional leadership among others.

Furthermore, accountants gives financial report of a nation to ascertain the financial position of such nation, perform some audit function, evaluation of financial reports and finally, recommends measures and strategies to enhance the performance of the economy.

 

 

 

1.2  statement of problem

  1. To find out the extent at which the accountant, provide audit reports. Do audit reports still add credibility to today financial statement?
  2. Are the information provided by accountants still effective in making business decision today?
  3. Are the audited aliting information provided helpful to tax official in assessing the taxable in an organization?

 

1.3  purpose of the study

        as a result of the prevalent condition of nigeria economy and dwindling of most business in recent times there is need to realize how significant the role of an accountant was in order to develop to economy efficiency. And for this reason, there are also need to study the importance of accountant in the economic development of nigeria.

The purpose of this study is this:-

  1. To find out how production of correct accounting information has led to profitable economic decision.
  2. To determine how the proper accountability is a means of safe guarding the assets of the establishments.
  3. To investigate the influence of nations ability to employ the services of qualified or professional workers in economic development.

Importance and significance of the study the findings of the study will throw more light on the importance of accountants in the economic development of nigeria and why it is good for every economy to have accountants in its management.

This study will be directed towards the following:

  1. It will enable the people to know the profitable economic decision
  2. It will help the economy in safe-guarding the assets of the establishment.
  3. With the knowledge of the role of accountant in the economic development, it will minimize the source of the problem encountered in the nigeria economy.

 

1.4  research questions

For the purpose of effective investigation on the sole of accountant in economic development of nigeria the following research questions have been raised:-

  1. Does audit report still add credibility to today’s financial statements?
  2. Are the information provided by accountant still effective in business decision making today?
  3. Are the aliting information provided helpful to tax official in assessing the taxable income of organization?

 

1.5. Scope/delimitations of the study

The role of accountant in the economic development of nigeria could have been very vest tedious as mostly research as mostly research work to undertake, but the topic has been limited to a particular area, nigeria bottling company onitsha, which made it researchable for the researcher.

like every research work a bit of things posed as delimitations to the researcher. This work also can be limited to the basic concepts, theories, are principles and procedures employed by accountants in the performance of their duties so as to uplift the nations economy.

 

1.6  definition of terms

Accountants:

this is a person trained and skilled to keep examine or inspect the financial accounts of organization.

Development:

the act of improving the quality of life of people and sustained rise in the standard of living of the people overtime. It is also an act of bringing out the economic responsibilities of a nation or an economy.

Organization:

an economic group of people deliberately created for the purpose of achieving some specific objectives and measuring economic performance.

Tax assessment:

To determine the amount that is payable by tax payer through the tax assessment authority (taa).

Financial statement:

a summary of figure facts showing the financial condition of a business which includes assets (what the business owns) liabilities (what the business owes) and the net worth of capital account (the owners equity in the business).

Gross domestic product:

It is the gross value of the national output produced by domestic factors of production or indigenous factors of production. We get the gross domestic products by subtracting all the domestic output produced by foreign factors and add the foreign output produced in the country by nigeria factor.

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GTBANK Account Name : Chi E-Concept Int’l ACCOUNT
NUMBER:  0115939447
First Bank: Account Name: Chi E-Concept Int’l
Account Name: 3059320631

Foreign Transaction For Dollars Payment : Bank Name: GTBank

Branch Location: Enugu State,Nigeria.

Account Name: Chi E-Concept Int’l

 Account Number:  0117780667. 

Swift Code: GTBINGLA  Dollar conversion rate for Naira is 175 per dollar. 

ATM CARD:  YOU CAN ALSO MAKE PAYMENT USING YOUR ATM CARD OR ONLINE TRANSFER. PLEASE CONTACT YOUR BANK SECURITY FOR GUIDE ON HOW TO TRANSFER MONEY TO OTHER BANKS USING YOUR ATM CARD. ATM CARD OR ONLINE BANK TRANSFER IS FASTER FOR QUICK DELIVERY TO YOUR EMAIL . OUR MARKETER WILL RESPOND TO YOU ANY TIME OF THE DAY. WE SUPPORT CBN CASHLESS SOCIETY. 

OR PAY ONLINE USING YOUR ATM CARD. IT IS SECURED AND RELIABLE.

Enter Amount

form>DELIVERY PERIOD FOR BANK PAYMENT IS  LESS THAN 24 HOURS CALL OUR  CUSTOMERS CARE  OKEKE CHIDI C ON :  08074466939,08063386834. AFTER PAYMENT SEND YOUR PAYMENT DETAILS TO 08074466939 or 08063386834, YOUR PROJECT TITLE  YOU WANT US TO SEND TO YOU, AMOUNT PAID, DEPOSITOR NAME, UR EMAIL ADDRESS,PAYMENT DATE. YOU WILL RECEIVE YOUR MATERIAL IN LESS THAN 2 HOURS ONCE WILL CONFIRM YOUR PAYMENT. WE HAVE SECURITY IN OUR BUSINESS.   

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The impact of financial accounting report on the corporate performance

The impact of financial accounting report on the corporate performance

(a case study of nigeria breweries plc)

Abstract

The research work “the impact of financial accounting report on the corporate performance”, basically aims at how financial accounting reports has helped in advancing the objectives of corporate organizations. In the process, it investigated the effect financial accounting bears on the performance of a business. Furthermore, it sought to ascertain the compliance of relevant statue by corporate organizations and the overall satisfaction on stakeholders in a corporate organizations. The study obtained its data basically from primary and secondary sources. The primary source of data collection employed were questionnaire, oral interview and observations, while the secondary source of data included textbooks, journals in the analysis of the data collected, the simple percentage was used to analyze the responses gathered. The study revealed that a lot of problem were inherent in financial reports ranging from non-disclosure of vital information, subjective judgments of prepares of the relevant statues. There were recommendations given such as sticks compliance to the relevant statue were made to the companies, the government needs to strengthen its regulatory agencies in order to ensure that the financial statement show a “true and fair view and comply with the relevant statue at all times”.

 


 

Chapter one

Introduction

  • Background of the study

The impact of financial accounting reports on the corporate performance is becoming more apparent to users groups of financial statements.

accounting is not an exact science neither is business operations without some subjective and judgmental errors when it comes to reporting them. A financial report therefore is a document statement which informs the various interest groups to a business on the operations and performance of their business in a period under review its present state of affairs as well as its anticipated future, in accordance with the statues. If a financial report is to service its purpose it ought to be characterized by the following:

  1. Relevance
  2. Understandability
  3. Reliability
  4. Completeness
  5. Objectivity
  6. Timeliness

in the accounting process of an organization is to provide the information required to prepare a financial report which shall have the above characteristics than the transaction during the period must be recorded promptly and accurately and interpreted in conformity with the generally accepted accounting principles (gaap), statements of accounting standard board (nasb), international accounting standard committee and the companies and allied matters acts cops lfn (cama). Financial accounting reports become necessary with the obvious need for accountability of stewardship from the manage to whom investors entrusted their financial resources. The railway age in the uk. Occurred between 1830 to 1870 and the first time the world saw the emergencies of multimillion corporation with large number of share holder. It was a period of disorder but it brought the basis for the present day system of corporate financial report. Financial reporting is a duty of stewardship assigned to the director of a company by section 334 of the company and allied matters act cap l20 lfn, equally the mandatory responsibility of companies to keep accounting records derives its strength from section 331 and 382 of the same act. These sections explicitly defined the necessary content and manner in which financial records should be kept.

 

  • Statement of the problem

The study “the impact of financial accounting reports on the corporate performance aims at investigating the financial report of selected companies in enugu state with a view to determine the following.

  1. The extent to which a standard financial report contributes to or detracts from the growth of a business organization.
  2. The extent to which the financial reports of corporate business organization comply with statutory provision.
  3. The uniformity and conflict which exist in the financial accounting reports regulations given the multiplicity of regulators.

Therefore, based on the above statements, the researcher shall investigate the financial accounting reports standards and every regulation their bear on the financial statement and to the extent the selected company(s) has either complied with or disobeyed the relevant statues.

 

  • Objective of the study

The objectives of this study are to critically examine the financial reports of the selected company and to probe into the fundamental for their preparation as well as its presentation with a view to determining:

  1. The adequacy of the basis and the fundamental that guides us preparation.
  2. The degree to which the financial report meet the need of its various users.
  3. The extent to which the financial report conforms to the established standards.
  4. The influence that financial report has on business performance.
  5. Finally, to present suggestion and recommendations based on my findings.

 

  • Research questions

In order to determine the impact of financial accounting reports on the corporate performance, it is pertinent to test the following questions;

  • Does the information disclosed in the financial statements adequate to support good decision making?
  • Does the disclosure requirement of the status affect corporate performance positively or negatively?
  • Does companies comply strictly with the regulations?
  • Does the financial report meet the needs of the various users?
    • Scope of the study

This study could have covered the impact of financial accounting report on corporate performance of all the sectors of the nigerian economy but due to the challenges of such a task especially the financial resource with which to execute it, it is limited to braving industry. The study used in nigerian breweries plc enugu.

 

  • Limitation of the study.

The limitations of the study encountered by the researcher of this work are given as follows:

  1. The confidential nature of financial accounting information in the business organization posed as a problem to this study.
  2. The researcher was unable to reach all the members of the sample as a result of their frequent travels and busy schedule.
  3. The sample used in the research through representative but it relatively small compared to the population, as a result of lack of financial with which to carry out the research on a greater sample.

 

  • Significant of the study

This study is very important one and most significant at this period of economic situation which has witnessed the collapse of giant corporate with impressive profit and loss accounts and balance sheet statement, because the financial report serves is a “prima facial” evidence on the state of affairs at such companies as well as it’s performance and could be relied upon as a certificate because it had the audition certification, financial reporting could be done with every business, utmost good faith and diligence.

 

  • Brief history of this company

The nigerian breweries plc is a subsidiary of heineken n.v. which has a 54.10% interest in the equity of company i.e. Nigerian breweries plc. The company, which is a publicity quoted, was incorporated on 16th november 1940 under the name of nigerian brewery limited. It was later named nigerian breweries plc in 1990 when the companies and allied matters act of that year come into effect. The principle activities of the company remained brewing marketing and selling lager, stout, non-alcoholic malt drinks and soft drinks.

 

 

  • Definition of terms

Auditor:

A person who is qualified to examine the accounts of an organization to see that they are in order.

Balance sheet:

A business as at a specified date

Bank:

A financial institution whose responsibility among others is to keep deposit for their client and customers.

Government:

An institution of the state whose responsibility is to maintain law and order in the society.

Prima facie:

Sufficient to establish something legally until disprove later.

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MAKE YOUR PAYMENT  INTO ANY OF THE FOLLOWING BANKS:
GTBANK Account Name : Chi E-Concept Int’l ACCOUNT
NUMBER:  0115939447
First Bank: Account Name: Chi E-Concept Int’l
Account Name: 3059320631

Foreign Transaction For Dollars Payment : Bank Name: GTBank

Branch Location: Enugu State,Nigeria.

Account Name: Chi E-Concept Int’l

 Account Number:  0117780667. 

Swift Code: GTBINGLA  Dollar conversion rate for Naira is 175 per dollar. 

