ACCOUNTANCY-ATC - Easy Project Materials

Tags: INTERNAL AUDIT AS A TOOL IN ACHIEVING ORGANIZATIONAL OBJECTIVES (A CASE STUDY OF FIRST BANK NIGERIA PLC)

7 years ago 0 Comments Short URL

VALUE ADDED TAX AS A TOOL FOR REVENUE GENERATION (A CASES STUDY OF SELECTED INDIVIDUALS IN EDO STATE)

ATTENTION:

BEFORE YOU READ THE CHAPTER ONE OF THE PROJECT TOPIC BELOW, PLEASE READ THE INFORMATION BELOW.THANK YOU!

INFORMATION:

VALUE ADDED TAX AS A TOOL FOR REVENUE GENERATION

(A CASES STUDY OF SELECTED INDIVIDUALS IN EDO STATE)

CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND OF STUDY

Some years back, the agricultural sector was playing an important role in the Nigeria economy both in generating revenue and in the physical impact. This was before oil started its own impact on the economy. The impact created by the oil sector begging to be more relevant within a short period of time. Other sectors of the economy become secondary in terms of their relevancies. The sectors were neglected in the favour of oil.

Oil thus becomes the leading factor and the leading product in term of revenue generating and foreign exchange contribution. The condition of the economy became vulnerable to the condition of the word oil market form 1970 till date. The fluctuation of price in the world of oil market in the Nigeria economy is a significant factor to the revenue to be generated. This is by diversifying the revenue generated based on the higher economy.

In addition to the above mention situation, the Nigeria state was increasingly acquires ring national responsibilities along with the traditional role of the government. The financial requirement of the government has been increased over the years in facilitating the accomplishment of government functions. Worthy of mention is this connection in the effective way of revenue generation and collection by the government against responsible for the task. The idea of introducing Value Added Tax (VAT) was therefore considered and the federal government finally approved its introduction. Value added tax is therefore expected to increase and be effective, contribute towards enhancing the revenue generation based on the government. The system is expected to minis of eliminate the corrupt practices associated with revenue assessment and collection.

The important of revenue in any country and of course Nigeria cannot be overemphasized. Revenue has been the bedrock of government performance. The history of revenue in Nigeria dated to the pre-colonial era when tax and levies were paid to the fathers or lord as the case may be to Oba’s, Kings, Emirs. The tax or levies were to be paid in cash or in kind during the pre-colonial era. It was used to support the sustenance of the colonial administration. It has even been used to mobilize farmers into cash crop production mainly for the colonial export through the use of the cash taxes. Even after independency, tax has played in important role in generating revenue for the government. It was used for the running of the affairs of the post independence government in Nigeria.

Furthermore, it has also been used to achieve other policies such as the protection of the infant industries, income re-distribution, checking and controlling the consumption of some certain goods, etc. it is therefore very much likely that it will continue to play a very important role in Nigeria economy.

Following the difficulties, Irregularities, complains associated with the assessment and collection of the said tax, operation committee was set up by the Federal government in 1991 to review the entire tax system in operation. The committee recommended the idea of introducing Value Added Tax (VAT) in the country and another committee was set up to undertake the feasibility study and make recommendation on its implementation after which the government finally approved the introduction of value added tax in Nigeria tax system with effect from 1st September 1993 and was incorporated in the 1994 budget. Therefore, this study seeks to examine Value Added Tax as a means of revenue generation for economy development.

1.2 STATEMENT OF PROBLEM

There have been efforts by the Federal government to increase the revenue base of the economy for better development, and approval growth of the Nation economy. Therefore, this research is carried out to establish the position of Value Added Tax on the overall Nigeria tax system. The ineffective impact of generating revenue for the government and controlling irregularities wildly believed to be associated with the said tax.

1.3 RESEARCH QUESTIONS

The following questions were asked during the research of this project. They are:

1) How successful has the introduction of value added tax (VAT) been in Nigeria.

2) What are the relationship between value added tax(VAT) and other forms of taxation.

3) What are the problems associated with the admission of value added tax(VAT)?

4) And how can we make it very effective to the needs of Nigerian?

5) What are the advantages of value added tax (VAT) in generating revenue in Edo state?

1.4 OBJECTIVE OF THE STUDY

The objective of this study includes:

1) To examine the introduction of the value added tax (VAT) as a system of taxation in Nigeria.

2) To investigate the relationship between Value Added Tax and generation of revenue through other forms of taxations.

3) To find out the problem associated with the administration of VAT since its introduction and also to give recommendation on how o make VAT very effective and responsible to the need of the Nigerians.

4) The study also intends to find out the advantages of Value Added Tax (VAT) in term of generating revenue in Edo state.

It is also set to find out beyond technical level practical problems associated with it and to make recommendation at the end of the study.

1.5 SIGNIFICANCE OF THE STUDY

The significance of the study is that government is in need of money to execute its increasing projects. Having introduced VAT to replace the sole taxation, to escape the difficulties in the old system. The study will be of benefit by enhancing the effective implementation and achievement of the objective, as such; VAT should be regarded as worth and should be encouraged and supported.

The benefactors of the study of Value Added Tax (VAT) are:

1) The government

2) The citizens

3) The investors (foreign and local)

This study is very important, as the value added tax is a new or a modified system, which has a lot of significance. The public needs to be educated on its operation. The study will bring the outstanding between the government, the populaces (the tax payer) and the tax authorities together

Proper knowledge of the Values Added Tax would bring increase return to the government as a result of the compliance by the payer and proper record keeping by the officials.

1.6 SCOPE OF THE STUDY

The scope of the study is to cover the introduction, the implementation, problem and prospect of VAT and its relationship with revenue generation in Edo state. The line frame will cover from its introduction in 1993 till date. In addition to this all data and information to be used will be from area office of the Edo State Board of Internal Revenue.

1.7 DEFINITION OF TERMS

The terms used in this study on the of Value Added Tax are define as follows;

Value Added Tax: This is the tax impose on the value of goods and services in the country either imported or exported which the surlier or the sellers of the goods add to it.

Economy: This means control and management of money, goods and services in a country.

Goods: The term goods cover all tangible and intangible assets and commodities that are traded for considerations.

Supply of goods: This includes delivery and transfer of goods arising from contractual or legal action or transaction though agents.

F.I.R.S: Federal Inland Revenue service, it the operation of Federal Board of Inland Revenue.

F.B.I.R: the means Federal Board of Inland Revenue.

Legislation: This deal with the aspect of making laws in the system of tax.

VAT on input: This is the VAT on the purchase of goods and service on a notable person.

Output VAT: This is the VAT charged on the sale of goods and services it is the VAT paid to the F.I.R.S after vat on the purchase of such good or supply has been deducted.

Vatable person: This means any person co-operates or incorporates who trade in Vatable goods and service for a consideration.

1.8 LIMITATIONS OF THE STUDY

The study is concentrated on the advantage of Value Added Tax (VAT) in terms of revenue generation and its operation in Edo state Board of Internal Revenue office. Value added tax (VAT) as a new introduced system of tax. The study was faced with a problem of its own which limited the research system. Some of the limitation is as follows;

a) Non-availability of books and journals etc. due to lack of relevant textbook, journals and magazine, the other relevant articles or publication on the subject matter through which one could easily collect his materials for the literature review in this research work.

b) The effect of scarcity of data: The issue of scarcity of data arose were some private organization refuse to disclose some information on their record keeping on Vat and especially on returns rendered to the government.

c) Time: Due to shortage of time, the study was carried out in Edo State only. Time did not allow for wilder research in other state of the federation. It was not easy to collect most of the questionnaire distributed due to the fact that the people who the questionnaire were given never got it ready at the appropriate time. They gave appointment for it to be collected. Some even said that they missed the questionnaire.

HOW TO GET THE FULL PROJECT WORK

PLEASE, print the following instructions and information if you will like to order/buy our complete written material(s).

HOW TO RECEIVE PROJECT MATERIAL(S)

After paying the appropriate amount (#5000) into our bank Account below, send the following information to

08068231953 or 08168759420

(1) Your project topics

(2) Email Address

(3) Payment Name

(4) Teller Number

We will send your material(s) immediately we receive bank alert

BANK ACCOUNTS

Account Name: AMUTAH DANIEL CHUKWUDI

Account Number: 0046579864

Bank: GTBank.

Account Name: AMUTAH DANIEL CHUKWUDI

Account Number: 2023350498

Bank: UBA.

HOW TO IDENTIFY SCAM/FRAUD

As a result of fraud in Nigeria, people don’t believe there are good online businesses in Nigeria.

But on this site, we have provided “table of content and chapter one” of all our project topics and materials in order to convince you that we have the complete materials.

Secondly, we have provided our Bank Account on this site. Our Bank Account contains all information about the owner of this website. For your own security, all payment should be made in the bank.

No Fraudulent company uses Bank Account as a means of payment, because Bank Account contains the overall information of the owner

CAUTION/WARNING

That you ordered this material shows you have agreed not to copy word-to-word.

FOR MORE INFORMATION, CALL:

08068231953 or 08168759420

AFFILIATE LINKS:

Tags: VALUE ADDED TAX AS A TOOL FOR REVENUE GENERATION (A CASES STUDY OF SELECTED INDIVIDUALS IN EDO STATE)

7 years ago 0 Comments Short URL

THE IMPACT OF PUBLIC ACCOUNTANT IN THE IMPLEMENTATION OF ACCOUNTABILITY, PROBITY AND TRANSPARENCY IN THE FEDERAL CIVIL SERVICES

ATTENTION:

BEFORE YOU READ THE CHAPTER ONE OF THE PROJECT TOPIC BELOW, PLEASE READ THE INFORMATION BELOW.THANK YOU!

INFORMATION:

THE IMPACT OF PUBLIC ACCOUNTANT IN THE IMPLEMENTATION OF ACCOUNTABILITY, PROBITY AND TRANSPARENCY IN THE FEDERAL CIVIL SERVICES

CHAPTER ONE

INTRODUCTION

1.1 Background of the Study:

Corruption and looting of public treasury was a major problem in the public sector accounting. Report from office of statistics Lagos show that our accounting records are balanced in arrears and our financial records are hardly balanced daily, weekly, quarterly, half-yearly and yearly basis as appropriate. This was evidenced by Chief Olusegun Obasanjo during his first maiden address to the nation immediately he was sworn-in as the President of the federal republic of Nigeria on the 29th day of May 1999. He stressed that accountability, probity and transparency has suffered a lot set-back especially in the civil service. He therefore suggested that some of the best ways to eliminate this ill in the Nigerian public service are;

(i) The effective use of public accounts;

(ii) The use of effective legislation;

(iii) The effective implementation of government policies and programmes;

(iv) The effective use of auditors of the federal republic of Nigeria among others.

He therefore concluded by saying “when we consider how the public accounting and auditing can grow and develop, we are concerned not only with helping the public accountant or the auditor fill their position, but also with helping the whole economy and the organizational structure grow and develop” (Obasanjo). The concept should therefore make it wise for us to look more closely at the relationship between Nigeria and other countries of the world. And for Nigeria to be recognized as a corrupt-free economy, the accounting profession must be in a position to balance the financial records of the federal government daily, weekly, monthly, quarterly, half yearly or yearly basis. This is because members of the public and the international community want to see results, see the economy grow and the profession produce the final output.