ATM CARD:  YOU CAN ALSO MAKE PAYMENT USING YOUR ATM CARD OR ONLINE TRANSFER. PLEASE CONTACT YOUR BANK SECURITY FOR GUIDE ON HOW TO TRANSFER MONEY TO OTHER BANKS USING YOUR ATM CARD. ATM CARD OR ONLINE BANK TRANSFER IS FASTER FOR QUICK DELIVERY TO YOUR EMAIL . OUR MARKETER WILL RESPOND TO YOU ANY TIME OF THE DAY. WE SUPPORT CBN CASHLESS SOCIETY. 

OR PAY ONLINE USING YOUR ATM CARD. IT IS SECURED AND RELIABLE.

Enter Amount

form>DELIVERY PERIOD FOR BANK PAYMENT IS  LESS THAN 24 HOURS CALL OUR  CUSTOMERS CARE  OKEKE CHIDI C ON :  08074466939,08063386834. AFTER PAYMENT SEND YOUR PAYMENT DETAILS TO 08074466939 or 08063386834, YOUR PROJECT TITLE  YOU WANT US TO SEND TO YOU, AMOUNT PAID, DEPOSITOR NAME, UR EMAIL ADDRESS,PAYMENT DATE. YOU WILL RECEIVE YOUR MATERIAL IN LESS THAN 2 HOURS ONCE WILL CONFIRM YOUR PAYMENT. WE HAVE SECURITY IN OUR BUSINESS.   

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Causes and effects of tax evasion and avoidance on the economy

Causes and effects of tax evasion and avoidance on the economy

(a case study of board of internal revenue in abia state)

 

Table of Contents

Chapter one

1.0   introduction                                                1

1.1   background of the study                             1

1.2   statement of problems                                 6

1.3   objective of the research                              7

1.4   research questions                                      8

1.5   significance of the study                              9

1.6   scope of the study                                       10

1.7   limitation of the study                                11

1.8   definition of terms                                        12

 

Chapter two

2.0   literature review                                           16

2.1    preamble/introduction                                       16

2.2   conceptional framework                               19

2.3    current literature based on theories/

Models and research method                       24

2.4    summary of the literature review                27

 

Chapter three

3.0   research methodology                                  29

3.1  design of the study                                      29

3.2   area of the study                                          30

3.3   population of the study                               30

3.4   sample/sampling techniques                      30

3.5   method of data collection                            32

3.6  validity/reliability of instrument                 33

3.7    distribution and retrieval of instrument      34

3.8   method of analysis                                      35

 

Chapter four

4.0   data presentation and analysis                   36

4.1   data presentation and interpretation          36

4.2   findings                                                       45

4.3   discussion of the findings                            47

 

Chapter five

5.0   summary, conclusion and recommendations      50

5.1   summary of findings                                   50

5.2   conclusion                                                   52

5.3   recommendations                                        54

5.4   implication of the findings                           56

5.5   suggestion for further studies                      56

References                                                   58

Appendix a                                                  59

Appendix b                                                  60

questionnaire                                              61

Abstract

This study was on the causes and effect of tax evasion and avoidance on the economy (board of internal revenue in abia state). The major objective of the study is to identify the causes and effect of tax evasion and avoidance in the state and how it is done. It also the aim of the study to suggest ways of at least minimizing this ugly incidence in the state, and the study sought the opinions of the staff (senior and junior) of the organization. The population size of the research work is 120 which includes the senior official and some staff of inland revenue department of ministry of finance make up the sample frame. The sources of this data was both primary and secondary source which includes interview, questionnaire, textbook, internet search, newspaper etc. The researcher uses simple percentage method in analyzing the data and the major findings is that the imposition of high tax rate will drastically reduce the level of income and profit on the part of the tax payer. From the findings, the researcher, therefore recommends that government should find a way of checking and balancing tax payments so as not to discourage tax payment on the part of the payers. 

 

 

 

Chapter one

Introduction

Background of the study

Tax is one o the main source of government revenue. It is a strong social and economic tool of the government in regulating the economy and maintaining health social like of the citizens. Tax can be defined as a compulsory payment by individual and companies to the state to enable her attain the national goals objectives. Tax is a non-punitive but compulsory levy by the government on properties and income of individuals and corporations within the territory. The money raise there of constitutes part of source of finance for general government expenditure in the economy. According to aguei (1983:276) tax is the transfer of resources from the private to the public sector in order to accomplish some of the nation’s economic and social goals. It is levy imposed by the government on the income profit or wealth of an individual, partnership and corporate organization. Tax is therefore the system whereby individual are assessed and the final collection of the money for and on behalf of the government. It is a machinery through which income earner is obliged to pay a fraction of his income to the government.

There are various type of taxation which could be classed under two main headings: direct and indirect tax. These two types of tax may be distinguished in terms of the possibility of shifting the tax burden. However, taxes according to economist is classified whether the tax is proportional, progressive or regressive. The importance of taxation in nigeria arises out of the important roles, which the government in the light of numerous imperfections and short coming that often beset the economy has to play in order to ensure greater economic development, transformation and growth. Other objective of taxation include influencing economic activities in the country, to bridge the gap between the rich and the poor, to curtail consumption of undesirable and harmful goods and services to combat inflation, to encourage investment to protect infant industries and as well as correct the country’s balance of payment.

However, this phenomenon is not restricted to any part of the world. In new zealand, the loss of revenue resulting from tax evasion and avoidance is a problem that has been described as “reaching epidemic proportions”. The unfortunate aspect of this phenomenon is that the rate of this happening in the developing countries is always higher than what is obtained in developed countries.

According to onoginwa “personal income tax evasion is generally over 50% in nigeria compared to about 14% in u.k.” both rich and the poor embrace this chronic problem in the state with literate population and professionals in the state been the big avoiders. Whereas evaders can be found among payer and trader, having carefully examined the above trend of events, the researcher then decides to carry out evasion study to unmask the causes and effect of tax evasion and avoidance on personal income of board of internal revenue in abia state with a view of finding solution to them.

 

Profile of board of internal revenue in abia state

Taxation in abia state is not quite different from of nigeria as a country but there are certain peculiar features in her profile so as to give detail understanding of the state in her revenue generating effort that we have decided in the state.

Prior to 1st april 1959, the direct tax ordinance native authorities assessed and collected income tax from africans resident within their area of jurisdiction non-africans were subjected to the income tax ordinance operated by the federal government through its regional office.

With the nigeria (constitution) order in council 1954 power was given to each region or deriving income there from. Eastern region became effective from 1st april year. This law brought pay-as-you-earn (paye) of tax collection in operation.

The raisman fiscal commission also applied to eastern region. To complete the act, eastern nigeria passed the finance law 1963. This law was to fill the gaps which the federal legislation could legislate on example assessment appears machinery, the machinery for collection and the rates of tax.

With the end of the civil war and the creation of three states has produced new law. The south eastern (cross rivers and akwa-ibom) and the eastern central states. With the promulgation of south east state edict no. 6 of 1969, the board of internal revenue was established as a statutory body to take charge of tax amended the edict. Since then there has been certain amendments of the state increase.

 

Statement of the problem

Tax has been a powerful instrument of revenue generation in abia state of which tax evasion and avoidance are the major problem that obstructs the maximum collecting of tax. Highly technical problems besieging the board of internal revenue in the state such as lack of encouragement by the government to tax payer, poor tax administration, unforced penalties on the tax defaulters which make tax law seemed to be useless and most importantly, logistics and zeal to enforce tax payer.

Therefore inefficiency of taxation system in the state deprive the government the ability to produce the citizen with the basic necessities of life.

Since the problem has been identified, the researcher considers it necessary to survey as much as possible to find solution for solving these problems of tax evasion and avoidance in abia state and nigeria in general.

Objective of the study

The broad objective of this study is to find out why people evade and avoid tax and suggest ways of minimizing the practices in abia state. The broad objective is broken down to the following specific objective:

To establish the existence of tax evasion and avoidance on the revenue generated in abia state.

To examine relationship between tax rates, tax evasion and tax avoidance.

To proffer solution to the problem of tax evasion and avoidance.

To investigate why people evade and avoid tax.

To determine the effect of tax evasion and avoidance on the revenue generated in abia state.

 

Research questions

In the course of this study, the following research questions shall be examined:

Is the existence of loopholes in the nigerian tax law system an opportunity for tax avoidance?

Is there any effect of tax evasion and tax avoidance on the nigeria economy?

How can tax evasion and tax avoidance by minimized and eliminate in abia state?

 

The significance of the study

This work is importance in many respects. It is therefore, intended that a successful completion of this project help in reducing and even eliminates the problems associated with taxation. Therefore the significance of this study are as follows:

It will help to inform the tax payers of the numbers of benefits gained by paying tax.

The project will as well highlight on the importance of high efficiency and effectiveness required of tax officials.

The study will also be of immense benefit to the government by alerting them on the war against tax evasion and avoidance and impose the necessary penalty on any offender.

The study will help to suggest ways of removing inherent bottleneck in taxation.

Finally, the study is useful to individual, tax authority and government in general.

 

Scope of the study

The scope of this study covered the cause and effects of tax evasion and avoidance on the economy tax board of internal revenue in abia state and is of the view that this will bear good result.

Limitation of the study

In a study of this nature, a lot of limitations are bound to come-up, the work is limited by finance. The researcher needs to travel to different local government headquarters, the state capital umuahia for the necessary data. This is money consuming hence might have hindered the effectiveness of carrying out the research.

Literature: due to the lack of the relevant books in the school library, the researcher had to travel to many other institutions to gather the necessary textbooks, journals, publications etc for the research work.

Time: the researcher faced the research problem of inadequate time.

Data collection: i must confess that access to data collection was not an easy task. However, the employees of the board of internal revenue were very co-operative. The problem i encountered in data collection was as a result of creation of new local government area.

also all data pertaining to revenue of the state since the creation of abia state from imo state have disappeared.

Respondents attitude: the researcher was faced with problems of getting the actual information from the public since they think it is revenue of assessing their liabilities. The pretest set back of this research is the most of the interviewed official (tax officials). The tax officials were afraid that the result of the research could be used to expose their corrupt practices.

 

Definitions of terms

Below are the meanings of the following concepts as applicable to the study;

Tax assessment: this is the process of ascertaining the amount of tax for which an individual or company is liable to pay.

Tax collection: this is the process of receiving or gathering taxes from tax payer.

Tax delinquency: this refers to the failure to pay a tax obligating on the date it is due.

Tax drive: this means raid carried out by tax officials aimed at collecting tax revenue due to government from tax payer.

Tax evasion: this is a willful and deliberate violation by a tax payer to escape a legal tax obligation by failing to report a source of income or seeks to reduce his tax liability by understating a source of income to the tax authority.

Tax avoidance: this is a situation by which a tax payer take advantage of the weakness or loopholes in the tax system in order to pay less tax than he ought to have paid.

Tax reliefs: these are allowance to a tax payer on his circumstance prevailing in the preceding year of assessment such as personal allowance, children allowance, relatives and dependent allowances etc.

Tax liability: this is the total amount of tax an individual or company is supposed to pay.

Tax payable: it is any amount of tax an individual should actually pay. It is also tax liability less any tax credit or withholding tax.

Direct assessment: this involves the assessment of self employed, e.g. Trade, business, profession or vocation.

Relevant tax authority: this is the authority that could impose and collect on the income of a taxable person for a year of assessment.

Year of assessment: this is a period of twelve months commencing is 1st january to 31st december.

Direct tax: these are tax levied on factors of production. The burden of direct tax falls on the producer.

Indirect tax: this is the type of tax that is levied on goods and services. The burden of indirect tax fall on the final consumer.