The same goes for other facets of the economy as indicated above. The military system of administration should be thrown to the winds as we have evolved democracy like other developed countries of the world such as United State of America, United Kingdom etc. It was in an attempt to analyze the import of the president’s address on the 29th May, 1999 that this topic, “the impact of accountant in the implementation of accountability, probity and transparency in the federal civil service” comes to mind.

1.2 Statement of the Problems:

Public sector accounting in a corrupt society is a very big problem to the economy of the nation. This is because the financial records do not reflect the true and fair view of the accounting records. There are lots of collaborations in the utilization of public funds to the extent that funds allocated through the budget are not properly utilized. The annual for the public (government) income and expenditure are at times late. What ever is the position with timeless of delivery, these budget are never reviewed in time and deviations are not investigated to ensure prompt remedial action which will re-direct and re-orientate plans towards budgeted levels.

Another shortcoming is the threat to continually of production of qualified accountants who will replace older retiring hands. This systems form a number of factors like inadequate infrastructures (for example, training materials, computers, library facilities etc) necessary for such programmes. This point drives to a large extent from the very poor and unrealistic remuneration paid to the practicing accountant in form of salary.

Public accountants are placed on government determined salary scales, unlike their professional chartered counterparts whose fees for auditing and other professional services rendered are self determined. The implication of the forgoing deliberation is that while a professional body like Institute of Chartered Accountant and its various programmes aimed at monitoring more closely the curriculum of their counter-parts in the government employment are poorly taken care of.

Another shortcoming is the quota system in the federal service. The quota system has introduced mediocre and unethical practices in the accounting profession. In a bid to fill in vacant positions in the federal civil services, most of the unqualified personnel (mainly from certain ethnic group of the country) are employed to the detriment of the job, hence giving loopholes for embezzlement and financial misappropriation. Merits were thrown to the winds.

In fact, meritocracy has given way to mediocrity. All this, helped the administrators and some members of the society to look down on the accountants as mere “house helps” and “rubber stamp” in the system.

1.3 The Objective of the Study

i. To determine the degree of implementation of accountability transparency and probity in the public sector especially in the state and federal civil service.

ii. To determine the best way to improve on accountability, transparency and probity in Nigeria economy.

iii. To determine the actual role of the public accountants in the implementation of this programme;

iv. To determine whether public accountant in collaboration with their chief executives utilize judiciously all the allocations made from the budget.

1.4 Significance of the Study

This study will be of immense help to the policy makers in the federal civil service of Nigeria who will be able to know and assert the adequate role of the public accountant in the service with a view to showing up the programmes of accountability, probity and transparency of the present administration.

“Nigeria” for the purpose of this paper means” the Federal Republic of Nigeria including any area outside the territorial waters of the Federal Republic of Nigeria which in accordance with international law has been or may hereafter be designated under the laws of the Federal Republic of Nigeria concerning the continental shelf, as an area within which the rights of the Federal Republic of Nigeria with respect to the sea-bed and subsoil and their natural resources may be exercised”. Constitution of the Federal Republic of Nigeria (1999).

The policy makers should see the public accountants as playing the role of a coach who exposes the skills and tactics and allows the players to play the game. This is because in everything an individual or a group of individuals in varying professions, do, there is a reason and purpose. For example, in a private organization this reason or purpose is referred to as an objective or goal. Therefore, government (public service) whose realm of operation is popularly referred to as the public sector has as its objective the governance of her people. This implies the tremendous responsibility to grannies resources and allocates same towards fostering economic growth and improving the standard of living of the citizens of the nation. Again government is empowered by the laws of the land (constitution) to engage in contractual arrangements for the purpose of increasing the resources available to her in order to meet the requirements of governance, since it holds the wealth of her nation in trust for that nation. To this extent, the government of a nation owes her citizens the duty to account for the stewardship in the effective disposition of the resources entrusted to her (This is accountability).

For the government or the public sector to discharge her responsibility or stewardship effectively, there is the need to maintain proper records of the value of all programmes, activities and services, synthesize and analyze the effect of government financial transaction, classify, summarize and communicate such information for purposes of future decision-making or assessment of performance.

1.5 Hypothesis

Ho: Public accountants in collaboration with their directors (including principals) utilize judiciously all the allocations made available to them.

Hi: Public accountants in collaboration with their directors (including principals) do not utilize judiciously all the allocation made available to them.

The testing of the hypothesis can be carried out through the use of the draft of the federal government of Nigeria 1999, a year 2000 budget estimate on recurrent and capital expenditure using unity school’s allocation in the south-east geo-political zones on personnel cost and overhead cost respectively.

A study carried out shows that a total sum of one hundred and fifty million, six hundred and fifty thousand and twenty four naira (N150, 650,024.00) was allocated to the ten (10) unity schools in the south east geo political zone in 1999 as against one hundred and seventy six million and seventy two thousand five hundred and eighty naira (N176, 072,508.00) in year 2000. Yet each of this schools had one problem or the other in the payment of teachers and non-teaching staff salaries and allowances as at when due.

In overhead cost, a total sum of fourteen million seven hundred and twenty two thousand two hundred and twenty two naira twenty kobo. (14,722,222,20) was allocated in nineteen ninety nine as opposed to seventeen million and thirteen thousand eight hundred and eight naira eight kobo. (17,013,888.80) in the year 2000 (reference table C and D in chapter four). But this research discovered that most of the staff who where engage in official journey to their headquarters have not received their duty tour allowances and other claims on flimsy reason that funds were not available.

1.6 Scope and Limitations of the Study:

This study attempts to establish (i) whether the directors of departments utilize judiciously all the allocations made available to them or not; and (ii) to examine the impact of public accountants in the implementation of accountability, transparency and probity.

Traditionally, and in common usage, the term accountability means answerability for one’s action and behaviour within the emphasis that public officials should be legally required to be answerable to the public for their stewardship. For purposes of this thesis, the author wishes to confine himself to financial accountability which is normally associated with stewardship accounting. This simply refers to rendering the accounts of the affairs of any organization or enterprise to the owners of the resources of the enterprise. In the public service, financial accountability relates to the right of the owners of the public wealth (tax payers and the general public) to question whether those entrusted with the application of such wealth have done so, with the greatest possible degree of efficiency, effectiveness, probity and prudence to achieve broadly accepted national goals, (Iwok (2000) ).

While accountability implies a compulsion on the part of those who are custodians of public wealth to give account to their trustees; those who act in that capacity should recognize the obligation to submit inquiry concerning their stewardship; such recognition and the willingness and readiness to submit inquiry or examination bring about the concept of transparency. To confirm that the activities of the stewards are clean and without doubt they must be certified as true and fair by the trustee of his appointment agent who should be of proven integrity.

HOW TO GET THE FULL PROJECT WORK

PLEASE, print the following instructions and information if you will like to order/buy our complete written material(s).

HOW TO RECEIVE PROJECT MATERIAL(S)

After paying the appropriate amount (#5000) into our bank Account below, send the following information to

08068231953 or 08168759420

(1) Your project topics

(2) Email Address

(3) Payment Name

(4) Teller Number

We will send your material(s) immediately we receive bank alert

BANK ACCOUNTS

Account Name: AMUTAH DANIEL CHUKWUDI

Account Number: 0046579864

Bank: GTBank.

Account Name: AMUTAH DANIEL CHUKWUDI

Account Number: 2023350498

Bank: UBA.

HOW TO IDENTIFY SCAM/FRAUD

As a result of fraud in Nigeria, people don’t believe there are good online businesses in Nigeria.

But on this site, we have provided “table of content and chapter one” of all our project topics and materials in order to convince you that we have the complete materials.

Secondly, we have provided our Bank Account on this site. Our Bank Account contains all information about the owner of this website. For your own security, all payment should be made in the bank.

No Fraudulent company uses Bank Account as a means of payment, because Bank Account contains the overall information of the owner

CAUTION/WARNING

That you ordered this material shows you have agreed not to copy word-to-word.

FOR MORE INFORMATION, CALL:

08068231953 or 08168759420

AFFILIATE LINKS:

Tags: PROBITY AND TRANSPARENCY IN THE FEDERAL CIVIL SERVICES, THE IMPACT OF PUBLIC ACCOUNTANT IN THE IMPLEMENTATION OF ACCOUNTABILITY

7 years ago 0 Comments Short URL

THE IMPACT OF INTERNAL CONTROL SYSTEM ON REVENUE GENERATION: (A CASE STUDY OF POWER HOLDING COMPANY OF NIGERIA (P.H.C.N) OKPARA AVENUE ENUGU)

ATTENTION:

BEFORE YOU READ THE CHAPTER ONE OF THE PROJECT TOPIC BELOW, PLEASE READ THE INFORMATION BELOW.THANK YOU!

INFORMATION:

THE IMPACT OF INTERNAL CONTROL SYSTEM ON REVENUE GENERATION: (A CASE STUDY OF POWER HOLDING COMPANY OF NIGERIA (P.H.C.N) OKPARA AVENUE ENUGU)

CHAPTER ONE

INTRODUCTION

1.0. BACKGROUND OF THE STUDY

Every organization has a purpose, which includes making some product and rendering some services at a price. For normal operations of the business organization, it is the product or services of the firm that cause cash receipts (revenue) to flow into the firm. Revenue is associated with products or service of a firm as source of expected cash receipts. Revenue is an event; an increase that applies definitely to value that is monetary. This increase occurs because the firm undertakes certain activities or there is any performance by the firm.

Revenue therefore refers to the monetary event of asset valves increasing in the firm due to the physical event of production or sales of the firms’ products or services.

In Kam (1987:237), Financial Accounting Standard Board(FASB) defines revenue as inflows or other enhancements of assets of an entity or settlements of its liabilities (or combination of both) during a period from delivery or producing goods, rendering service or other activities that constitutes the entity’s ongoing major or central operations. In addition, Hongreen et al (2002:568) described revenue as inflows of asset (almost always cash or accounts receivables) received for products or services provided to customers.

On the basis of the above, National Electric Power Authority now Power Holding Company of Nigeria is a government owned public utility establishment enjoying almost total monopoly in generating, transmitting and delivering electricity to all homes and businesses in Nigeria. According to the establishments customer service chartered (2004), her mission as a service industry is to satisfactorily meet customers electricity demand in the most cost effective manner using proven technology and well motivated customer friendly work force with adequate consideration for the environment.

Her goals include:

I. To continuously improve her service to her customer.

II. To realize full payment for timely accurate and complete billing of electricity delivered.

III. Institutionalise business and commercial orientation among the work force.

IV. Gradually aiming at closing the gap between demand and supply by upgrading and expanding, generating, transmission and distribution of infrastructure.

V. To improve skills and motivation of staff.

To achieve the above mission and goals, the management of the establishment must adopt measures to ensure that available resources are prudently used to obtain valve for money from resources allocated to them. Management in turn should generate operational data with which they evaluate the efficiency and effectiveness of their operation. It is fundament aspect of management stewardship responsibility to provide interested parties with reasonable assurance that their organisation is effectively controlled and that the accounting data it receives on a timely basis are accurate and dependable. Developing a strong system of internal control provides this assurance.

Thus internal control is defined as the whole system of control, financial and otherwise established by the management in order to carry on the business of the enterprise in an orderly and efficient manner to ensure adherence to management policies safeguard the assets and secure as far as possible the completeness and accuracy of the records. In addition the American institute of Certified Public Accountants in 1949 defined internal control as comprising the plan of organisation and all the coordinate methods and measures adopted within a business (or non profit making body) to safeguard its assets, check the accuracy and reliability of its accounting data promote operational efficiency and encourage adherence to prescribed managerial policies. A ‘system’ of internal control extends beyond those matters which relate directly to the functions of the accounting and financial department.

However, it is an established fact that all the business units and service centre of power holding company of Nigerian plc in Enugu state are often plagued by accounting and administrative control problems as it affect revenue generation and other assets. As a result the establishment revenue base has assumed a downward trend.

It has also been shown that despite considerable investment, public service delivery by the establishment is widely perceived to be unsatisfactory and deteriorating from bad to worse.

The complete dependence on capital grants allocation from government is also known. What is not known is the degree to which internal control weaknesses and reduced allocation from government contribute to the problem.

The incidence of internal control weaknesses unsatisfactory and deteriorating service delivery have the undesired effect of not only weakening the establishment’s ability to provide electricity supply effectively, but also encourages collusion, fraud, asset conversion, genuine and deliberate mistakes, corruption, lack of transparency and accountability for revenue collection and accountability for revenue collection and other assets. For the enhancement of the attainment of the mission and goals, it is therefore necessary that these hindrances be removed. It is against the above background and evaluate that this research carried out to examine and evaluate the internal control system in operation at holding company of Nigeria in Enugu state.

1.1 STATEMENT OF PROBLEM

The incidence of internal control weaknesses, unsatisfactory and deteriorating service delivery have the undesired effect of not only weakening the company’s ability to effectively provide electricity supply but also encourages collusion, fraud, embezzlements, loss of cash (revenue), assets conversion genuine and deliberate mistakes, corruption, lack of transparency and accountability for revenue collection and other assets. Despite considerable investment, public service delivery is unsatisfactory and degenerating. The company is not able to break even and sustain itself from the revenue obtained there from. This impacts so negatively on the company’s existence.

For the enhancement of the attainment of the mission and goals of the company, it is therefore necessary that these hindrances be removed. The management of the company should familiarize themselves with internal control procedures that will ensure effective service delivery and the desired revenue generation.

Unfortunately, there has a dearth of adequate information in this regard. No determined effort has been made to investigate the problem of weak internal control over service delivery and revenue generation. Therefore the main motivating factor underlying this study is the desire to break new grounds with the intent of shedding more light on this problem and seeking avenues for solving it.

Thus, the purpose of this study is to examine and evaluate the internal control system in operation at power holding company of Nigeria in Enugu state with a view of knowing its impact on revenue generation in the state.

1.2 OBJECTIVES OF THE STUDY

The main objective of this study is to evaluate, the internal control system in operations at power holding company of Nigeria in Enugu state.

Other objectives of the study are:

I. To examine the types and techniques of internal control system for revenue generation adopted by Power Holding Company of Nigeria in Enugu state.

II. To determine the impact of internal control system on revenue generation.

III. To identify the strengths and weaknesses of the system of internal control in all departments in power holding company of Nigeria in Enugu state.

1.3 SIGNIFICANCE OF THE STUDY

This study is significant for the following reasons:

i. These studies will highlight the accounting and administrative control problems plaguing power holding company of Nigeria in Enugu state.

ii. It will enable managers of services, organizations and government owned public utility establishments to bring the accounting and the internal control procedures inherent in them in conformity with internal accounting standards and practises.

iii. It will help government owned establishments to assess then internal control measures and make amends where necessary.

iv. The study could arouse further research into some other further research into some other functional areas in the company by students and accountants. It will also help to broaden (my) researchers’ knowledge.

1.4 SCOPE AND LIMITATION OF THE STUDY

Although the study was to evaluate the internal control system in operation at power holding company of Nigeria in Enugu state, to ensure accurate and reliable data collection it was limited to the study of the internal control measures at the Enugu district unit of power holding company of Nigeria plc. This covers internal control as it affects revenue generation (handling of cash) assets control administrative control and manpower control as well.

The researcher due to the following could not take a wider range of study:

i. Inability to have access to some relevant documents from the officials in the company.

ii. Financial and time constraint, which confined the researcher to only Enugu destruct unit.

1.5 RESEARCH HYPOTHESIS

Based on the objectives of this study the following null and alternative hypotheses were developed.

Ho1`: Effective internal control does not ensure effective service delivery and desired revenue generation.

HA1: Effective internal control system ensures effective service delivery and desired revenue generation.

Ho2; Weak internal control system does not encourage collusion, fraud, embezzlement, loss of revenue, assets conversion and computation in power holding company of Nigeria.

HA2: Weak internal control system encourages collusion, fraud, embezzlement, and loss of revenue, assets conversion and computation in power holding company of Nigeria.

1.6. RESEARCH QUESTIONS

The following are a few of the questions, which were asked in the questionnaire in the carrying out of this research work.

1. Does the internal audit system ensure that operations comply with set policies and promote accuracy and reliability of transactions?

2. Are internal /external auditors independent of those whose functions they appraise?

3. Based on the evaluation of the internal control system, is it effective and efficient?

4. Is the accounting and operational routine sit out in an accounting Manuel?

1.7. HISTORICAL BACKGROUND OF NATIONAL ELECTRIC POWER AUTHORITY (NOW POWER HOLDING COMPANY OF NIGERIA)

National Electric Power Authority was established by Decree No.24 of 1st April 1972 with the amalgamation of the Electricity Corporation of Nigeria (ECN) and the Niger Dam Authority (NDA). Electricity Corporation of Nigeria was the brainchild of the 1960 independence in Nigeria whereas the Niger Dam Authority existed and was the source of power during the colonial era.

National Electric Power Authority was empowered to maintain an efficient, coordinated and economic system of electricity supply to all channels of the nation.

ENUGU DISTRICT BUSINESS UNIT OF POWER HOLDING COMPANY OF NIGERIA IN ENUGU STATE.

Following the unbundling of NEPA into 18 successor companies in tandem with the Electric Power Sector Reform (EPSR) Act 2005. Enugu Electricity Distribution company plc is one of the 18 companies that emerged from power holding company of Nigeria seguel to the on-going power sector reform.

Enugu Electricity Distribution Company is among the eleven electricity distribution-marketing companies in Nigerian. The corporate Affairs Commission registers it under the Nigeria Law. The company was granted operational License in 2006 by the Nigerian Electricity Regulatory Commission (NERC).

It has 14 business districts. It is in charge of 5 states in south east geopolitical zone namely Abia, Anambra, Ebonyi, Enugu and Imo state. The registered office is okpara Avenue PMB 01287 Enugu.

The day-to-day administration of the company and formulation policies rests on the shoulders of the (CEO) Chief Executive Officer. The Chief Executive Officer is ably assisted by Department heads (Assistant general managers) that are in charge of various departments. The departments include technical services customers, human resources and administrative, finance and accounts, audit public affairs and legal.

The business is overseen by business managers who routinely report to the chief executive officer all this are to help facilitate prompt attention to customer issues and distribution of power.

1.8. DEFINITION OF TERMS

REVENUE: This describes the amount of money a company generates in a set period of time through the sale of products or services.

INTERNAL CONTROL SYSTEM: This is the whole system of control, financial and otherwise established by the management in order to carry on the business of the enterprise in an order to carry on the business of the enterprise in an orderly and efficient manner.

AUDITING: An activity earned on by the auditor when he verifies or examines accounting information determines the accuracy and reliability of the accounting statement and reports and then expresses his opinion.

CONTROL ACTIVITIES: Policies and procedures that management has established

AUDIT: An independent examination of and the subsequent expression of opinion upon the financial statements of an organization.

INTERNAL CHECK: This is the allocation of authority and work in such a manner as to afford checks as the routine transactions of day to day work by means of the work of one person are being proved independently by another or the work of a person being complementary to that of another.

HOW TO GET THE FULL PROJECT WORK

PLEASE, print the following instructions and information if you will like to order/buy our complete written material(s).

HOW TO RECEIVE PROJECT MATERIAL(S)

After paying the appropriate amount (#5000) into our bank Account below, send the following information to

08068231953 or 08168759420

(1) Your project topics

(2) Email Address

(3) Payment Name

(4) Teller Number

We will send your material(s) immediately we receive bank alert

BANK ACCOUNTS

Account Name: AMUTAH DANIEL CHUKWUDI

Account Number: 0046579864

Bank: GTBank.

Account Name: AMUTAH DANIEL CHUKWUDI

Account Number: 2023350498

Bank: UBA.

HOW TO IDENTIFY SCAM/FRAUD

As a result of fraud in Nigeria, people don’t believe there are good online businesses in Nigeria.

But on this site, we have provided “table of content and chapter one” of all our project topics and materials in order to convince you that we have the complete materials.

Secondly, we have provided our Bank Account on this site. Our Bank Account contains all information about the owner of this website. For your own security, all payment should be made in the bank.

No Fraudulent company uses Bank Account as a means of payment, because Bank Account contains the overall information of the owner

CAUTION/WARNING

That you ordered this material shows you have agreed not to copy word-to-word.

FOR MORE INFORMATION, CALL:

08068231953 or 08168759420

AFFILIATE LINKS:

Tags: THE IMPACT OF INTERNAL CONTROL SYSTEM ON REVENUE GENERATION: (A CASE STUDY OF POWER HOLDING COMPANY OF NIGERIA (P.H.C.N) OKPARA AVENUE ENUGU)

7 years ago 0 Comments Short URL

THE IMPACT OF AUDITING IN CONTROLLING FRAUD AND OTHER FINANCIAL IRREGULARITIES (A CASE STUDY OF FIRST BANK NIG. PLC, AKPAKPAVA, BENIN CITY)

ATTENTION:

BEFORE YOU READ THE CHAPTER ONE OF THE PROJECT TOPIC BELOW, PLEASE READ THE INFORMATION BELOW.THANK YOU!

INFORMATION:

THE IMPACT OF AUDITING IN CONTROLLING FRAUD AND OTHER FINANCIAL IRREGULARITIES (A CASE STUDY OF FIRST BANK NIG. PLC, AKPAKPAVA, BENIN CITY)

CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND OF STUDY

The impact of auditing in controlling fraud and other financial irregularities can not be over emphasized. This is due to the fact that auditing is one of the most important technique in financial management.

Auditing stated in the United Kingdom in the 17th century as a way of providing information to wealth owners. Over the years, auditing has developed and is universally accepted as a means of checking on the operation of organization in ensuring that their activities and policies are in consonant with the best practices and also to ensure accountability in reporting the result of their activities of the shareholders.

In Nigeria, the Audit Act of 1958 and finance and management Act of 1968 emphasized the need for government owned company to be audited. The principle objective of auditing is, transparency and accountability in reporting.

Balogun Badejo and Co. was founded on April 1st, 1969, it is one of the foremost practicing firms in Nigeria offering professional services in the following areas: Accounting, Auditing, Insolvency, Taxation and Financial Advisory Services.

Accountant measure a business entity’s income, expenses and changes resources. Fraud as rapidly spread in Nigeria as a result of lack of proper accounting control. Auditor has had a major impact in controlling fraud and other financial irregularity.

Fraud is a wrongful or criminal deception intended to result in financial or personal gain, as a result of this, the banking sector as a high risk nature and has adapted the used of auditor in the control of fraud. Conclusively, auditing firms carryout their audit using computerized system to express an independent financial statement in an organization.

1.2 STATEMENT OF THE STUDY

The main problem of this study is to examine the fraudulent act that may exist in the accounting system of some companies in Nigeria. Many scholars are always interested in the impact of auditing in controlling fraud and other financial irregularities, following the inherent fraudulent act in the system, thus requiring a study of his of critically asses, this fraudulent and highlight there implication of the statement.