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THE ROLE OF AUDITING IN CONTROLLING FRAUD IN GOVERNMENT ESTABLISHMENT. A CASE STUDY OF FEDERAL PAY OFFICE ENUGU.

THE ROLE OF AUDITING IN CONTROLLING FRAUD IN GOVERNMENT ESTABLISHMENT.

A CASE STUDY OF FEDERAL PAY OFFICE ENUGU.

ABSTRACT

 

This research work is design to  achieve a specific purpose on the role played by Auditors in protection of public funds in the government establishments, ministries or government  parastatals.

The research goes into providing a systematic financial accountability that will promote proper stewardship of asset, deter wastes, dishonesty and promote effeteness of reasonable cost.

However, the literature review helps to ascertain other writes view concerning the subject of the study which explains how government establishment is so organized in such a way that fraud could be detected easily and on time just because particular audits are assigned to particular personnel. The data used for this work was collected from primary and  secondary  source. Questionnaire were also used (200 in number) 120 were retained on filled while 20 missed on transit and  total used was  60 in number. Against the background, invaluable and reliable discoverers were made.

Finally the research recommends that  the legislative are of government should make it mandatory  for the accountant general  to submit financial statement of government account to audit department for  audit work within 6(six month of auditors to be given  power to execute or enforce its finding after its work has been review by the public account committee (P.Ac).

CHAPTER ONE

INTRODUCTION

BACKGROUND OF THE STUDY

For a long time now Nigeria have been witnessing a down turn in her development efforts. This primary cause of this down has been linked with the in or deinate ambition of the average Nigeria to get rich quick at the  expense of less piviltedge ones. Those who a seen them selves as being opportunity  to control government establishment use the opportunity to perpetrate fraud or  misappropriate public funds and properties.

Our law makers have seen the need for acceptable accountability by making a provision for the federal and stated government to report on the account of stewardship rendered by these public officers.

Section 126 (1) the constitution of the federal republic of Nigeria 199. States that there shall be an audit general for each state who shall be appointed in accordance with the provision of section 126 of the constitution”.

Section (2) says that the public account of a state and of all offices and courts of the state shall be audited by the auditor general for the state”.

This study focused attention how well or otherwise the government audit department conduct it activities in response to section 125 of 1999 constitution of the federal republic of Nigeria.

  • STATEMENT OF THE PROBLEM

Public embezzlement always create a consciousness on the part of the supervisory authorities as to the quality and digree of protective management in government

  1. Lack of understanding of the purpose of auditing among the society in general.
  2. Lack of a well defined goal oriented policies aimed at building up a strong and sound financial system.
  3. Inherent weakness in the existing. Administrative arrangement for government establishment accounting function.
  4. Improper supervision of over all officers under the authority entrusted with the receipts expenditure of public money.

Inability of the government establishment maintain a sound system of internal control.

 

  • OBJECTIVE OF THE STUDY

The specific purpose which the project is design to achiever are:

  1. To find out roles played by the audit department in protection of public finds.
  2. To provide a system of financial accountability which will promote proper stewardship of assets deter wastes dishonesty and extravagancy and promote effectiveness at reasonable costs.
  3. To ensure efficient financial administration through system of internal control  and management information.
  4. To determine the extent to which fraud misapporiation and embezzlement of public funds have persisted in public services.
  5. To find out the delays in carrying out audit of account of government establishment.
    • SIGNIFICANT OF THE STUDY .

It is expected that  the result of this study will help improve financial reporting by government establishment providing annual reports in accordance with the requirement of audit acts, 1990.

The significant of the study to society in general is to correct the wrong notion of the society in general  is to correct the wrong notion of the wealth of government  which contrary to realty is usually. Regarded in position could cut his own share at will and  get away with it.

To the government is ensuing the standard that down in the ministry manual of responsibilities and procedure are maintained.

To the auditor to pin point to them  the risk that confronts the auditors in the excretes of his duties the legal action that could be taken against the auditor she/he deficit in this  duty.

The study sure as a quite for  future quern mental  policy formulation on auditing guideline to government establishment .

Finally, it is expected that this study will serve as a work of reference to future researchers.

  1. Time constraints: The researcher as a student also engaged in other activities which limited the time.

Used for the pro0ject the research was deeply affected by the shortness of time as a result of the short semester being ran by the  school. The semester coupled with dash of programme of the school and there is no special time given for proper investigation are the constraints which left the researcher with little or no time to carry out this project.

  1. SCOPE: Due to the vastness of the areas to be covered by the researcher, the researcher found it way difficult she could not obtain information from each of theses areas. For instance there are many firms dealing with auditing and investigation and for the fact that it is very difficult for one to gather information or data from each of these firm one being a student was compelled to unit his study to federal pay office Enugu.
  2. LACK OF STATISTICAL INFORMATION:

Facts were not easy to come about during the course of this project work. Even where the facts are available they were either out dated or the authorities concerned refused to bring it out or are subject necessary protocols. At the expense of my limited time before they were male available.

  1. FINANCIAL CONSTRAINTS:

The researcher lacked the necessary finance to carryout extensive research on this topic .

  1. NON –RESPONSES:

Inadequate responses such as some ministries when interviewed defined responses and unable to help due to internal problem like staff of local government audit department of Enugu state.

  1. BUREAUCRACY:

The bureaucracy in government establishment has made it very difficult for researcher to obtain research information.

  1. SECREY:

Most Nige4ria dislike activities that appear to be probing them, they tend to avoid researchers because they gelt their activities which are not meant for public consumption would be exposed through research work.,

 

  • RESEARCH QUESTION

The following research question were formulated by the researcher for the conduct of this project.

  1. What aspect of the accounts government policies  hinders effective and efficient  auditing  of account government establishment
  2. How can government establishment supervise the expenditure of government taking care that no payment were made which is not covered by proper authority.
  3. To what extent do fraud effect economic development of the country.
  4. What measures showed be taken to ensure that objective of auditing are achieved in government establishment.

 

  • STATEMENT OF HYPOTHESIS

H o: The audit does not play effective and efficient role in the control of fraud in government establishment .

Hi: The auditor play effective and efficient role in the control poof fraud in government establishment.

  • SCOPE / LIMITATION OF THE STUDY

The study is a case study of federal pay office pay officer Enugu between 1996to 2003.

In this study the researcher only considered the ministerial accounting structure or accounting structure of selected government establishment on parastatals in the state,  because of the following limitation.

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THE ROLE OF AUDITING IN FINANCIAL CONTROL. A CASE STUDY OF SOUS AND SONS ENTERPRISES LIMITED

THE ROLE OF AUDITING IN FINANCIAL CONTROL.

A CASE STUDY OF SOUS AND SONS ENTERPRISES LIMITED

ABSTRACT

The thrust of this work is the role of auditors in financial control, to this end, the concept and practice of auditing were generally examined. The company under review is the sole manufacturer of Sous Vegetable Oil and other like jet bar soap, gold bar soap and its environs, enjoys monopolistic tendencies.

The essence for “financial control” by this level cannot be over-emphasized as the sources and application of funds involving the company has to be presented to the owners.

In a true & fair view, to achieve this objectives, an independent examination and expression of rational opinion on the financial statement of the company is simply called Auditing. Paragraph ‘4’ of the Auditors standards and guidelines states that the auditors should obtain relevant and reliable audit evidence sufficient o enable him draw reasonable conclusion.

In the older, emphasis was not placed on Auditing; but now, Accountants and business-men recognize auditing as an effective instrument of operating and financial control.

Also, it is obvious that the public expectation of Audit reports run at cross-roads with what is obtainable in practice and this widened the gap impacts seriously on the investments decisions of the investing public. Auditing should not be stifled by bad acts which are irrational and unnecessary.

During the research work, the format of research questionnaire were used, interview sessions and etc were also used to complete the effort of questionnaire.

CHAPTER ONE

Introduction

  • background of the study
  • Statement of the problem
  • Objectives of study
  • Significance of study
  • Delimitation & imitations
  • Definition of terms

CHAPTER TWO

Literature Review

  • Origin and purpose of auditing
  • Definition of auditing
  • Role of auditors in financial control
  • Duties and rights of auditors
  • Auditing and computer environment
  • Audit practitioners & types of audit
  • Provisions of “CAMD” 1990 on auditing
  • Impact of professional bodies on auditing
  • The essence of internal control in an organization

CHAPTER THREE

OVER VIEW AND RESEARCH METHODOLOGY

  • SOUS Enterprises Ltd. A model of Sous vegetable oil
  • Functions & Job descriptions of internal & External auditors
  • Types of accounting records.
  • Sources of data
  • Samples used.

CHAPTER FOUR

DATA ANALYSIS AND PRESENTATION

  • Introduction
  • Analysis of responses and presentation
  • Testing of hypothesis
  • Acceptance of tested hypothesis
  • Interpretation of results.

CHAPTER FIVE

  • Summary of findings
  • Discussion of finding
  • Conclusion
  • Recommendation

Bibliography

CHAPTER ONE

INTRODUCTION

  • BACKGROUND OF THE STUDY

The role of auditing have been taken as the major thing in an organization. In the past, the management of the economy has been characterized by corruption and mis-management of funds.

The performance of our economy at past therefore says that the economy problems now are the uncommitted and corrupt leadership. By this dirty characters by our leaders, I begin to wonder what roles the auditors has been playing to build a virile nation.

The aim of accountability in any society is to show how well firms and people of public and private funds and property have performed. Rather, many people in this time involved with the “get rich quick” also known as “419”, this becomes necessary to critically evaluate the importance or even the relevance of Auditing in the face of increasing fraudulent practices.

The accounting profession which requires the members integrity, independence and objectivity of performance as well as strict adherence to accepted professional conduct.

The need for integrity and sense of purpose visa-vis financial control at this state cannot be over emphasized in a bid to channel the surplus funds to prioritized areas.

Even the excess fund realized couldn’t be used for development of a solid technological and industrial base for the organization, therefore there is utmostly more dependence on the outside or foreign sector for technology and raw materials.

The company under review is a case in point, both the technology of raw materials are source externally apart from the Eleme source internally.

Also, the company provides goods & services to the public, generate employment opportunities, as well as contributing substantially to government revenue.

This also comes to an extent that all registered limited liability company should have their financial records audited annually by a firm of Auditors so appointed.

The law stated as above for the auditor to express the position on such financial statements; and for the opinion to be authoritative, the auditor must be seen to be independent.

To achieve efficient and effective financial controls, we make use of various devices and methods such as internal control are used.

Since companies differ both in degree and in substance depending on the nature of business and the commercial environment it operates, reliance on internal control systems (ICS) is dependent on certain factors.

Through the Auditors operational standards and guidelines, the paragraph 5 states that if the auditors wishes to reliance on any internal control, he should ascertain and evaluate those control & perform compliance rest on their operation”.

Which is to ensure completeness and accuracy of all financial records and transactions.

 

 

  • STATEMENT OF THE PROBLEM

The man aim of Audit is to provide assurance the needs of this assurance are the external users of the financial statements like the creditors, government agencies, share holders, Bankers and he public at large.

These people need confidence that the picture of the firm as depicted by the directors is not totally meaningless and mis leading.

The problems which undermine the rational of this study are as follows

  1. What is the role of audit in ensuring this control?
  2. How can efficient financial control be achieved?
  3. Can auditing really serve as a useful tool in financial controls?

Cases of irregularities are on the increase inspite of adequate provision for controls. In all these facts, considering the fact that it is not the duty of auditors to detect fraud.

 

 

  • OBJECTIVE OF THE STUDY

The main objectives of this study are:

  1. To ascertain how far these roles have contributed to financial controls.
  2. TO offer useful recommendation based on the researches finding.
  3. To examine that statutory principles of audit in relation to financial controls.
  4. To identify and define various audits functions in the company under review.
  5. To evaluated the present system approach of audit in the company under review.

Furthermore, in operating the subject matter, certain operational standards are indicated;

  1. Audit evidence
  2. Accounting system
  3. Planning controlling and recording
  4. Effective date
  5. Review of financial statements.
  6. Universal application
  7. Internal controls ascertainment and evaluation.

By this, all companies and institution are subjected to regular audits and auditing ensures adequacy in design, effectiveness in operation and consistency in application.

Finally the benefits derived from oil produce firm cannot be overlooked as such all hands must be on deck to protect it from touching the ground or mixing with any other liquid agent as a result of unhealthy product.

 

  • SIGNIFICANCE OF THE STUDY

The need to investigate the role of auditing as a play in financial controls with regards to the company.

However, as stated earlier, the users of financial statements need assurances and this assurance can only be provided by an independent mind-auditor.

This study will highlight possible problems and solutions based on the finding and will serve as a guide for high performance and productivity. It is hoped that the findings of this study will be meaningful to the owners of the company, the management and staff as well as students.

This (work) will serve as a guide in the performance of their respective duties.

 

  • DELIMITATION AND LIMITATIONS

This research work is limited to SOUS Enterprises Limited to enable the researcher carry out an in-depth study of the role of auditing in financial controls, as it is obtainable in the company.

The researcher looks at auditing as a whole and not as individual types bearing in mind that the whole is greater than the sum of the individual types.

Absenteeism by some staff coupled with reluctance to give out corporate a classified information constitutes constrains and considering the sensitive native of these study, the study was carried out successfully and with substances.

 

 

  • DEFINITION OF TERMS

During the research of this work, the researcher defines briefly some terms which due to the technical nature carry special meaning for proper understanding of this work.

AUDITING: Auditing according to the auditor operational standards and guidelines, is known as and independent examination of the expression of opinion on the financial statement of an enterprise by an appointed auditor in pursuance of that appointment and in compliance with any relevant statutory obligation.

The external auditors is outside the organization in accordance with the provision of section 357 and 358 of the companies and Allied matters decree ( CAMD) 1990.

The internal auditor is staff within the organization.

FINANCIAL CONTROLS: Is an integral part of financial resources are obtained economically and used efficiently and effectively in the accomplishment of desired goals.

Financial control also forms part of planning, budgeting, accounting, reporting and review.

INTERNAL CONTROL SYSTEM: this is known as the whole system of control financial or otherwise established by management in order to carry out the business of the enterprise in an orderly and efficient manner, to ensure adherence to management policy, safeguard the assets and secure as far as possible the completeness and accuracy of the records.

ENGAGEMENT LETTER: The purpose of an engagement letter is to define clearly the extent of the auditors’ responsibilities so as to minimize areas of misunderstanding between the auditor and the clients.

Furthermore, the engagement letter also provide written confirmation of the auditor acceptance of his appointment, the scope of the audit, the form of his report.

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Account Name : Chi E-Concept Int’l
ACCOUNT NUMBER:  0115939447
First Bank:
Account Name: Chi E-Concept Int’l
Account Name: 3059320631

Foreign Transaction For Dollars Payment :
Bank Name: GTBank
Branch Location: Enugu State,Nigeria.
Account Name: Chi E-Concept Int’l
 Account Number:  0117780667. 
Swift Code: GTBINGLA 
Dollar conversion rate for Naira is 175 per dollar. 

ATM CARD:  YOU CAN ALSO MAKE PAYMENT USING YOUR ATM CARD OR ONLINE TRANSFER. PLEASE CONTACT YOUR BANK SECURITY FOR GUIDE ON HOW TO TRANSFER MONEY TO OTHER BANKS USING YOUR ATM CARD. ATM CARD OR ONLINE BANK TRANSFER IS FASTER FOR QUICK DELIVERY TO YOUR EMAIL . OUR MARKETER WILL RESPOND TO YOU ANY TIME OF THE DAY. WE SUPPORT CBN CASHLESS SOCIETY. 

OR
PAY ONLINE USING YOUR ATM CARD. IT IS SECURED AND RELIABLE.

Enter Amount

form>DELIVERY PERIOD FOR BANK PAYMENT IS  LESS THAN 24 HOURS

CALL OUR  CUSTOMERS CARE  OKEKE CHIDI C ON :  08074466939,08063386834.

AFTER PAYMENT SEND YOUR PAYMENT DETAILS TO

08074466939 or 08063386834, YOUR PROJECT TITLE  YOU WANT US TO SEND TO YOU, AMOUNT PAID, DEPOSITOR NAME, UR EMAIL ADDRESS,PAYMENT DATE. YOU WILL RECEIVE YOUR MATERIAL IN LESS THAN 2 HOURS ONCE WILL CONFIRM YOUR PAYMENT.

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THE ROLE OF AUDITORS IN PUBLIC AND PRIVATE COMPANIES (A CASE STUDY OF INALCON NIGERIA LIMITED ENUGU)

THE ROLE OF AUDITORS IN PUBLIC AND PRIVATE COMPANIES

(A CASE STUDY OF INALCON NIGERIA LIMITED ENUGU)

CHAPTER ONE

1.0     Introduction

  • Background of the study
  • Statement of the problem
  • The purpose of the study
  • Scope or delimitation of the study
  • Research question
  • Significance of the study
  • Definition of terms

 

CHAPTER TWO

  • Review of literature

CHAPTER THREE

3.0     Methodology

  • Resaerch design
  • Area for the study
  • Population for the study
  • Sample and sampling procedure
  • Instrument for data collection
  • Validity of the instrument
  • Reliability of the instrument
  • Method of administration of instrument
  • Method of data analysis

 

CHAPTER FOUR

  • Date presentation and results

Summary of result finding

CHAPTER FIVE

5.0     Discussion implication and recommendation

  • Discussion of result
  • Conclusion
  • Implication of research result
  • Recommendation
  • Suggestions of further research
  • Limitation of the study

Reference

Appendices

 

LIST OF THE TABLE

 

Table 1:      Research  question one

Table 2:      Research question two

Table 3:      Resaerch question three

Table 4:      Research question four

Table 5:      Research question five

Table 6:      Research question six

Table 7:      Research question seven

Table 8:      Research question eight

 

ABSTRACT

This work examines the roles auditors play in public and prelate companies  WALCON Nig Ltd is benign used as a case  study because it happens to be a company with an audit department and also ahs grid reliance on the work of both the internal and external auditors.  The sample for this work includes some library materials and also source data were collected through responses to the questionnaires distributed to staff of the company.

The findings show that auditors have made a very good impact in most companies and there is no don’t that moral companies will recommend the performance of the auditors. The finding also  show that in future more companies will require the services of auditor  and third parties liabilities on auditors will be few.

This work also points out the hindrance which the auditors encounter in their bid to carry out the duties and responsibilities given to than by the act and also made some recommendation on some measures to be taken to solve the problems.

 

CHAPTER ONE

 

INTRODUCTION

  • BACKGROUND OF THE STUDY

The  origin of auditing had its roots in the necessity for the institution of some system check upon persons whose business it  was to record the  receipt and payment of money on behalf of other.  In any stages of civilization the method of account were crude and transactions small individuals were able to check their transactions. But as soon as ancient states and emprise acquired coherent organization records were found of system of checks being applied to public accounts.

The ancient Egyptians the  geeks and the roans utilized system of checks and counter checks as between various financial officials. The ancient record of auditing were confined primarily to public account.  But there are indication that it was customarily for the audit of accounts of memories and estates to be performed. The person whose duty it was to make such examinations of    the accounts became known as the auditor

With industrial revolution their was increase in business  truncations and there emerge partnership and joint stock companies.  The evolution of mechanized industries involved the provision of finance for in excess of what it used to be.  Business became more complex and required more formal and improved accountability.

Under the company of organization the shareholder as a body delegated the management of the undertaking to a board of directors and  periodically the board submitted to the shareholder the accounts of the company in order that the member might be enabled to see a true and fair view of the financial position  and the profit and loss of the undertaking in which they were interested.

In these circumstances the need arose for some means by which the shareholder as a body might be satisfied that the   accounts presented to them by their board of directors did in fact show a true and fair view of the financial position and earning of the company.  It was for this reason therefore that the practice developed of appointing auditors whose duty it was to verify on behalf of the shareholder the account of the directors and to report thereon to the shareholders.

It was the British company act 1906 which first made it legally compulsory for every company to appoint independent auditors as we now know them and provided for their remuneration. In Nigeria

 

  • STATEMENT OF PROBLEM

Auditing has been a very important factors in  the life orgnaization but the major problems facing most companies is that most of these auditors   seems to deviate from their rights and duties.  As a professional body with professional ethics greater efficiency and accountability is required form them.

Again the auditing problem can be traced down to the accountants shareholders and directors of the company. The auditors is meant to go through the work of the accountant to find out if there is anything questionable if there is he may decide to protect the interest of the accountant thereby deviating from his roles. The auditors is not answerable to the directing loans from the company or its directors can make him to abide to their auditors.

Finally another problem that cannot be overbooked is the auditor’s concerning the financial statement of the company.  This may be altered in the sense that he would not give the true nature of the report. This increase the   auditor liability when persons who depended on the report of the auditors suffers a financial loss.

 

  • PURPOSE OF THE STUDY

The objective of this study is as follows:

  1. To find out the relative importance of each of the roles of the auditor
  2. To determine how improper management can affect the roles of auditors
  3. To ascertain the extent at which the company’s objective has been achieved as it relates to audit.
  4. To find out situation and circumstances where the roles of auditors is mostly applied.

 

  • SCOPE OR DELIMITATION OF THE STUDY

The  study is limited based on the fact that there is no time to go round to some of these private and public companies.  The study is also limited to Enugu metropolis  and findings may not actual reflect to situation in other parts of the country but to a greater extent will show it’s relevance on the public and private companies in Nigeria.

 

  • RESEARCH QUESTIONS

The resaerch question to the study is as follows;

  1. Is auditing districts from accounting?
  2. Is auditing of any advantage to public and private companies.
  3. Are there rights duties and responsibilities expected from  auditors
  4. Can be company auditors be dismissed
  5. Are there codes of professional ethics expected from auditors
  6. Is the concept of true and fair view improatnt in auditors report
  7. Can auditors opinion be a base for decision making
  8. To what extent can an auditors detect fraud in companies.

 

  • SIGNIFICANCE OF THE STUDY

This study which examines the role of auditors in public and private companies will help in accessing correctly the participation of the audit department of NALCON NIG Ltd Enugu in improving the company’s image by it’s effect on the management of the company. It will also help in finding out the most effective mode of transacting with the creditors  through the accountability of the accountant.

Another benefit to be derived from this study is that it will help to find out how errors in financial statement’s came to being.  Generally it will help other companies that does not have the existence of audit department to create one as this study will show them it’s importance to every company that is incorporated.