Most organizations are adopting the use of auditing in checkmating or controlling fraud. The banking sector as a result of it’s high rate of fraudulent act has adopted the use of auditing to benefit the advantages of true view of the financial statement. Present day audit has advance to include Computer Assisted Audit Technology (CAAT)so as to meet the required skills of auditing computerized accounting system.

Therefore, there is an urgent need for staff and stakeholders to be aware and also to acquire knowledge in the advances of fraudulent act in an organization.

Money may be loss due to fraudulent act, there is a need for an organization to create, set up, an audit group to checkmate the rate of fraud.

1.3 HISTORICAL BACKGROUND OF FIRST BANK OF NIG. PLC

First Bank of Nigeria is a Nigerian bank and financial services firm.

First Bank traces its ancestry back to the first major financial institution founded in Nigeria; for this reason the name was given to the bank. The current chairman is Prince Ajibola Afonja.

The Bank traces its history back to 1894, the Bank of British West Africa. The bank originally served the British shipping and trading agencies in Nigeria. The founder, Alfred Lewis Jones, was a shipping magnate who originally had a monopoly on importing silver currency into West Africa through his Elder Dempster shipping company. According to its founder, without a bank, economies were reduced to using barter and a wide variety of mediums of exchange, leading to unsound practices.

In 1957, Bank of British West Africa changed its name to Bank of West Africa (BWA). After Nigeria’s independence in 1960, the bank began to extend more credit to indigenous Nigerians. At the same time, citizens began to trust British banks since there was an ‘independent’ financial control mechanism and more citizens began to patronize the new Bank of West Africa.

In 1965, Standard Bank acquired Bank of West Africa and changed its acquisition’s name to Standard Bank of West Africa. In 1969, Standard Bank of West Africa incorporated its Nigerian operations under the name Standard Bank of Nigeria. In 1971, Standard Bank of Nigeria listed its shares on the Nigerian Stock Exchange and placed 13% of its share capital with Nigerian investors. After the end of the Nigerian civil war, Nigeria’s military government sought to increase local control of the retail-banking sector. In response, now Standard Chartered Bank reduced its stake in Standard Bank Nigeria to 38%. Once it had lost majority control, Standard Chartered wished to signal that it was no longer responsible for the bank and the bank changed its name to First Bank of Nigeria in 1979.

1.4 OBJECTIVE OF THE STUDY

The objectives of this research work are as follows:

1. To examine the impact of auditing in ensuring fraud reduction and accountability in an organization.

2. To show how auditing has helped in preventing fraudulent activities in banking sectors.

3. To assess the relevance and functions of auditors in organizations.

4. To explain how auditor and auditing has helped in the banking sector, also how it has helped the investors and the government in decision making.

5. To explain how the auditor, through the process of auditing control fraud and other financial irregularities in a firm.

1.5 RESEARCH HYPOTHESIS

Based on the foregoing, the following research hypotheses formulated will be empirically tested and result gotten will serve as a basis for recommendations. The hypothesis is as follows:

Ho: auditing does not help to control fraud and other financial irregularities in banking sector

Hi: auditing helps to control fraud and other financial irregularities in banking sector.

Ho: auditors have not helped to correct irregularities in finance in the banking sector

Hi: auditors have helped to correct irregularities in finance in the banking sector

1.6 RESEARCH QUESTION

1. Does auditing really help to control fraud and other financial irregularities in banking sector?

2. Has auditor helped to correct irregularities in finance in the banking sector?

3. Are the books of account of First Bank Plc conducted in an orderly manner?

4. Is there reasonable assurance that transactions are fully and properly recorded to avoid fraud?

5. Has fraudulent activities reduced in First Bank Plc through the process of auditing?

1.7 SIGNIFICANCE OF STUDY

This research is aim at revealing the impact of auditing in controlling fraud and other financial irregularities.

The project shows that auditors also examine, on a test basis, underlying transactions and records supporting financial statement balances and disclosures. An auditor assesses the accounting principles used and significant estimates made by management and evaluate the overall financial statement presentation.

At the end of this study, some firms who do not know the impact of auditing in controlling fraud will be aware of the functions and impact of auditing in controlling fraudulent activities.

This research work will also be useful to students in Accountancy department and Business Administration department as well as management of organizations as the study generally reveals how auditors through the process of auditing control fraudulent activities.

1.8 SCOPE OF THE STUDY

Auditing is a vast and complex subject but in the course of study, we will concentrate our mind on verification and valuation of asset and liability legal position of an auditor. We also discuss the characteristics and conduct of auditor.

Furthermore, such area as the nature of auditing in controlling fraud and other financial irregularities is covered in this project.

Finally, to get an indication that some fraud or error may have occurred which could result in material misstatement.

1.9 LIMITATION OF STUDY

A number of limitations were encountered in the course of study most of these relate to finance, time and data collection.

FINANCE: Financial constraint at this point in time when we Nigerian continues to witness devaluation of the naira and the means of affording the relevant material become very expensive.

TIME LIMIT: The time limit made it impossible to cover as much ground been a project work for the partial fulfillment of the ordinary diploma in accountancy.

1.10 DEFINITION OF TERMS

1. Auditing – An official examination of business and financial records to see that they are true and correct.

2. Auditor – Professional expert in the checking of books of account or record.

3. Audit – is an evaluation of person, organization, system process, enterprises, project or product.

4. Fraud– Illegal method of collecting/getting money from organization (it is a criminal offence).

5. Error; an error is something that is done in a wrong way or a mistake that is made in the course of doing something.

6. Management – The act of running and controlling a business or seminar organization.

7. Dishonesty – Lack of trust and intending to deceive people.

8. Financial irregularity- international misstatement or omissions of amount or disclosures in financial statement done to deceive financial statement users.

HOW TO GET THE FULL PROJECT WORK

PLEASE, print the following instructions and information if you will like to order/buy our complete written material(s).

HOW TO RECEIVE PROJECT MATERIAL(S)

After paying the appropriate amount (#5000) into our bank Account below, send the following information to

08068231953 or 08168759420

(1) Your project topics

(2) Email Address

(3) Payment Name

(4) Teller Number

We will send your material(s) immediately we receive bank alert

BANK ACCOUNTS

Account Name: AMUTAH DANIEL CHUKWUDI

Account Number: 0046579864

Bank: GTBank.

Account Name: AMUTAH DANIEL CHUKWUDI

Account Number: 2023350498

Bank: UBA.

HOW TO IDENTIFY SCAM/FRAUD

As a result of fraud in Nigeria, people don’t believe there are good online businesses in Nigeria.

But on this site, we have provided “table of content and chapter one” of all our project topics and materials in order to convince you that we have the complete materials.

Secondly, we have provided our Bank Account on this site. Our Bank Account contains all information about the owner of this website. For your own security, all payment should be made in the bank.

No Fraudulent company uses Bank Account as a means of payment, because Bank Account contains the overall information of the owner

CAUTION/WARNING

That you ordered this material shows you have agreed not to copy word-to-word.

FOR MORE INFORMATION, CALL:

08068231953 or 08168759420

AFFILIATE LINKS:

Tags: AKPAKPAVA, BENIN CITY), THE IMPACT OF AUDITING IN CONTROLLING FRAUD AND OTHER FINANCIAL IRREGULARITIES (A CASE STUDY OF FIRST BANK NIG. PLC

7 years ago 0 Comments Short URL

AN EVALUATION OF EFFECTIVE FINANCIAL MANAGEMENT IN A COMPUTERIZED ACCOUNTING SYSTEM

ATTENTION:

BEFORE YOU READ THE CHAPTER ONE OF THE PROJECT TOPIC BELOW, PLEASE READ THE INFORMATION BELOW.THANK YOU!

INFORMATION:

AN EVALUATION OF EFFECTIVE FINANCIAL MANAGEMENT IN A COMPUTERIZED ACCOUNTING SYSTEM

CHAPTER ONE

INTRODUCTION

1.0 BACKGROUND OF THE STUDY

In the ancient days, human activities were relatively easy. The difficulties posed by nature then, were considerably simple and demanded solution of relative simplicity.

The compounded problems of man and his way to solve them necessitated the inventors of machine i.e. computer. Since the invention of the first machine, the world has experienced a tremendous degree of advancement in technology and one for the machine invented for solving complicated problems in the computer.

With increasing frequency, it is recognized that an understanding of the computer how it influence accounting operations and it is benefits to every accounting student and intend to work this world of advancing technology cannot be over emphasized.

Due to the recent intends in accounting operations and the complexity of these operations with the number of task to be performed constantly on the increase, to day’s accountants are left with no option other than to always device ways by which these increasing tasks could be processed, more speedily and accurately so that there will be no loss of information.

With the advent of computer many organizations have computerized their accounting system. An example for such organization with computerized accounting system is First Bank of Nigeria Plc.

1.1 STATEMENTOF THE PROBLEM

The computer is known for its speed and accuracy in processing information, such speed and accuracy have been achieved manually or by any other device.

It is expected that a computerized baking system will facilitate the speed and accuracy of processing transaction of financial nature and also reduces customer wasting time.

This has been achieved by virtue of technology, other countries where customers service and general financial management have been computerized whether it can be established is yet to be confirmed.

The fact of the matter which the researcher intends to study is:

a) Of what relevance is computerization accounting system.

b) Has there been a tremendous change in financial management and the entire system, since the establishment of computerization accounting system.

c) Though benefits are abound, could there be limitation of computerization an organization accounting system? What could be done to change the present situation.

d) Whether the computerization has improved the level of fraud and other misappropriation of fund in the organization.

1.2 OBJECTIVE OF THE STUDY

The need to minimized fraud and improve service to customers is one of the primary important today, due to the increasing number of new generation banks therefore, the main objectives of this study is to asses:

a) The effectiveness of financial control in a computerized environment

b) Whether computerization has minimized the level of fraud and error in banking sectors.

c) Whether computerization has improved the profitability performance of the organization.

d) Whether it has increase speed in attending to customers’ needs and finally, effort will be made to recommend feasible banking organization.

1.3 SIGNIFICANCE OF THE STUDY

In spite of numerous decrees, enactment and there have been increase in the number of reported case of all kinds of misappropriation of customers funds and properties in the public sectors. And this study will bring enlightenment and be of great benefit to the entire country at large, and the significance is as follows:

a) The computer will be serve as an eye opener for organizations both private and public sectors, who have the intention of computerizing its accounting system, but yet to know the benefits attached to it.

b) Through this study, useful suggestion will be given out to the management on how to improve in their financial report.

c) Performance of financial management and accountability with the view of improving it in future will be assessed that can be of benefit to the government and will serve as springboard for future used.

1.4 STATEMENT OF HYPOTHESIS

Thy hypothesis serve as the theoretical concepts on how the research result would appear, therefore, they are guide to the researcher in planning the course of inquiry in choosing the kind of data and examine the result of study simply put, and the hypothesis states the researcher’s expectation concerning the relationship between variables in the problem.

Null Hypothesis Denoted by:

Ho: Computerization has improved financial control management.

Alternative Hypothesis Donated by

Hi: Computerization has not made any impact in financial control management.

1.5 SCOPE AND LIMITAION OF THE STUDY

Though the entire banks in Nigeria are almost computerized, the study will spesifically look at the case as relevant to the First Bank of Nigeria Plc. Kaduna state.

The research will also like to critically observe the impact of computerization on the customers wasting time during paying and withdrawal of cash or undergoing any transaction with the ATM machine with the First Bank of Nigeria Plc.