 

  • DEFINITION OF TERMS
  1. Auditor: This is an accountant who has undergone a recognized professional carouse and  is a member of one of the recognized accoutnign bodies resident in Nigeria and who is carrying out a professional accountancy practice.
  2. Ethics: These are general rules or proper standards of professional conducts which are expected from members of a profession
  3. Auditor’s Report: This is the end result of the audit exercise whereby the auditors states whether the fiancnail statement show a true and fair view of the profitability and state of affairs  of company.
  4. Auditor’s Opinion: The auditors opinion is the auditors judgment resulting from his investigation of the accoutnign records returns from branches the balance sheet and profit and loss account.
  5. Auditor’s Liability: This is a situation whereby the auditor is held liable for professional misconduct under either statue or common law.
  6. Incorporated Company: This is a company registered under the law by the corporate   affairs commission (CAC) making it to be distinct form the owners

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THE ROLE OF ACCOUNTING IN THE CONTROL OF PUBLIC EXPENDITURES IN NIGERIA (A STUDY OF CENTRAL BANK OF NIGERIA ENUGU STATE).

THE ROLE OF ACCOUNTING IN THE CONTROL OF PUBLIC EXPENDITURES IN NIGERIA (A STUDY OF CENTRAL BANK OF NIGERIA ENUGU STATE).

ABSTRACT

This research examines “The role of accounting in the control of public expenditures in Nigeria, a case study of control bank of Nigeria, Enugu State. The researcher adopted descriptive survey design. The population of the study is the combination of internal audit department staff and accounting department staff making it a total of 41. The research used both primary and secondary source of data. In view of this, three research questions were formulated to generate expected answers. Literal works were reviewed for proper understanding and guidance. Questionnaires, personal interview and observation were used for collect of primary data. Secondary source of data were collect from text books, periodical, articles and journals. Tables and simple percentage were used for data analysis. Based on the findings, the researcher found out that few of the staff were not following due accounting principles thereby causing inadequate and improper pursuit of the accounting records Omission of certain book-keeping records, improper audit. The staff and management of central bank of Nigeria has now adopted accounting standard, and the balance of power on NASC, financial analyst government agencies and others. Finally the researcher proffered among other use of accounting principle and standard in the company.

CHAPTER ONE

INTRODUCTION

  • Background of the study 1
  • Statement of problem 5
  • Purpose of study 5
  • Significance of the study 6
  • Research questions 7
  • Research hypothesis 7
  • Scope and limitation of the study 8
  • Definitions of terms 9

References                                                                        10

 

 

 

CHAPTER TWO

  • Review of related literature 11

2.2    Historical   development of CBN

(A public company)                                                             14

2.2.1 Ownership and control of CBN                                              17

2.2.2 Organization                                                                       19

2.3    Nature of accounting principles                                            23

2.4    Types of accounting principles                                             24

2.4.1 Factors affecting accounting principles                                          29

2.5 Budgeting and budgetary control                                            30

2.6    Standard costing of a tool of control                                      32

2.7    Role of accounting in public expenditure                                        37

2.8    Summary                                                                           38

References                                                                        39

CHAPTER THREE

3.1 Research methodology                                                           40

3.2 Research design                                                                   40

3.3 Determination of sample size                                                  40

3.4 Area of study                                                                                41

3.5 Population of study                                                                        41

3.6 Sample of study                                                                    41

3.7 Method of investigation                                                          42

3.8 Method of data analysis                                                         42

3.8.1sources of primary data                                                        42

3.8.2 Source of secondary data                                                    43

  • Development of research instrument 43

CHAPTER FOUR

4.1 Introductions                                                                                44

4.2 Presentations of data                                                             44

4.3 Test of hypothesis and interpretation of result                          54

4.3.1 Testing the first hypothesis                                                  55

CHAPTER FIVE

5.1 Summary of findings                                                             60

5.2 Conclusion                                                                            61

5.3 Recommendation                                                                  62

5.4 Recommendation for further                                                   63

Appendix 1                                                                                64

Questionnaire                                                                             65

Bibliography                                                                               68


CHAPTER ONE

 

INTRODUCTION

  • BACKGROUND OF THE STUDY

In most developing countries including Nigerian government participation in economic activity is usually significant. One of the ways through which government has intervened in Nigerian economy is through the establishment of public enterprises and statutory bodies operating service of an economic or social character on behalf of the government.

Since the colonial era, especially after independence 1960, Nigerian public enterprises have witnessed a steady growth unit recently. Its Olisa (1988-133) pet it. Beginning as a trickle in the period between this era  of the second world war and Nigeria risen to flood level since independence the  establishment of public enterprise in Nigeria  are many add to available rational capital for the support of development and welfare programme, making to be controlled by a few individual, it possible for important profitable enterprise to be controlled by a few individual or group organization certain critical activities national survival and economic stability and providing employment opportunities  (Ademolukun 1983). However, after a long period of growing starts intervention in the Nigeria economy through public enterprises, the 1980’s onwards had witnessed a reversed which has sometimes been dramatic in public opinion therefore public policy.

This has been brought by the persistent losses which state enterprises that trivet been running over fears. Consequently, there has been a willingness to look at alternative policy strategies for the achievement of economic development. At the forefront of these strategies is the minimization privatization of public enterprises.

In Nigeria, public enterprises are engaged in a while spectrum of economic activities including agriculture, mining, construction, manufacturing, commerce and services. The classification of public enterprises in Nigeria has been made according to varieties of criteria by different authorities. The public service review commission (1975:101) classified public sector int.

Public utilities

Regulatory of service body

Financial institutions

Commercial and industrial enterprises

Being a mixed economy, individuals also own and operate private enterprises. A firm classified as private enterprises when it is founded and managed by an individual and or a group of individual. These firms are expected to be registered in the local government within which they operate.

The rational for the establishment of private enterprises are numerous just like establishment of public enterprises. They include amongst others; provision of employment opportunities generating income for the owner of the enterprises government interest in profit growth of the enterprises which performance of the public sector through competition. Moreover, the general public is concerned with contribution which makes towards social enlistment which is exhibit to the environment in which the business is loaded and its willingness to contribute to the development of the environment.

The activities of the public enterprises have been on the increase in recent times which necessitated the introduction of the accounting practice to check and monitor the financial activities of these enterprises. In this book, titled principles of accounting, by Bimage (1985) Accounting is defined as a process by which data relating to the economic activities of an organization are measured recorded and communicated to interested parties for analysis and interpretation. The earliest methods of accounting records were kept in physical quantities. These records came from the Eastern (early) civilization which involved in the countries around the Mediterranean Sea such as Mesopotamia, Egypt, Crete, Italy etc. Money was recorded as soon as money took the place of barter as a medium of exchange and unit of accounting practice has been closely related to the economic development of the country. If the business organizations grows in size and complexity management and outsiders groups which include owners of the firm (stock holder) creditor, government, employer and the general public.

The differentiation necessitated the need to have accounting department in the enterprises to give accurate financial of the management and to satisfy the outside demands or the general public who are already interest on whether the enterprises in  growing or not. The role of accounting in public enterprises in Nigeria is primarily to ensure accurate accountability in these sectors and present the time and fair financial position of the enterprises. The role is of utmost importance in any organization. An organization can only grow or profit when the resources can only be well managed if accounting department of the organization give accurate financial information to know how much the enterprises having. It only when this is done that the firm allocate its resources and knows what is to be done. The role of accounting seems to be more pounced in the public enterprises. In recent times, there are cases of mis appropriation of funds in the public enterprises and improper accountability. These factors have led to a lot of public enterprises go into Obiwon, if the government has reorganization the role of accounting, all these feeble should not have risen. No enterprises can more forward without having a well organized financial department to give accurate financial, information about the firm. This is because if improper accounting records are not minimized or where possible eradicated these is bound to be cases of public enterprises failure. Consequently, staff of such enterprises will force out of their job. This will result to economic and social activities in the society.

  • STATEMENT OF PROBLEM

Obviously, every privates and public entries in Nigeria has their accounting department and there are increase cases of financial mismanagement in virtually all the public and private organization in Nigeria. The problem of this study lies on how the manages of these enterprises are able to recognizes the role of accounting in their enterprises so that these cases of improper accountability will be minimized or if possible its total eradication in our society.

1.3 PURPOSE OF STUDY

This study aims at investigating the role of accounting in the control of public enterprises in Nigeria. The purpose of this study include among others:

  • To determine the extent to which accounting records has controlled the effect of expenditures in public enterprises.
  • To find out factor that affects the accounting department preventing them from carryout their function as expected.
  • To determine government policies which promote accountability in public enterprises in Nigeria.
    • SIGNIFICANCE OF THE STUDY

In this study, the researchers have set out to examine the role of accounting in the public sector in this country. Nigeria with the aid of highlighting the inherent problem encountered in the account department of most organizations. It is expected that this work will be of interest to the owners of business enterprises, the government, students and the general public.

To shareholders, owners of enterprise, interested persons and the government, this study is expected to en kindle their interest the more and they will take note of various recommendations mentioned here and help steer the management team towards forming a study organizations to present an accurate financial information of their firm. This study will also help to serve as literature to individual or corporate bodies into want to carry on further research on the role of accounting in the public sector in Nigeria.

  • RESEARCH QUESTIONS
  1. What extent does accounting records has control in affecting the expenditure of public enterprise?
  2. What are the factors that affect accounting department of most organization which makes them not to function effectively as expected?
  3. What are these governments polices which promote accountability in Nigeria public enterprises?

1.6 RESEARCH HYPOTHESES

This research hypothesis is to know the findings or result of this research;

  1. H0 – Good accounting records budgeting has no control effect on expenditure of public enterprises.

H1– Good accounting records budgeting has  control effect on expenditure of public enterprises.

  1. H0– Corruption do not affects the quality of service rendered by accountants in public enterprises.

H1– Corruption affects the quality of service rendered by accountants in public enterprises.

  1. H0– Government accounting policies do not aid in promoting accountability in Nigeria public Enterprise

H1– Government accounting policies aid in promoting accountability in Nigeria Public Enterprises.

  • SCOPE AND LIMITATION OF THE STUDY

Scope of the study shows extent of coverage done in the study. The research topic suggests a study on the role of accounting in the public enterprises in Nigeria. The focus of the study is on Central Bank of Nigeria (CBN) Enugu State. I take this to be a fair representative of Nigerian Public Enterprise that is either avoidable or hard to come by.

There are factors as constraints that normally follow this research work, some of them are;

  1. TIME: This which was a major problem was adequately not managed by the researcher. There is not enough time for the research to get the project time, get it approved and within a short time we will be talking about our exams assignment and quiz.
  2. LACK OF MATERALS: The un co-operative of most people working in the library other offices where the research needed to get materials posed great problem to the research. Some of the staff do not feel safe letting have access to some materials while other will change you more than double the cost of Photostat before one can get what he wants.
  3. FINANCE: Before now our project use to be a joint project of a group of four-ten people but now it has to be on individual student. So finance hinder the projects in one way or the other. Esther by transportation to where to get the materials or where to obtain the necessary information.

 

  • DEFINITION OF TERMS

MANAGEMENT: Its function, it is centered on the running and controlling of the organization, the way the directors perform their function to attain a successful operation.

ACCOUNTING: In this context, an accountants records, classify and summaries all public expenditure in the Central Bank of Nigeria in a significant manner and in terms of monetary events and transaction which are in part at least financial character and to interpreter the result thereof.

FINANCIAL STATEMENT: An accountant makes an accounting report issued by a business to describe its financial affairs and results of the operations.

REFERENCES

Ademolekun K.O. (1983), The Nigeria financial system,  London: Macmillian Publisher.

Image E.U.(1985), Principals of Accounting, Enugu: Fourth Dimension Publisher.

Olisa, E.C. (1988), Public Enterprises and Privatization in Nigeria, Nigeria: Longman publisher.

Ostisumi K.O.(1984), Financial Management in Nigeria Public sector, London: Pitman Publisher.

Osumbor, O.A.(1991), An overview of Private Enterprises in Nigeria, Business time.

Willy N.Ugwuyi, (1997), The Nigeria Financial System (A systematic approach).

 

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MAKE YOUR PAYMENT  INTO ANY OF THE FOLLOWING BANKS:
GTBANK
Account Name : Chi E-Concept Int’l
ACCOUNT NUMBER:  0115939447
First Bank:
Account Name: Chi E-Concept Int’l
Account Name: 3059320631

Foreign Transaction For Dollars Payment :
Bank Name: GTBank
Branch Location: Enugu State,Nigeria.
Account Name: Chi E-Concept Int’l
 Account Number:  0117780667. 
Swift Code: GTBINGLA 
Dollar conversion rate for Naira is 175 per dollar. 

ATM CARD:  YOU CAN ALSO MAKE PAYMENT USING YOUR ATM CARD OR ONLINE TRANSFER. PLEASE CONTACT YOUR BANK SECURITY FOR GUIDE ON HOW TO TRANSFER MONEY TO OTHER BANKS USING YOUR ATM CARD. ATM CARD OR ONLINE BANK TRANSFER IS FASTER FOR QUICK DELIVERY TO YOUR EMAIL . OUR MARKETER WILL RESPOND TO YOU ANY TIME OF THE DAY. WE SUPPORT CBN CASHLESS SOCIETY. 

OR
PAY ONLINE USING YOUR ATM CARD. IT IS SECURED AND RELIABLE.

Enter Amount

form>DELIVERY PERIOD FOR BANK PAYMENT IS  LESS THAN 24 HOURS

CALL OUR  CUSTOMERS CARE  OKEKE CHIDI C ON :  08074466939,08063386834.

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08074466939 or 08063386834, YOUR PROJECT TITLE  YOU WANT US TO SEND TO YOU, AMOUNT PAID, DEPOSITOR NAME, UR EMAIL ADDRESS,PAYMENT DATE. YOU WILL RECEIVE YOUR MATERIAL IN LESS THAN 2 HOURS ONCE WILL CONFIRM YOUR PAYMENT.

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THE ROLE AND PERFORMANCES OF THE N.D.E. IN EMPLOYMENT GENERATION UNDER THE NIGERIA DEREGULATED ECONOMY

THE ROLE AND PERFORMANCES OF THE N.D.E. IN EMPLOYMENT GENERATION UNDER THE NIGERIA DEREGULATED ECONOMY

ABSTRACT

This research work tries to unravel the problems and activities of N.D.E, ie. The National Directorate of Employment, toward the eradication of unemployment in Nigeria.

Unemployment problems has been a set back to the Nigeria economy.  Although the Nigeria government are seriously engaged in activities that will avert this problems.  Considerably, this research work will take care of this.

In addition, it has been observed that due to some fraudulent practices and the delay in the disbursement of N.D.E. funds, the programme of the N.D.E is being hampered.  As a result of this, careful study has being carried out with the N.D.E. serving as a reference point because of its board outlook and ifs important to all the states of the society.  The collection of analysis and identification of data which are relevant to N.D.E. to can be more efficient and effective if the following are given considerations to:

  1. Satellite offices should be set up to take care of town city operations and rural areas.
  2. The need for independent body to check the compact practices of the board and management of N.D.E.

iii.      N.D.E. should set up a committee that will recommend and advice beneficiaries on how to utilize their loan.

However, it is hope that the manner of presenting the topics discussed in this project will reawaken Nigeria government towards eradicating unemployment.

Chapter one

  • Introduction 1

1.1     Statement of problem                                                              3

  • Significant of the study 3
  • Objective of the study 4
  • Formulation of hypothesis 5
  • Scope of and limitations of the study 6
  • Definition of terms 7

CHAPTER TWO

  • Literature and review 9

2.1     A historical and contemporary perspective                                      9

  • Government and unemployment 10
  • Role of N.D.E in tackling unemployment problem 11
  • Origin of N.D.E. 12
  • Objectives 13
  • D.E. programmes 16
  • National Youth Employment and skill development programme 17
  • The job creation loam Guarantee scheme 19
  • Nature of the scheme 20
  • Small scale enterprises programme nature people’s scheme 20
  • School leavers loan scheme 21
  • Entrepreneurship Development programme 22
  • Agriculture sector employment programme 23
    • Special public works programme 25
    • Vocational skills Development programme 27
    • The one million job creation programme 33
    • Problems of one-million job creation programme 35
    • Other agencies with similar objectives 37
    • References and Notes 69

 

CHAPTER THREE

  • Methodology and Research Design 72

3.1     Research design                                                                       72

  • Sample 73
  • Instrument 73
  • Validation of instrument                                                           73
  • Collection of data 74
  • Method of analysis 74

 

CHAPTER FOUR

4.O    Presentation of and Analysis of Data                                               78

  • Tabulation of results 78
  • Test of hypothesis 89
  • Summary of tested hypothesis 96

CHAPTER FIVE

5.0     Summary of findings, conclusion and recommendation          98

5.1     Summary of findings                                                               98

  • Conclusion 100
  • Recommendation 101

Appendix / Questionnaire                                                                 104

Bibliography                                                                                     108

 


CHAPTER ONE
  • INTRODUCTION

The National Directorate of Employment was set up by the federal military Government in 1986 to tackle the high rate of unemployment, especially youth unemployment in the country.  The objectives of the National Directorate of Employment [N.D.E] are ;

  1. To articulate polities aimed at developing work programmes with labour intensive potentials.
  2. To design and implement programmes that will combat unemployment and
  3. To obtain and maintain a data bank on employment and vacancies in the country to link job seekers with vacancies in all collaborations with other government agencies.

The underlining philosophy of the N.D.E is self enterprise which emphasizes self employment in preference to wage employment.  This philosophy is pursued through the implementation of three well articulated programme, namely ; Agriculture, small scale enterprises and vocational skill development [V.S.D].  In youth programmes the special public works was originally established to provide temporary wage employment to unemployed graduates and school leavers.

Furthermore, a rutable effort towards the establishment of a programme of mirror works was the creations of the one million jobs programmes.  The programme was executed in all the local Government Area [ L.G.A.] of the country.

  1. National Directorate of Employment {N.D.E)

The National Directorate of Employment (N.D.E.) was established on November 22, 1986 I/’S initial core programme was formally launched on the 30th of January, 1987.  The establishment of N.D.E. was backed by decree No23 of 1989.  With the establishment of the body, a board of directors comprising representatives of business organization, commerce.  Agriculture, finance, employers of labour and Government officials was set up to define the policy trust and nature of operations.  Subsequently, the body was set up in all the states of the federation with an initial staff strength of fifty-six (56) staffs in each state and each having the following departments, namely:

Finance and administration

Information division and

Research and development.

Furthermore, if is expected that if well implemented, the programme will help in reducing the unemployment rate in the country.

 

  • STATEMENT OF PROBLEM

The unemployment situation has reached our alarming proportion in the country, and as a result, violent crimes and all sorts of immoralities have been or the increase and spirited efforts have bear made by government to address this issue.

This study is taker up to know what the N.D.E. is doing towards reducing the unemployment problems, and the extent to which it has been succeeded .

 

  • SIGNIFICANCE OF THE STUDY

The findings made from this study will help in identifying the problems facing the N.D.E. with regards to its operations as well as solutions to these problems.

It is aimed at improving the efficiency and performance of the N.D.E. towards employment generation, especially the unemployed graduates in the society.  Similarly, these graduates through the help of the N.D.E. will be able to generate employment for themselves and for others.  The study will also provide our insight into the ways of improving other employment programmes.

Youth employment and vocational skills development programme, etc which one presently being handled by the directorate.  It will be management of N.D.E. as well as the government by exposing the area that desires indebts study of the N.D.E.

Finally, it is hoped that the findings made from this stay will be very useful towards solving the overall unemployment problems in Nigeria particularly under the nation’s deregulated economy.

 

  • OBJECTIVES OF THE STUDY

The study tends to analyse the role and performances of the N.D.E. in employment generation under the Nigeria deregulated economy.

Specially, the study seeks to;

  1. Identify the role planted by the federal government agencies N.D.E toward employment generation in Nigeria.
  2. Identify the problems facing the N.D.E towards solving the problems of unemployment in Nigeria.
  • Identify load to make effective utilization of the deregulation of the economy in solving the Nigeria unemployment problems.
  1. Identify how to improve the efficiency and performance of N.D.E, so that it can be in a position to tackle the problems of unemployment.
  2. Make recommendations.

 

  • FORMULATION OF HYPOTHESIS

The study intends to provide answer to the following formulation of hypothesis;

  1. Ho: The existence of the N.D.E has not helped in solving unemployment problems in Nigeria

H1:    The existence of the N.D.E. has helped in solving unemployment problems in Nigeria.

  1. Ho: N.D.E. has not bear sufficiently founded to accomplish its objectives.

Hi:     N.D.E. has bear sufficiently founded to accomplish its objectives.

  1. H: N.D.E. has not succeeded in solving unemployment problems in the economy.

Hi:     N.D.E. has succeeded in solving unemployment problems in the economy.

  1. Ho: N.D.E. has not performed efficiently towards sloving unemployment problems in the country.

Ho:    N.D.E has performed efficiently towards solving unemployment problems in the country.

 

  • SCOPE AND LIMITATIONS OF THE STUDY

The National Directorate of Employment has offices in all the states of the federations but for the purpose of the study, only Enugu will be concentrated upon.  Also, due to some unforgivable time financial constrains which I encountered on course of this research work, the locality of this research study will be based in Enugu state office of the N.D.E.

 

  • DEFINITION OF TERMS

According to Professor Dr. Chiokogwe, a deregulated economy is an economy whose programme is designed to accomplish the removal from an economic system, the extreme bureaucratic and administrative control and excessive protection that contributes to inefficiently and co-ordination of several industrial procedures for investment with the ambition of fostering an atmosphere that is very conducive for job creation.

Unemployment is a situation that arises in an economy whereby there ate most available and wiling people for a limited job opportunity.

Some of the abbreviations that were mostly used in this research study were as follows:

N.D.E                   National Directorate of Employment

N.O.A.S      National Oper Appreficeship scheme

S.S.E          Small scale Enterprises

V.S.D                   Vocational skill Development

D.E.F.R.I    Directorate of food, road and Rural Infracture

E.D.P.         Enterpreneurship Development Programme

S.O.W         Schoo – On – wheel scheme

M.T.W        Mobile Training Workshop.

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Account Name : Chi E-Concept Int’l
ACCOUNT NUMBER:  0115939447
First Bank:
Account Name: Chi E-Concept Int’l
Account Name: 3059320631

Foreign Transaction For Dollars Payment :
Bank Name: GTBank
Branch Location: Enugu State,Nigeria.
Account Name: Chi E-Concept Int’l
 Account Number:  0117780667. 
Swift Code: GTBINGLA 
Dollar conversion rate for Naira is 175 per dollar. 

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THE ROLE OF ACCOUNTING IN THE CONTROL OF PUBLIC EXPENDITURE IN NIGERIA (A CASE STUDY OF CENTRAL BANK OF NIGERIA (CBN)

THE ROLE OF ACCOUNTING IN THE CONTROL OF PUBLIC EXPENDITURE IN NIGERIA (A CASE STUDY OF CENTRAL BANK OF NIGERIA (CBN)

PROPOSAL

 

In recent times some of the public organizations in Nigeria have been faced with cases of financial crisis. Those  of them that survived more in a snail pace.  Obviously the causes of financial crisis in our public sector have been attributed to total negligence of the roles of accounting in our public organizations.