1.6 HISTORICAL BACKGROUND OF FIRST BANK OF NIGERIA PLC.

The history of First bank of Nigeria Plc dates back to 1984 when the Bank of British West Africa (First Bank of Nigeria Plc) opened its branch office in Lagos.

First Bank of Nigeria Plc, leading financial institution in Nigeria with the over a hundred years of Banking operation experience in the industry. It founded by a shipping magnate from Liverpool, Sir, Alfred Jones.

It commenced operation as a small bank in the office of Elder Dumpster Company in Lagos and was incorporated as a limited liability company in London on the 31st March,1894 with head office in Liverpool. Under the corporate name of the Bank of British West Africa with a paid up capital of 12,000 pounds sterling, it started business after it had absorbed its predecessor, the Africa Banking Corporation in 1892.

In 1896, a branch was opened in Accra, Gold Coast (Ghana) while another branch was established in Sierra-Leone in 1898. The third branch in Nigeria was opened in the old Calabar in 1900 and two years later, it services had extended to the Northern Nigeria with it Northern regional Branch at Kaduna. The branch has experienced phenomenon growth over the years with a share capital of 5.6 million naira in 1980, which rose to 269 million naira ( including a bonus reserve of 53.8 million naira) in 1995 at 500 million naira in 1998. the banks total assets currently stand at 59.82 billion naira. At the commencement of operation in 1894, it has a staff of six (6) comprising of three (3) Europeans and three (3) Africans but today, the bank is virtually Nigerialized.

In its determination to identify with aspiration of the country, in its March toward National development, the bank has had to continually adjust its organization structure and corporate entity. It startes with West Africa countries, the bank was incorporated locally in 1969 to become standard bank of Nigeria Limited.

This was in response to the dictate of companies decree of 1968 and there after, the participation of Nigerians in the management of the bank became a corporate policy. Further changes in the name of the bank were made in 1979 and 1992 to first Bank of Nigeria Limited and also to First Bank of Nigeria Plc respectively .

First Bank of Nigeria Plc, has diversified into a wide range of banking activities and services including, merchant and international banking.

Today, the bank boast of magenificent head office in Lagos with a branch network of 291 as well as alarge number of staffs and a diversified loan port folio to various sector of the economy.

1.7 DEFINITION OF TERMS

i) Computer: This is defined as electronic machine that accept data (in raw form) and instruction through special input and devices and after processing in its internal memory, produces a meaningful output and also computer can be defined according to the Oxford Dictionary as an electronic machine that can be supplied with a programme and can store and recall information and perform various processes on it.

In addition to that, computer is an electro-mechanic device which is capable of accepting data, processing data, and brings out result meaningful way.

ii) Financial control: This is the regulation of the flow of money through the enterprise and in particular, with ensuring that cash is always available to pay debt when fall due.

iii) Accounting: is the act of recording, classifying, selecting, measuring, interpreting and communicating financial data of an organization to enable user make assessment and decisions, is also a discipline which comprises of set of theories and concept for processing financial data into information. Accounting records in monetary terms the flow of economic valve within or between economic entities.

An accountant must not only be interested in record keeping alone but in the application of his professional competency or knowledge and skill in present accounting information to assist management in decision making.

iv) System: It means the method of unifying personal activities, machine and materials to accomplish the objective of the enterprises.

v) Data: These are raw fact and figures that are not correctly being used in a decision process and they usually take the form of historical records that are record and filled without immediate intent to reference for decision making.

vi) Bank: According to the encyclopedia of the banking and finance, the terms “Bank” in its broadcast senses may be applied to any organization engaged in any or all of the various function of “Bank” i.e. receiving, collecting transferring, paying, lending, investing, dealing, exchange and servicing (safe keeping of deposits custodianship agency, trusteeship) of money and claim both domestically and internationally.

vii) Management: can be defined as a co-ordination of the all the resources through planning, organizing and controlling so as to achieve organizational goals. And also can be defined as an effective and efficient utilization of both human and material resource to achieve the desired goal and objective in the organization.

viii) Effective: This refers to the successor otherwise in achieving objectives. It is therefore concerned only with output usually; the objectives of the organization would be specified in more details so that the measure of effectiveness is more useful. The specification are; there will always be capacity for interpretation, as with efficiency, effective is most important thing about financial management, is that the degree of effectiveness says nothing about how much was spend to achieve it either the project services, may have cost what was budgeted or twice what was budgeted or more that what it should have cost.

ix) Evaluation: is the act of considering something to decide how useful or valuable it is, or a document in which this is done.

HOW TO GET THE FULL PROJECT WORK

PLEASE, print the following instructions and information if you will like to order/buy our complete written material(s).

HOW TO RECEIVE PROJECT MATERIAL(S)

After paying the appropriate amount (#5000) into our bank Account below, send the following information to

08068231953 or 08168759420

(1) Your project topics

(2) Email Address

(3) Payment Name

(4) Teller Number

We will send your material(s) immediately we receive bank alert

BANK ACCOUNTS

Account Name: AMUTAH DANIEL CHUKWUDI

Account Number: 0046579864

Bank: GTBank.

Account Name: AMUTAH DANIEL CHUKWUDI

Account Number: 2023350498

Bank: UBA.

HOW TO IDENTIFY SCAM/FRAUD

As a result of fraud in Nigeria, people don’t believe there are good online businesses in Nigeria.

But on this site, we have provided “table of content and chapter one” of all our project topics and materials in order to convince you that we have the complete materials.

Secondly, we have provided our Bank Account on this site. Our Bank Account contains all information about the owner of this website. For your own security, all payment should be made in the bank.

No Fraudulent company uses Bank Account as a means of payment, because Bank Account contains the overall information of the owner

CAUTION/WARNING

That you ordered this material shows you have agreed not to copy word-to-word.

FOR MORE INFORMATION, CALL:

08068231953 or 08168759420

AFFILIATE LINKS:

Tags: AN EVALUATION OF EFFECTIVE FINANCIAL MANAGEMENT IN A COMPUTERIZED ACCOUNTING SYSTEM

7 years ago 0 Comments Short URL

AN EVALUATION OF IMPACT OF COMPUTERIZED ACCOUNTING SYSTEM IN UNITED BANK FOR AFRICA (UBA) NIGERIA PLC KADUNA

ATTENTION:

BEFORE YOU READ THE CHAPTER ONE OF THE PROJECT TOPIC BELOW, PLEASE READ THE INFORMATION BELOW.THANK YOU!

INFORMATION:

AN EVALUATION OF IMPACT OF COMPUTERIZED ACCOUNTING SYSTEM IN UNITED BANK FOR AFRICA (UBA) NIGERIA PLC KADUNA

CHAPTER ONE

1.0. INTRODUCTION

During the primitive age very little or no notes were taken into proper record especially those activities and transactions involving money. The records and notes were usually taken either in memory (human being) or some marks on the ground or trees.

As man developed from this primitive era to more complex economic society, there occurs notable growth and expansion in his way of life and activities he undertakes. During this time, the most disturbing problems that man faced was that there were no accounts and records. Being properly kept and stored. These therefore allow for inefficiency and breach of contract and trust.

The more developed man became the more the need for systematic record keeping and storage. The complexity of the society lead to chronological order of manual development in record keeping. Important records can be kept manually for future use but still in tedious way.

At a more technological era, more work was done in the accounting system. Accuracy, efficiency and durability became pressing problems that faced the manually kept and processed records in the accounting system, hence the development and introduction of electronic mechanical machine into the accounting system became very vital.

A systematic technological advancement however gradually gave birth to what is known today as the computer. A computer is an electronic device capable of accepting data as input, applying prescribed processes on such data and giving out an output which is called information, computer can also be said to be a machine that manipulates in accordance with given rules in a pre-determined manner. It is an electronic device that is used to process complex and variety of data within the shortest possible time: This is because it has very high speed of operation.

Data can get into the computer for processing via the input devices such as keyboards, diskette, CD Rom, punch cards, flash drive etc. the actual processing of data within the shortest possible time: this is because it has very high speed of operation.

Data can get into the computer for processing via the input devices such as keyboard, diskette, CD Rom, punch cards, flash drive etc. the actual processing of data takes place in the arithmetic and logical unit (ALU). The control unit (CU) is where all the activities of a computer system are being monitored or coordinated and planned. There also is the memory that is the unit in charge of storing or keeping all data or information in a computer system for a long and short period of time. This storage is made possible under the supervision of the ROM and RAM.

There are various types of computers. They are classified as either analogue, digital or hybrid computers. A computer can also be a single purpose computer or a general purpose one. The computer is being used as an accounting device to perform various types of routine office jobs which formerly required the services of the clerical officer. Where the computer is installed and used effectively. It could perform payroll calculations, update accounts receivable and payable, control inventories, process insurance data, prepare dividend, keeping depositors accounts, distribute costs and expenses.

Accounting system in common use ranges from simple system in which accounting records are maintained by hand to sophisticated system on magnetic disk. The accounting to be used in any given company should be well tailored to the size and to the information need of the business in a computer based accounting system, he accountant need only to enter the data needed for the computer to prepare journal entries. All the writings and postings to general ledger and subsidiary accounts are then handled by the computer.

1.1 BACKGROUND OF THE STUDY

Computer being a new remarkable thing in the banking system in the country has increased the rate of which financial records such as ledger, customers accounts, balance sheets etc. are prepared. Since there immemorial banks usually process information such as calculations of money, updating of customers account etc manually, or with the aid of pocket calculators. In recent times, the number of customer operation account with the banks have increased. As a result of this, banks there fore decided to employee a means through which information can be processed efficiently and to ensure reliability in a speedy manner and this therefore initiated the introduction of computer operation into the banking system.

Many Nigeria banks had since computerized their system of accounting, UBA Nigeria Plc is not an exception. It is therefore expected that by now the computerized accounting system whole have increased the speed in the deposit and withdrawal of money from the UBA Nigeria Plc Ahmadu Bellow Way branch. It is also expected that this system would be of immense benefit to the bank and that staff of the bank especially the cashiers would have by now, acquired the necessary skills that would enable them perform effectively using the computer. Apart from these, the UBA is expected to have discovered problems (if there are) associated with the use of computerized system of accounting.

1.2 STATEMENT OF THE PROBLEM

Banks in Nigeria have been using the computerized accounting system in their day-to-day activities. The UBA had adopted this system also.

The efficiency however of using this system by banks in Nigeria needs to be ascertained alongside its problems. Identifying how efficient the computerized accounting system has being would go a long way in accessing it i.e. knowing the advantage and disadvantage associated with it. Also one can be able to conclude that their advantage out numbered its disadvantage or their disadvantage over-power it advantages. Beside this, one can also have an insight on how Nigerian banks had change or improved over the years in terms of efficiency and accuracy since the introduction of the computerized accounting system. Into Nigerian banks the following therefore are the problems that promoted the undertaking of this research study. They include:

i. Persistent system failure hinders the effective rendering of service to customers.

ii. Break down or temporary lack of service in the system also affect the operation of the bank.

iii. Manipulation of the computers by the staff with the attempt to defraud the bank also make important effect on the operation of the bank.

iv. Frequent changes in the computer packages and without proper and adequate training also affect the operation of the bank.

1.3 OBJECTIVES OF THE SUDY

In every organization, either private, public volumes of paper work are being created daily and these volume of paper represents data that must be processed. This study will highlight the ways the computer has help to minimize the work load this study is also aimed at highlighting the problems of computerized accounting system, (if there are) in UBA Nigeria Plc Ahamadu Bello way branch where manual efforts are being replaced with computerized activities. It is also the aim of this study to find out how the computerized accounting system has assisted the bank in achieving their goals and objectives.

This work would also analyze the prospects of the use of the computerized accounting system in modern banking.

1.4 RESEACH QUESTION

The research questions were chosen to be used by the researcher instead of formulating hypothesis. This study will attempt to provide answers to the following research questions.

1. Do you agree that your organization has training policy?

2. Do you agree that the type of training and development undertaken by an employee determine his/her present and future position?

3. Do you agree that the training policy of your organization is satisfy able?

4. Do you agree that poor performance necessitates training of staff in your organization?

5. Do you agree that the need to improve staff skills and ability is what necessitate training of staff in your organization?

1.5 SIGNIFICANCE OF THE STUDY

This study would enable the researcher to pass their experience on the subject matter i.e. the problems and prospects of computerized accounting system in Nigeria banks to the concerned organization i.e. UBA Plc, Ahmadu Bello way branch so as to enable them be more conversant with any problem that might be identified as a result of the use of the computerized accounting system.

The findings of this research work will also serve as reference for academic endeavour to lecturers and students and also help customers of banks who would want to know about some advantages and disadvantages (if any) of the use of the computerized accounting system.

1.6 SCOPE OF THE STUDY

This study focuses on identifying the benefits that accurse to Nigeria banks as a result of the use of the computerized accounting system. It also tries to figure out any problem associated with the use of this system.

Considering the time frame within which this work is to be completed and other factors; the researcher have decided to limit is work on the UBA Nigeria Plc, Ahamadu Bello way branch. The research will cover UBA Ahmadu Bello way branch Kaduna.

1.7 HISTORICAL BACKGROUND OF THE STUDY

The UBA has its antecedents rooted in that of its precursor, the British and French bank Ltd. The British and French Bank ltd itself metamorphosed from BNCI, Parish (banquet National Pour Le Commerce ETL Industries) reestablished in 1932.

In 1949, the British and French Bank began operations in Nigeria at broad street, Lagos and officially opened for business in December with staff strength of twelve (12). The bank went public in 1960 in accordance with the policy and intention of the French owners of the bank to sell some of their shares to Nigerians. UBA became the First Bank among the international banks operating in Nigeria at that time to be registered under the Nigeria law. Its paid up capital was over 4 million.

By 1961 the bank grew from it one office structure to ten branched ;located in Lagos, Kano, Kaduna and Port Harcourt. The branches that pioneered this early development of the bank include Kano branch established in 1934, Ebute meta branch (May 1933), Apapa, were huse road (March 1936) and Port-Harcourt, Aggrey Road (October 12936).

Due to the recent consolidation in the banking industry UBA was acquired by standard trust bank plc, however, the name of the bank stood as UBA. This was probably because of the good name and popularity of UBA. The acquisition took place some times between July and August 2005. After the merging, UBA now have four hundred and twenty six (426) branches nation wide with a capital and assets base of about 100 billion and N400 billion respectively. UBA is the first to emerge a mega bank in Nigeria.

Through the merger resulted in the retrenchment of some of its staff, UBA staff has increased in number when compared to the number before the merging, presently, the chairman of the bank is Barrister Sofola (San).

HOW TO GET THE FULL PROJECT WORK

PLEASE, print the following instructions and information if you will like to order/buy our complete written material(s).

HOW TO RECEIVE PROJECT MATERIAL(S)

After paying the appropriate amount (#5000) into our bank Account below, send the following information to

08068231953 or 08168759420

(1) Your project topics

(2) Email Address

(3) Payment Name

(4) Teller Number

We will send your material(s) immediately we receive bank alert

BANK ACCOUNTS

Account Name: AMUTAH DANIEL CHUKWUDI

Account Number: 0046579864

Bank: GTBank.

Account Name: AMUTAH DANIEL CHUKWUDI

Account Number: 2023350498

Bank: UBA.

HOW TO IDENTIFY SCAM/FRAUD

As a result of fraud in Nigeria, people don’t believe there are good online businesses in Nigeria.

But on this site, we have provided “table of content and chapter one” of all our project topics and materials in order to convince you that we have the complete materials.

Secondly, we have provided our Bank Account on this site. Our Bank Account contains all information about the owner of this website. For your own security, all payment should be made in the bank.

No Fraudulent company uses Bank Account as a means of payment, because Bank Account contains the overall information of the owner

CAUTION/WARNING

That you ordered this material shows you have agreed not to copy word-to-word.

FOR MORE INFORMATION, CALL:

08068231953 or 08168759420

AFFILIATE LINKS:

Tags: AN EVALUATION OF IMPACT OF COMPUTERIZED ACCOUNTING SYSTEM IN UNITED BANK FOR AFRICA (UBA) NIGERIA PLC KADUNA

7 years ago 0 Comments Short URL

AN EVALUATION OF PAY-AS-YOU EARN (PAYE) ADMINISTRATION SYSTEM IN REVENUE SERVICES

ATTENTION:

BEFORE YOU READ THE CHAPTER ONE OF THE PROJECT TOPIC BELOW, PLEASE READ THE INFORMATION BELOW.THANK YOU!

INFORMATION:

AN EVALUATION OF PAY-AS-YOU EARN (PAYE) ADMINISTRATION SYSTEM IN REVENUE SERVICES

CHAPTER ONE

INTRODUCTION

1.1 BACKGROUND OF THE STUDY

A tax could be defined as the transfer of resource from the private to the public sector in order to accomplish some of a nation’s economic and social goals.

The primary economic goal of developing countries a is to increase the rate of economic growth and hence the per capital income which will lead to pre capital income which will lead to higher standard of living. If due recognize two major accomplishment as requirement for the attainment of this goals.

Provision of additional basic government services, particularly in education, public health and transport, which are important for the growth of remainder of the economy.

A higher rate of capital formation in production facilities, whether understand in the government or private sector. The specific goal, is of course , not the highest rate that will permit the maximum rate of growth in GNP regarded as feasible under the circumstance. Broadly, it could be said that there are three main method of financing expenditure open to most developing countries: –

i. Taxes and other current receipts such as the profit of public enterprises.

ii. Loans and

iii. grants

of these source, taxation is perhaps the most important since that level of government expenditure is to a great dependent on the ability of the tax system to place the requirement revenue at the disposal of government.

Thus, Chelliah (1960) asset, taxation might be used to accomplished the following objectives:

a. Increasing the incentive to save and invest

b. Transferring resources from hand of public to the hand of the state to make possible public investment.

c. Modifying the pattern of investment

d. Mitigating economic inequalities

e. Restraining or curtailing consumption and transferring resources from consumption of investment.

These objectives are relates to the ultimate goals of increase in national income and of the direction of economic development.

The various form of taxation could be classified under two headings – indirect and direct.

Indirect taxes are those types of taxes are levied against goods and services e.g of indirect in Nigeria are custom duties and excise duties.

Direct taxes are those types of taxes levied on factors of production. In Nigeria, direct taxes consists of personal income tax, company income tax, petroleum profit, capital gains tax and capital transfer tax.

The administration of the income tax laws in each of the federation is vested in the state board of interval revenue services. Prior to 1993 the composition of the board could vary from state to state effective fraud 1993, the composition is now uniform throughout the country.

1.2 STATEMENT OF RESEARCH PROBLM

Every research work start with the statement problems which the research work intends to paid solution to the work tilted “the problem and prospects of pay as you earn administration system in Nigeria. A case study of the board of internal revenue, Kaduna. The following are some of the problems to be looked into:

1. What are the various sources of fund that are made available to the state.

2. How responsible is the board in revenue generation in the state?

3. What is relationship between the board and tax payers.

4. What enlightenment for the tax pa tax payers towards of the boards objectives.

5. How effective and efficient is the board in revenue identification and collection.

6. What is the projected of revenue generation in the state.

1.3 AIMS AND OBJECTIVES OF THE STUDY

The aims and objectives of this study are: –

i. To examine the entire machinery of pay-as-you-earn collection in Kaduna state.

ii. To enlighten the taxpayers of the usefulness of the revenue derived from the system.

iii. To enlighten readers of the categories of income liable to the system.

iv. To demonstrate the procedure law down in the computation and treatment of the system.

v. To study, evaluate and to make possible recommendation o f improving the machinery of pay as you earn in Kaduna state

1.4 SIGNIFICANCE OF THE STUDY

This research work is of great significance not only to the Board of internal revenue, Kaduna but also to its likes all over the other state of the Nigeria and at the federal and local government level. It will greatly aid in enlightening the government and operations of the board with the analysis and knowledge of pay as-you-earn ways of over coming these problems of identified will be of great significance to the board. They will also richly benefit for revenue source analysis to discover how best they can be exploited.

To the general public and other organization, this work will give the needed knowledge about the revenue generation machinery so as to erase any possibility of ignorance. For student and researchers, it is an educational material that creates an issue for further research and reference. Thus, the significance of this work cannot be under estimated.

1.5 RESEARCH QUESTIONS

a. Is there any relationship between government policies and pay-as-you-earn.

b. Is shortage of manpower a problem for effectives administration of pay as-you-earn to the board?

c. Is the organizational structure of the board consistent with accepted principles?

d. Has the board succeeded in facilitating in any way, the collection of pay as you earn tax in Kaduna state?

e. What are the factors responsively for the development of any tax system?

1.6 SCOPE OF THE STUDY

This research work is reduced in scope to Kaduna state which is one of the 36 states of Nigeria. Within Kaduna state not all the activities, the scope of this study is therefore limited to the revenue generation activities of the board of internal revenue, Kaduna.

1.7 LIMITATION OF THE STUDY

This research is hampered most especially by time constraints. A near accurate research work demands a very long term of study so as to generate enough data and make enough analysis and verification of data and the analysis.

Unfortunately, the period within which this work should be completed is short and shaved between many other things to do. Also there is a shortage of relevant texts and documents either by their non availability, unaffordable cost of procurement or confidentially. These are vital data source that their absence with hamper on the claimed validity of any work.

Finally, the uncooperative attitudes of some staffs of the board has its on negative effect on this work because their attitude has been a discouragement which reduce the zeal to unique more.

1.8 DEFINITION OF TERMS

PAYE: The term pay as you earn (PAYE) is used to described the system where by the employee pay tax on what ever income he earns from his employment in any particular mouth at the end of that month.

TAX AUTHORITY: The person or body of person responsible under income tax decree No 104 of 1993 to impose compute, collect and administer tax legislation.

FREE PAY ALLOWANCE: Employees entitlement under the personal income tax such as: children, dependent allowance etc.

RETURN FORM: is form use to declared employees income and claims the allowance entitlement to.

TAX REFUND: Is the amount refunded to an employee if he is over assessed after claming free pay allowance.

TOTAL PAY: Is the sum of all payable to employees during any remuneration period including all allowance, bonuses, acting allowance, commission etc.

MONTHLY REMITTANCE: Is the total tax collected during the mouth from pay of employees. Which is payable to the board of internal revenue service after lessing tax refund if any.

DIRECTED EMPLOYER: The person/organization directed by tax authority on prescribed form to operate PAYE on the emolument of his employee.

GDP: Gross Domestic Product.

DNP: Gross National Product

HOW TO GET THE FULL PROJECT WORK

PLEASE, print the following instructions and information if you will like to order/buy our complete written material(s).