This research work will look into the role of accounting in the control public expenditure in Nigeria.  It will try to analyze the implications of applying the accounting principles in our public organizations and then look at how these principles controls the operations of the public sector organizations in Nigeria.

In a bid to achieve a meaningful research study work, this research will review related literatures on the role of accounting in the control of public sector in Nigeria.  Oral interview will also be conducted with the managers of the selected public organization in Nigeria.

 

Other supplementary instrument will be data that will be collected from periodicals and existing literature.  The data that will be collected will defines descriptively, with tables in these research work.

On the course of writing this project study, there are factors which should be considered like finance, Access to library facilities and limited time and difficulties in obtaining required information.

In finance, our project used to  be joint project but now it has to be an individual student.  Atimes there is difficulties in obtaining the required information from the respondents of the company because of the current problem some of the company is going through.

Consequent upon this, recommendations will be made in how or the steps that will be taken to eradicate these set backs and deficiency in the system.

CHAPATER ONE

  • Introduction
  • Historical Development of CBU (A Public company)
  • Statement of problem
  • Purpose of study
  • Research questions
  • Significance of study
  • Scope and limitations of the study
  • Definition of term

References

 

CHAPTER TWO

  • Literature Review
  • Historical development of Accounting in Nigeria
  • The nature of accounting principles
  • Types of accounting principles
  • Factors affecting accounting principles
  • Budgeting and budgetary control
  • Standard costing as a tool for control

References.

 

CHAPTER THREE

  • Research Methodology
  • Research design
  • Determination of sample
  • Area of study
  • Population study
  • Sample of study
  • Method of investigation
  • Method of data analysis
  • Development of research instrument

 

CHAPTER FOUR

  • Presentation of data & Analysis
  • Presentation of data
  • Analysis of data

 

CHAPTER FIVE

  • Summary of findings
  • Conclusion
  • Recommendations
  • References

 

 


CHAPTER ONE

 

  • INTRODUCTION

In most developing countries including Nigeria, government participation in economic activity is usually significant.  One of the ways through which government has intervened in Nigerian economy is through the establishment of public enterprises and statutory bodies operating services of an economic or social character on behalf of the government.

Since the colonial era, especially after independence in 1960, Nigerian public enterprises have witnessed a steady growth unit recently.  Its Olisa (1988:133) pet it. Beginning as a trickle in the period between this era of the second world war and Nigeria attainment of independence the creation of public corporations had risen to flood level since independence and his maintained a steady growth.  The rational behind the establishment of public enterprises in Nigeria are many.  Some of the reason include:  generating revenue, they would add to available rational capital for the support of development and welfare programme, making to be controlled by a  few individual, it possible for important profitable enterprises to be controlled by a few individual or group, organization certain critical activities national survival and economic stability and providing employment opportunities (Ademolukun 1983).  However, after a long period of growing, starts intervention in the Nigerian economy through public enterprises, the and of 1980’s onwards had witnessed a reversed which has sometimes been dramatic in public opinion and therefore public policy.

This has been brought by the persistent losses which state enterprises that have been running over fears. Consequently, there has been a willingness to look at alternative policy strategies for the achievement of economic development.  At the forefront of these strategies is the minimization privatization of public enterprises.

In Nigeria, public  enterprises are engaged in a while spectrum of economic activities including agriculture, mining, construction, manufacturing, commerce and services.  The classification of public enterprises in Nigeria, had been made according to varieties of criteria by different authorities.  The public service review commission (1975:101) classified public sector int.

Public utilities

Regulatory of service body

Financial institutions

Commercial ad industrial enterprises

Being a mixed economy, individuals also own and operate private enterprises.  A firm classified as private enterprises when it is founded and managed by an individual and Ora group of individual.  These firms are expected to be registered in the local government within which they operate.

 

The rationale for the establishment of private enterprises are numerous just like establishment of public enterprises. T hey include amongst other.  Provision of employment opportunities.  Generating  income for the owner of the enterprises.  Government interest in profit growth of the enterprises which determine the tax liabilities of the firms, improve the performance of the public sector through competition.  Moreover, the general public is concerned with the contribution which makes towards social upliftment which is exhibited to the environment in which the business is loaded and its willingness to contribute to the development of the environment.

The activities of the public enterprises have been on the increase in resent times which necessitated the introduction of the accounting practice to check and monitor the financial activities of these enterprises.  In this book, titled principles of accounting, by Bimage (1985) accounting is defined as a process by which data relating to the economic activities of an organization are measured, recorded and communicated to interested parties for analysis and interpretation.

The earliest method of accounting records were kept in physical quantities.  These records came from the Eastern (early) civilization which involved in the countries around the Mediterranean sea such as Mesopotamia, Egypt, Crete, Italy etc.  money was recorded as soon as money took the place of barter as a medium of exchange and unit of accounting practice has been closely related to the economic development of the country.  If the business organization grows in size and complexity, management and outsiders became more clearly differentiate from the outside groups which include owners of the firm (stock holder) creditors, government employer and the general public.

The differentiation necessitated the need to have accounting department in the enterprises to give accurate financial of the management and to satisfy the outside demands or the general public who are already interested on whether the enterprises in growing or not.

 

The role of accounting in public enterprises in Nigeria is primarily to ensure accurate accountability in these sector and present the time and fair financial position of the enterprises.  The role is of utmost importance in any organization.  An organization can only grow or profit when the resources are well managed and effective observed over expenditure.  These resource can only be well managed if accounting department of the organization give an accurate financial information to know how ,much the enterprises having.  It is only when this is done that the firm allocate its resources and knows what is to be done.

The role of accounting seems to be more pronounced in the public enterprises.  In recent time there are cases of misappropriation of funds in the public enterprises and improper accountability.  These factors have led to a lot of public enterprises going into oblivon. If the government has reorganized the role of accounting, all these febles should not have arisen.  No enterprises can move forward without having a well organized financial departments to give accurate financial; information about the firm.

 

This is because if improper accounting records are not minimized or where possible eradicated these is bound to be cases of public enterprises failure.  Consequently, staff of such enterprises will forced out of their job.  This will result to economic and social; activities in the society.

 

  • HISTORICAL DEVELOPMENT OF CBN (A PUBLIC COMPANY)

The formation of CBN started gradually in the early 1950’s but gathered momentum by the middle and towards the decade.  Precisely CBN was established in 1958.  Among the factors that led to the formation for an apese financial institution in the early “50s” were the dissatisfaction and short coming to the west African currently board.  The WACB established in 1912 was playing the role for an apese monetary institution in the British West Africa especially in areas of the country.

The issue of West Africa Currency exchanging this with the existing currencies, investment of reserve mainly in London and the repatriation of existing currencies. However, because of the anomalies and short coming of the WACB especially as if could not perform the monetary management, Nigeria nationalist continued to amount pressure on the colonial administration for the establishment of a central Bank that should have all pioneers of a central bank, and not just a glorified currency exchange house.

In 1952 at the floor of  federal house of Assembly (First sitting) Lagos-Chief Anthony Enahoro Summoned up courage and mored a private member motion calling for the establishment of central Bank for the purpose of rapid economic development in all its phases.

However, as result of the composition of he house then and lack of awareness of the importance of central bank on the part of some Nigeria members the bill failed.  Even though the motion was not successful, it stirred the hornet comb.  It gingered the colonial office in London Administration appointed Mr. Fisher, a Senior staff of Bank of England, to inquire into the desirability and practicability of establishing a Central Bank of Nigeria as an instrument for promoting the economic development of the country.

Fishers in his report as an agents of colonialism and on orthodox bank stated that central Bank cannot be established in a financial environment where all factors that make a central Bank perform are not existent.

 

In the same year, while fisher was submitting his report to another independent term of financial expects were in Nigeria from world Bank (international Bank for reconstruction and development) with a mission like that of fisher at examining the desirability and practicability of establishing a central bank of Nigeria.

The world Bank mission were more objective in their report and less inclined to perpetual economic dependence.  They really agreed with the recommendation of fisher on the instability of the financial environment as a result of weak money and market instruments but they were quick to add, that the continued political and economic advancement of Nigeria is bound to lead to the establishment of a central bank.  To postponed the day when functions of currency issue and the management of foreign assets are performed in Nigeria will also postponed the day when trained Nigeria will be able to perform these functions responsible  by themselves.

In 1957, even though Nigeria had not totally got her indigence, but she gained the antonomy of self internal rule.  The nationalists did not wash time in commissioning another financial expert from Bank of England J.B Loyness to advise then as:

  1. The establishment of a federal institution to perform appropriate central banking functions.
  2. The introduction of Nigerian currency and the administration of such as currency so as to presence in external value and its acceptability within the country.
  • The relationship of the federal institution to the federal and regional government, to government institutions, to the commercial Bank and to the public and
  1. The role of such an institution in the development of a local

money and capital market.  The report of JB Loyness led to establishment of the central Bank of Nigeria (CBN) by the Central bank of Nigeria ordinance of 17th March, 1959, The bank officially commenced business on 1st July, 1959.

 

OWNERSHIP AND CONTROL OF CBN

The 1959 Central bank ordinance of Nigeria established the CBN with an authorized capital of $1.5 million (123m) which was fully paid up by the federal government of Nigeria.  The Bank was 100 percent a public company, and there was no provision in the ordinance of 1958 establishing the bank and subsequent amendments there of required the bank to maintain a general reserve fund from profit arising from its operation the rate of the reserve and was dictated by the prevailing economic condition at that point in time.

Furthermore., the 1958 central Bank ordinance provided  that the Bank should transfer one eight (1/8) of the net profit made every year to the fund (general reserve) until the fund is equal to the paid up capital (the proceed should be used to pay the federal government for the amount contributed) and therefore only 1/16 of the profit for each year was to be transferred to the fund.  Meanwhile the balance of the profit would be appropriated in the following manner.

50% of the balance to be applied for retirement of any outstanding obligation of the federal Government to the Bank in respect of cost of printing, mining shipment of the initial of the Bank notes and coins.

  1. The remaining 50 percent as to be paid to the president appoints the governor of the CBN (on the advice of the senate 1979 constitution and 1995 draft constitution). Infact CBN is directly under the federal ministry of finance i.e. the governor who in turn reports to the president.  This war amended by the military in 1997.

In 1997, with the presidentialization of key ministries in Nigeria, the CBN has been sent the presidency, and the governor who is solely appoint by the military president reports directly to him (the president).  The board of Director of the bank under this system is equally appointed by the president.

In 1999, when democracy returned Back to the state/country (Nigeria).  The president appointed the Governor of the CBN, but the Governor report to the ministry of finance.  The CBN governor Mr. Solud Economist by profession.  The ministry  of finance is Mrs. Ngozi Okonjo Iwuani, Doctor by profession.

 

ORGANISATION

The central Bank of Nigeria took after the British pattern (the Mother of all central Banks) in many respects especially in organization and management.  Infact, the first governor of the bank in British Mr. Fanton, was seconded from the bank of England.

The apex policy making body of the Bank is the Board of Directors. At the incept, the enabling law establishing the bank shall comprise seven members the governor (who is the chairman), the Deputy governor and five part time Directors.  The ordinance went further to stipulate that it was the responsibility of the governor general to appoint the governor and the deputy governor of the bank while the appointment of the part – time director was responsibility of the prime minister.