HOW TO RECEIVE PROJECT MATERIAL(S)

After paying the appropriate amount (#5000) into our bank Account below, send the following information to

08068231953 or 08168759420

(1) Your project topics

(2) Email Address

(3) Payment Name

(4) Teller Number

We will send your material(s) immediately we receive bank alert

BANK ACCOUNTS

Account Name: AMUTAH DANIEL CHUKWUDI

Account Number: 0046579864

Bank: GTBank.

Account Name: AMUTAH DANIEL CHUKWUDI

Account Number: 2023350498

Bank: UBA.

HOW TO IDENTIFY SCAM/FRAUD

As a result of fraud in Nigeria, people don’t believe there are good online businesses in Nigeria.

But on this site, we have provided “table of content and chapter one” of all our project topics and materials in order to convince you that we have the complete materials.

Secondly, we have provided our Bank Account on this site. Our Bank Account contains all information about the owner of this website. For your own security, all payment should be made in the bank.

No Fraudulent company uses Bank Account as a means of payment, because Bank Account contains the overall information of the owner

CAUTION/WARNING

That you ordered this material shows you have agreed not to copy word-to-word.

FOR MORE INFORMATION, CALL:

08068231953 or 08168759420

AFFILIATE LINKS:

Tags: AN EVALUATION OF PAY-AS-YOU EARN (PAYE) ADMINISTRATION SYSTEM IN REVENUE SERVICES

7 years ago 0 Comments Short URL

AN EVALUATION OF THE IMPACT OF REGULATORY BODIES IN DEVELOPING A VIABLE AND SUSTAINABLE CAPITAL MARKET (A CASE STUDY OF NIGERIAN STOCK EXCHANGE)

ATTENTION:

BEFORE YOU READ THE CHAPTER ONE OF THE PROJECT TOPIC BELOW, PLEASE READ THE INFORMATION BELOW.THANK YOU!

INFORMATION:

AN EVALUATION OF THE IMPACT OF REGULATORY BODIES IN DEVELOPING A VIABLE AND SUSTAINABLE CAPITAL MARKET (A CASE STUDY OF NIGERIAN STOCK EXCHANGE)

ABSTRACT

The Nigerian Capital Market is indeed a tool for economic growth and development. Many researchers are of the opinion that the market has done well, especially in terms of return on investments. If this is true, the impact is supposed to be shown on the economy of the nation. The aim of the research is therefore to evaluate the impact of regulatory bodies in developing the capital market with particular reference to the Nigerian Stock Exchange. Data were gathered on the activities of the Nigerian capital market for a period of 5 years (i.e. 2005 – 2010) through studying existing documents and the administration of questionnaires. Descriptive research methods were used. The analysis of data was based on chi-square and the use of table and simple percentages. The findings of the study revealed that the impact of the regulatory bodies on the capital market has enhanced the listing of more companies on the floor of the Nigerian Exchange. Finally, it is recommended, among others that less stringent listing requirement be employed by the Exchange to allow more participation of intending participants in the market.

TABLE OF CONTENTS

Title Page – – – – – – – – – i

Declaration – – – – – – – – ii

Approval Page – – – – – – – – iii

Dedication – – – – – – – – – iv

Acknowledgement – – – – – – – v

Abstract – – – – – – – – – vii

Table of Contents – – – – – – – viii

CHAPTER ONE

1.0 Introduction – – – – – – – 1

1.1 Background of the Study – – – – – 1

1.2 Statement of the Problems – – – – – 3

1.3 Objectives of the Study – – – – – 4

1.4 Research Hypothesis/Questions – – – – 5

1.5 Significance of the Study – – – – – 5

1.6 Scope of the Study – – – – – – 6

1.7 Historical Background of the Case Study – – 7

1.8 Definition of Terms – – – – – – 11

CHAPTER TWO

2.0 Introduction – – – – – – – 13

2.1 Relevant Concepts and Theories – – – – 27

2.2 Sub Heads – – – – – – – – 27

CHAPTER THREE

3.0 Introduction – – – – – – – 30

3.1 Population and Sample Size – – – – 30

3.2 Sampling Techniques – – – – – – 31

3.4 Sources and Method of Data Collection – – – 32

3.5 Methods of Data Analysis – – – – – 33

3.6 Justification for the Choice – – – – – 33

CHAPTER FOUR

4.0 Introduction – – – – – – – 36

4.1 Data Presentation – – – – – – 36

4.2 Data Analysis and Interpretation – – – 37

4.3 Testing of Hypothesis/Questions and Interpretation 43

CHAPTER FIVE

5.1 Summary – – – – – – – – 46

5.2 Limitations of the Study – – – – – 48

5.3 Conclusion – – – – – – – – 49

5.4 Recommendations – – – – – – 50

Bibliography – – – – – – – 52

Appendix – – – – – – – – 54

CHAPTER ONE

INTRODUCTION

1.1 THE BACKGROUNG OF THE STUDY

The economic growth and development of any economy largely depend on the ability to raise capital through the capital market. The Nigerian stock exchange is a place where the enormous capital which is required to operate the huge industrial and commercial cooperation today can be raised.

Osaze (1991) asserted that the emergence of the institution of the Nigerian stock exchange is a spontaneous reaction of the enterprise economies. The significance reaction of the stock exchange in an economy such as our own cannot be over emphasized, for it is the bed-rock of large scale investment. The Nigerian government hopes to create an economy which would bring about the best in its citizens, compete effectively in the global market and improves the standard of living of its people. An economy where hard work, accountability and transparency would be the cardinal principle that both foreign and local investors would be proud to participate in. once investors looses confidence as a result of market abuse, the growth and development of capital market would be adversely affected and considerable effort would be required to restore confidence.

To be globally attractive and completive, the stock market must be seen to imbibe practices which are globally acceptable. For this reason government tries to put in place adequate regulatory mechanism to prevent or at least minimize market abuse in order to uphold the integrity and confidence that is very essential for the development of a viable and sustainable capital market.

The Nigerian stock exchange is the centre point of the Nigerian capital market. However, the Securities and Exchange Commission (SEC) and the central bank of Nigeria (CBN) are the apex regulatory bodies to the capital market. The tendency of our financial structure has been to channel loans to industries of the past rather than the future (i.e. the rich third world countries). This has become invariably clear that even those external financiers are eroding, thus the need for our own structure in Nigeria to meet up with the excess demand for capital to finance gigantic projects and businesses.

The international organization such as the world bank group are very conscious of the high risk involved in venture of loan given to third world countries which will eventually evade payment of such loans.

There is every need to meet such demand and requirements for smooth and long lasting system for sourcing of such requisite finance.

The study therefore examines in order to evaluate what regulatory bodies have done to ensure the development and sustenance of a viable capital market that will meet global challenges.

1.2 STATEMENT OF THE PROBLEM

For an emerging market like Nigeria, the stringent control measures put in place to regulate the activities of the Nigerian stock exchange for the smooth running is a very huge problem that is hindering the development of the market. The researcher hopes to seek for solution(s).

Regulators in our emerging market are also faced with a problem of ignorance, Nigeria with a population of 160 million, and half of the populations are ignorant about the investment opportunities that abound in the capital market. This is also a monumental problem that the researcher hopes to proffer solution to. Only if solutions to the stated problem are provided that the research work will be significant

1.3 THE OBJECTIVE OF THE STUDY

The objective of this study is to seek for the means of relaxing the stringent control measure put in place to regulate the activities of the Nigeria stock exchange to make it run smoothly and effectively.

To educate and sensitize Nigerians who are ignorant of the investment opportunities that are available in the Nigeria capital market. If about 160 million or half of the population invest in the capital market that will bring about a viable development and sustained growth in the Nigerian capital market.

1.4 RESEARCH HYPOTHES/QUESTIONS

Hypothesis is the method used by the researcher to test and prove guess statement in connection with the problem of the research being carried out in this study to confirm on the hypothesis made.

NULL HYPOTHESIS Ho- the impact of the regulatory bodies on the Nigerian capital market has not enhanced the listing of more companies on the floor of the Nigerian stock exchange.

ALTERNATIVE HYPOTHESIS Hi- the impact of regulatory bodies on the Nigerian capital market has enhanced the listing of more companies on the floor of the Nigeria stock exchange.

1.5 THE SIGNIFICANCE OF THE STUDY

The significance of this study cannot be over-emphasized. The research will contribute to the existing body of knowledge in the capital market administration; it will help the director general of the Nigerian stock exchange and his or her management team by exposing some means through which they can improve their performance towards meaningful achievement therefore, this study will have the following significance, the study will evaluate the impact of the regulatory bodies in developing a viable and sustainable capital market. Whether it has helped increased the aggregate of listing of more companies on the floor of the Nigerian stock exchange or not. When it is found out to be negative solution will be suggested.

In this regards, the research work will be significant to the following:-

1. The director general and his or her management team.

2. The Nigerian stock exchange (NSE)

3. Academicians. It will serve the purpose of arousing deep thought and genuine interest on the subject matter for further research.

4. The stock market operators.

5. The public as well need the knowledge to be able to assess the performance of the stock market

6. Government, regulatory bodies such as the Securities and Exchange Commission and the Central Bank on Nigeria

7. Non governmental organization(NGOs)

8. Financial analysts

9. Foreign and local investors

10. The general public

1.6 THE SCOPE OF THE STUDY

The scope of this research is limited to Nigerian Stock Exchange. The researcher will focus on the evaluation of the impact of regulatory bodies in developing a viable and sustainable capital market in Nigeria. In essence, the researcher will look at the regulatory frame work put in place to ensure the development of an effective and efficient capital market. Between 2005-2010

1.7 HISTORICAL BACKGROUNG OF THE CASE STUDY

The Lagos stock exchange (LSE) established in 1961 became the Nigerian stock exchange (NSE) in 1977 as the hub of the capital market activities where media and long term financial securities are traded. NSE provide avenue where by sellers and buyers exchange securities at mutually satisfactory prices thereby creating liquidity through its price mechanism. Initially NSE had a set of requirement to be fulfilled before a company is enlisted in the stock exchange market, but in 1985 another requirement for enlistment were issued to allow smaller and particularly wholly individual enterprise to be registered with the stock exchange. Securities that met the initial requirement are referred to as first-tier securities, whereas securities that could meet only the next set of requirement are referred to as second-tier securities. As such there are two types of securities market in NSE, First-tier securities market (FSM) and second-tier securities market (SSM).

There was an attempt for establishment of Abuja stock Exchange (ASE) apart from the Nigerian stock exchange (NSE) which is to be named as Lagos stock exchange (LSE) but the federal government of Nigeria later changed the ASE to Abuja commodity Exchange in 2001 however, the attempt for establishment of ASE was done in order to enhance the efficiency of the stock market activities in the country through healthy competition by the two stock exchanges instead of monopoly by a single institution.

ISSUING HOUSE: issuing houses are institution that advise assist and sometimes undertake the issuance of securities for companies that want to raise funds in the capital market in Nigeria issuing house are primarily merchant bank and stock brokerage firms which set some requirement for a company before accepting to package and act as agent for the company in the said issue. Some of these requirements include level of growth in profitability adequacy of working capital, spread of risk of the venture, size of company and soundness of management decision.

SHARE REGISTRARS: A share registrar could be the secretary of a listed company or an institution, which maintains the register of shareholders for a company that has raise funds from the capital market. The registrar is responsible for issuing share certificate to the shareholders. In Nigeria the major share registrars are three (3) big banks in the country. (UBA, FBN and Union Bank). Stock brokerage firms and some trading companies.