To cope with defects of the economic development couple with  the recommendations of the international finance experte the CBNs Board was re-organized for more efficiency.  In order to be able to face the challenge of the time, the membership of the Board was enlarged to thirteen, the Governor, the Deputy Governor, three executive Directors and eight part-time Directors, (The central Bank of Nigeria Decree No 24) of 1991 went further to enlarge the Board by increasing the member to eleven made up of a Governor, five Deputy Governors and five Directors, while the Decrease (1991) assigns the responsibilities of policy and general administration of he affairs and business of the Bank to the Board, the fire major department see figure 1.1 below. The decree also stipulate that the governor and the Deputy Governor should be appointed by the president in the first instance for a term of five years and each should be eligible for re-appointment for another not exceeding 5 years.

Some of he activities of the bank as we shall see are decentralized while others are not, while the ministry and policy formulations are done at the Bank lead office in Lagos (now Abuja), the banking operations of the Bank is decentralized.  To facilitate the efficient execution of the bank functions over the Nigeria’s vast territory, some central banking activity are decentralized and operate through four zones.  Bauchi, Enugu, Ibadan and kano.  In addition to the zonal centres, there is a branch network whereby each state capital in the federation has a CBN Branch.

However, in the newly-created states currency centers are set up by CBN, pending the time full-fledged branch as could be established the respective heads of each zone, branch controller and the currency officer respectively. As at the end of 1992, the CBN had in operation four zonal officer, 15 branches and 6 currency centres.  As at May 1993, the CBN had 19777 members of the staff comparising 23, executives of whom 22 were departmental director 2581 senior and 6965 Junior staff

THE 1958 CENTRAL Bank ordinance placed the bank CBN under the federal ministry of finance and Development so that the Board of Directors reported to the Minister who in turn reported  to the head of state.  However, in 1988, as part of the military re-organizations in the country aimed placed under the presidency.  This arrangement is still stating under this arrangement CBN is independent of the Federal Ministry of finance and report directly to the president.  This nites  has been reserve again in 1997.  CBN Government now reported to the federal ministry of finance

 


ORGANIZATIONAL CHART OF THE CBN

Board of Director

Deputy Governor General administration

 

 

 

 

5 Directors
1.      Administration

2.      Special duties

3.      Building & Eng. Services

4.      Medical service

5.      personnel

 

 

 

 

 

 

 

 

 

 

 

 

Source:  CBN BREIFS:  JUNE 1996

HISTORICAL BACKGROUND OF GOLDEN GUINEA BREWERIES (AS A PRIVATE COMPANY)

Golden Guinea Breweries limited was conceived by the Okpara Government of the former Eastern region in July 1961.  The Brewery was computed in September, 1963 and under the name of independence Breweries produced the first bottle of Golden Guinea larger the same year.  At this stage, the brewery capacity was 50,000bl per annum-a small brewery.  After a few years of some Ups and downs, the brewery looked ready to take off and a second product eagle stout was introduced and proved popular in the stout  market.  But unfortunaately, the civil war was shut down the growing hopes and eventually, shut down the brewery itself.

After the war, there was shortage of money and materials.  Then the East central Government could only minter as an initial Brewery reconstruction fund, the sum of $50(100) But they were also to help with a subsequent interest-free loan of N160,000, the first bank of Nigeria then offered an over draft facility, the federal ministry government followed with a loan of $500,000. In 1971, with the name of company completely change to Golden Guinea Brewery limited, Golden Guinea larger and Eagle stout reappeared on the market.

In August 1974, the first major expression project took place and triple production from 50,000bl to 150,000bl.  After consultation with the authorities, the expansion was eventually sited away from Umuhia to help market coverage.  Golden Guinea was to be produced in Onitsha.  The brewery went up on schedule then fate intervened again.  In March 1976, the state was divided into two Imo and Anambra states, and the new brewery stood on the other side of the division.  It become premier Brewery and golden Guinea’s expansionist hope were dashed.

Golden Guinea Breweries did not give up.  The following year, initiatives were again developed for a  new expansion project.  Meanwhile in December, 1978, the company  voluntarily went public becoming, with characteristic pace-setting the first indigenous brewery to be quoted in the stock market indeed, no other public quoted company of any sort has a Nigerian ownership approaching that of GGB & a full 90%.  Furthermore, the breweries own staff were encourages to become shareholders, thereby increasing participation and responsibility in the overall activities of the company.

On 28th November, 1981, the 600,00bi expansion project was officially commissioned by his excellency the governor of Imo state, chief Samuel Onunaka Mbakwe with the latest brewing technology, two separate bottling a brand new fully equipped and expertly staffed quality control department substantial new malt storage silos, capacious Largering talks, new fresh water boreholes and water treatment plants: Golden Guinea can be called truly modern.  Over  350,000 bottles of “liquid’ come off the bottling lines everyday.

Presently, three brands are produced, namely Golden Guinea, Eagle stout, and Bergedof.  Also a major investment in Agriculture has been planned whereby the company is expected to be self sufficient in adjuncts, making use of local raw materials like sorgum, maize and rice.  One of such farm is at Aduchi, Lafia district of Nassarawa state.

It account department is organized under three section product and cost.  Cost/management accounting techniques in use include budget and budgetary control system, standard and sited along costing.  Golden Guinea Breweries is sited along Aba road in Africa Ukwu Umuahia.  It is opposite the timber market and beside Aloma specialist Hospital

 

  • STATEMENT OF PROBLEM

Obviously, every private and public enterprises in Nigeria has their accounting department.  And there are increasing cases of financial mismanagement in virtually all the public and private organization in Nigeria.  The problem of this study lies on how the managers of these enterprises are able to recognize the role of accounting in their enterprises so that these cases of improper accountability will be minimized or if possible its total eradication in our society

 

  • PURPOSE OF STUDY

This study include to investigate the role of accounting in the  control of public enterprises in Nigeria.  The purpose of this study include among other others.

  1. To determine the extent to which accounting is generally affects the economic activities of the public section in Nigeria
  2. To examine how managers adequately and efficiently apply the role of accounting in their organizations.
  • To disseminate certain factors that affects the accounting departments of most organizations which makes them not to function as expected
  1. To determine government policies which aid to promote accounting in all public enterprises in Nigeria.

 

 

 

  • RESEARCH QUESTIONS
  1. To what extent do accounting records generally affect the economic activities of public enterprises?
  2. Do managers adequately and efficiently apply the role of accounting in their organization?
  3. What are the factors that have negative effect on accounting departments of most organizations which make them not to function effectively as expected?
  4. What are those government policies which aid to promote accounting in Nigerian public enterprises?

 

  • SIGNIFICANCE OF THE STUDY

In this study, the researchers have set out to examine the role of accounting in the public sectors in this country.  Nigeria with the aid of highlighting the inherent problem encountered in the account departments of most organizations.  It is expected that this work will be of interest to the owners of business enterprises, the government, students and the general public.

To shareholder, owners of enterprises, interested persons and the governments, this study is expected to enkindle their interest the more and they will  take note of various recommendations mentioned here and help steer the management team towards forming a sundry organizations to present an accurate financial information on their firm.  This study will also help to serve as literature to individual or corporate bodies who want to carry on further research on the role of accounting in the public sectors in Nigeria.

 

  • SCOPE AND LIMITATION OF THE STUDY

Scope  of the study shows extent of coverage done in the study.  The research topic suggest a study on the role of accounting in the public enterprises in Nigeria.  The focus of the study is on central bank of Nigeria (CBN).  I take this to be a fair representative of Nigerian public enterprises that is either avoidable or hand to come by

 

There are factors as constraints that are normally follows this research work, some of them are

  1. TIME: this which was a major problem was adequate not

managed by the researcher.  There was not enough time for the researcher to get the project topic, get it approved and within a short time we will be talking about our exams assignment and quiz.

  1. LACK OF MATERIALS: the unco-operative of most

people working in the library and other offices where the researcher needed to get materials posed great problem to the researcher.  Some  of the staff do not feel safe letting have access to some materials while other will change you more than double the cost of Photostat before one can get what he wants.

  1. FINANCE: Before now our project use to be a joint project of a group of four-ten people but now it has to be on individual student. So  finance hinder the projects in one way or the other. Either by transportation to where to get the materials or where to obtain the necessary information.
    • DEFINITIONS OF TERMS

MANAGEMENT: Its function centre on decision for planning and guiding the operation that is going on in the enterprises.

ACCOUNTING: accounting is the act of recording, classifying and summarizing in a significant manner and in terms of money, events and transactions which are in part at least financial character and interpreting the result thereof.

FINANCIAL STATEMENT: These are accounting reports issued by a business to described its financial  affairs and resuslts of the operations.  The financial statements are the end product of the general financial accounting activity.

 

 

 

 

 

REFERENCES

 

  1. Olisa E.C. (1988) Public Enterprises and Privatization in

Nigeria, Nigeria Longman publisher P.133

 

  1. Ademolekun K.O (1983) The Nigeria financial system

London Macmillian publisher P.43 & 61

 

  1. Image E.U (1985) Principals of Accounting Enugu,

Fourth Dimension Publishers

 

  1. Oshisumi K.O (1984) Financial Management in Nigeria

Public sector, London, Pitman Publisher.

 

  1. Osumbor O.A. (1991) An Overview of Private enterprises

in Nigeria” Business time (September 14

 

  1. Willy N. Ugwuyi The Nigeria financial system (A

Systematic approach) Johnkens & Willy Nigeria ltd

1997 P. 66-77

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MAKE YOUR PAYMENT  INTO ANY OF THE FOLLOWING BANKS:
GTBANK
Account Name : Chi E-Concept Int’l
ACCOUNT NUMBER:  0115939447
First Bank:
Account Name: Chi E-Concept Int’l
Account Name: 3059320631

Foreign Transaction For Dollars Payment :
Bank Name: GTBank
Branch Location: Enugu State,Nigeria.
Account Name: Chi E-Concept Int’l
 Account Number:  0117780667. 
Swift Code: GTBINGLA 
Dollar conversion rate for Naira is 175 per dollar. 

ATM CARD:  YOU CAN ALSO MAKE PAYMENT USING YOUR ATM CARD OR ONLINE TRANSFER. PLEASE CONTACT YOUR BANK SECURITY FOR GUIDE ON HOW TO TRANSFER MONEY TO OTHER BANKS USING YOUR ATM CARD. ATM CARD OR ONLINE BANK TRANSFER IS FASTER FOR QUICK DELIVERY TO YOUR EMAIL . OUR MARKETER WILL RESPOND TO YOU ANY TIME OF THE DAY. WE SUPPORT CBN CASHLESS SOCIETY. 

OR
PAY ONLINE USING YOUR ATM CARD. IT IS SECURED AND RELIABLE.

Enter Amount

form>DELIVERY PERIOD FOR BANK PAYMENT IS  LESS THAN 24 HOURS

CALL OUR  CUSTOMERS CARE  OKEKE CHIDI C ON :  08074466939,08063386834.

AFTER PAYMENT SEND YOUR PAYMENT DETAILS TO

08074466939 or 08063386834, YOUR PROJECT TITLE  YOU WANT US TO SEND TO YOU, AMOUNT PAID, DEPOSITOR NAME, UR EMAIL ADDRESS,PAYMENT DATE. YOU WILL RECEIVE YOUR MATERIAL IN LESS THAN 2 HOURS ONCE WILL CONFIRM YOUR PAYMENT.

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