UNIT TRUSTS: Unit trusts are new institutions arrangement in Nigeria for mobilizing the financial resources of small savers for investments in the capital market and managing such resources to achieve maximum return possible with minimum risk through efficient portfolio diversification. Companies and Allied Matters Decrees of 1990 provides the legal framework for establishment of unit trusts in Nigeria. These trusts pool the funds of the public by selling the shares of the trusts and investing the funds mobilized in the capital market securities. The holders of trusts shares are given dividend or capital gain on pro-rate basis.

STOCK BROKERAGE FIRMS: A stockbroker is a firm or an individual who buys and sells securities on behalf of investors on the floor of the Stock Exchange for a Commission called brokerage. Issuing houses originate and sometimes underwrite securities issues, stockbroker distribute and market securities. Issuing houses are also stock brokers in Nigeria and some affiliate companies of merchant banks.

1.8 DEFINITION OF TERMS

Private Placement: One of the pre-requisite for a company to be listed on the NSE is for it to do private placement. This is done in private without advertisement where a particular set of investors not necessarily the public is informed about the offer and invited to invest in a company.

Initial Public Offer (IPO): An IPO is when a company is offering its shares for sale for the first time to the general public. Many companies e.g. Zenith Bank, NAHCO, Dangote Sugar Refinery Plc etc have had IPOs in the past.

Right Issue: This occurs when a company wants to raise money, but only through existing shareholders of the company. Shares are allocated to already existing investors.

Bears and Bulls: This is an investment jargon used to describe the market movement. When the market is bearish it means most stock prices fell, but a bullish market is one in which most stock prices are going up.

Market Capitalization: The market capitalization of a company is what it is worth on the Stock Exchange. It is an easy way to evaluate the worth of a company. It is simply the market price of the stock multiplied by the overall issued shares of the company.

Blue Chip Company: These are shares of companies with long track record of good performance, stability and earnings.

Listing: A company is said to be listed when its shares are quoted on the floor of the stock exchange. This enables the shares of the company to be easily traded on the stock market.

Call Price: The price at which a security with a call provision can be repurchased by the issuer prior to the security maturity period.

Net Asset Acquired: These are proportions of shares in nominal value and the reserves as at the date of acquisition of the company.

Minority Interest: These are the net assets (i.e. shares capital and reserves due to the other shareholders in the company other than the holding company.)

HOW TO GET THE FULL PROJECT WORK

PLEASE, print the following instructions and information if you will like to order/buy our complete written material(s).

HOW TO RECEIVE PROJECT MATERIAL(S)

After paying the appropriate amount (#5000) into our bank Account below, send the following information to

08068231953 or 08168759420

(1) Your project topics

(2) Email Address

(3) Payment Name

(4) Teller Number

We will send your material(s) immediately we receive bank alert

BANK ACCOUNTS

Account Name: AMUTAH DANIEL CHUKWUDI

Account Number: 0046579864

Bank: GTBank.

Account Name: AMUTAH DANIEL CHUKWUDI

Account Number: 2023350498

Bank: UBA.

HOW TO IDENTIFY SCAM/FRAUD

As a result of fraud in Nigeria, people don’t believe there are good online businesses in Nigeria.

But on this site, we have provided “table of content and chapter one” of all our project topics and materials in order to convince you that we have the complete materials.

Secondly, we have provided our Bank Account on this site. Our Bank Account contains all information about the owner of this website. For your own security, all payment should be made in the bank.

No Fraudulent company uses Bank Account as a means of payment, because Bank Account contains the overall information of the owner

CAUTION/WARNING

That you ordered this material shows you have agreed not to copy word-to-word.

FOR MORE INFORMATION, CALL:

08068231953 or 08168759420

AFFILIATE LINKS:

Tags: AN EVALUATION OF THE IMPACT OF REGULATORY BODIES IN DEVELOPING A VIABLE AND SUSTAINABLE CAPITAL MARKET (A CASE STUDY OF NIGERIAN STOCK EXCHANGE)

7 years ago 0 Comments Short URL

AN EVALUATION OF THE ROLE OF INTERNAL AUDITORS IN AN ORGANIZATION [A CASE STUDY OF COCA-COLA, IBADAN]

ATTENTION:

BEFORE YOU READ THE CHAPTER ONE OF THE PROJECT TOPIC BELOW, PLEASE READ THE INFORMATION BELOW.THANK YOU!

INFORMATION:

AN EVALUATION OF THE ROLE OF INTERNAL AUDITORS IN AN ORGANIZATION [A CASE STUDY OF COCA-COLA, IBADAN]

CHAPTER ONE

1.1 INTRODUCTION

Internal Audit Units are established in organizations in order to assist members of the Organization in the effective discharge of their responsibilities, monitor the use of resources and make recommendations for the improvement of the organizational operations.

The day-to-day operation of an organization is delegated to the management by the Board of Directors. The head of the management often referred to as the Managing Director and Chief Executive Officer serve as a link between the Board of Directors and the management.

An internal auditor is employed as an agent of the management for ensuring effective working of Internal Control System. Independence of auditor is a cornerstone for the quality of his performance.

However, it is practically difficult for an internal auditor to possess any reasonable degree of independence in mind and attitude because of the management influence and scope of the work. It needs to be emphasized that internal audit function as an integral part of the internal control system is concomitant to good corporate governance.

The purpose of internal audit in big companies is to ensure that the account on which the auditor is reporting disclose a true and fair view of the transaction summarized within the period under examination. To ensure completeness and effectiveness in big companies, auditing is very important, the major work covered in the exercising of auditing include examination of internal control, the system of bookkeeping and account, to ensure whether they are appropriate for the nature of the business or activities being carried out by the client and whether all the transactions have been properly recorded under the system. The existence of any internal audit units in big companies is a sign of good control system. If properly conducted, internal audit units can have a great impact on the effectiveness and efficiency of big companies.

Adeniji (2004) suggest that internal audit as an independent appraisal activity established within an organization as a service to it. It is a control, which functions by examining and evaluating the adequacy and effectiveness of other controls.

Adams (2002), opined that internal auditing is an independent appraisal actively for the review of operations as a service to the management. Internal auditor here is one who is employed by the management of an enterprise who may or may not attain minimum academic or professional qualification, that is he may not be a member of any recognized body e.g. ICAN, ANAN.

It is in the view of the above that this study would be conducted to find out the role played by an internal auditor in big companies through proper installation of effective Internal Control System in big companies. Internal control system is examined by internal auditor in order for him to know if the control system is effective. He does this by carrying out compliance test. Internal check is done in order to prevent and detect errors and fraud. It involves the arrangement of bookkeeping and other clerical duties.

Internal Audit is a review of the operations, procedures and records of the business. Internal Auditing is itself an Internal Control which operates by appraising and reporting on the effectiveness of the other controls. Thus, its main objective is to assist management in discharging its responsibilities and to evaluate compliance with corporate procedures. It is often assigned for reviewing the accounting system and related Internal Controls, monitoring their operation and recommending improvement thereto, and also the examination of financial and operating information.

Aquaisua (2004) opines internal audit as the process of continuous review of financial transactions in order to ensure that they are working as the management intends. All the regulations, instructions, accounting system or procedures and rules set should be controlled to ensure that they are working as prescribed. It assures management of the adequacy and appropriateness of the system of internal controls by testing their operations. Usually, Government, financial instructions provide that the Accounting Officers of Ministries or Departments or (non-ministerial) departments will ensure that, subject to the availability of staff, an internal audit unit be established to provide a complete and continuous audit of accounts of revenue, expenditure, plant, allocated stores and un-allocated stores where applicable.

Omoya (1984) suggests that the duty of the internal auditor, who should be responsible to accounting officer will be to audit account and records and for the examination of the systems and procedures in force. His report should be submitted to the Accounting officer copying the Auditor-general of his state. He should have an audit programme which should be submitted to the Accounting Officer and for the acceptance of the Accountant General and Auditor General. Such programmes should ensure that the programme of audit will extend to cover all the records of the ministry, department or unit, in order to satisfy himself that:

i) The safeguards introduced for the prevention of the prompt detection of fraud and loss of cash or stores or plants are adequate. Normal safeguards include the observance of government and departmental regulators and instructors and for existence of internal checks.

ii) The system for the control of the collection of revenue is adequate and that all monies received have been promptly brought to account to the correct head and sub-head.

iii) The system for the control of expenditure is adequate and that all payments made are properly authorized and correct, that they are paid to the right person, for whom they were authorized.

iv) The system for the control of the issue and consumption of stores is adequate, that issues are made to the right person and are used for the purpose for which they are authorized.

v) There are adequate means for which the verification is done by him, of all cash, stores and plant held.

Bigg and Davies (1994) postulates, Internal Auditing is an independent objective assurance and consulting actively designed to add value and improve an organization’s operations. It helps an organization accomplish its objectives by bringing a systematic, disciplined approach to evaluate and improve the effectiveness of risk Management Control are governance processes. Independence is established by the organizational and reporting structure.

Objectivity is achieved by an appropriate mind-set, the internal audit activity evaluates risk exposures relating to the organization’s governance, operations and information system in related to:

i) Effectiveness and efficiency of operations

ii) Reliability and integrity of financial and operational information

iii) Safeguarding of assets

iv) Compliance with laws, regulations and contracts

Based on the result of the risk assessment, the internal auditors evaluate the adequacy and effectiveness of how risks are identified and managed in the above areas. They also asses other aspects such as ethics and values within the organization, performance management, communication of risk and control information within the organization in order to facilitate or good governance process

The internal auditors are expected to provide recommendations for improvement in those areas where opportunities or deficiencies are identified, while management is responsible for internal controls, the internal audit actively provides assurance to management and the audit committee that internal controls are effective and working as intended.

1.2 BACKGROUND OF INTERNAL AUDITING

The proliferation of large, dispersed, complex corporation starting early in twentieth century, spurred the accelerated development of the internal audit function. The Institute of Internal Auditors (IIA) was founded in 1941, largely in response to this development and modern internal auditing owes much of its early expansion of the scope of internal audit activities and the professionalization of the practice of internal auditing.

The development of professional under pinning for the profession however did not come all at once. It was not until 1947 that the Institute of Internal Auditor issued its first statement of responsibilities.

The code of ethics was issued in 1968 and standard in 1979. The first Certified Internal Auditor (CIA) exams were written in 1974, indicating that, there was that time deemed to be a recognized body of knowledge available for internal audit professionals. The potential value of the internal audit function came later to the public sector motivation. The United States Congress first recognized the potential contribution of internal audit in 1950, in requiring by statute that each executives agency include internal audit in the agency’s of internal control.

In 1973, the Treasury Board made it mandatory for all departments and agencies to internal audits performed on their systems of financial administration. Direction 9.1 of the policy started, departments hall have financial audit performed, which include:

Reviewing and appraising the effectiveness and efficiency of department system of financial administration including the safeguarding of assets. Ascertaining the extent of compliance of department systems and procedures with financial policies, regulations and other instruction of parliament, treasury board and the department of agency.

The internal audit policy component of review policy made no substantive changes to the scope of internal audit, but bolstered the professional under pinning of the practice by integrating treasury board and Institute of Internal Auditors Standards and ethics provision. Also in this policy, frequency requirements were dropped and the concept of risk based audit planning was introduced.

1.2.1 STATEMEMT OF THE PROBLEM

Internal audit provide advantages to the management, it is a tool of ensuring effective implementation of Internal Control System and infact, and it allows such internal control system to be reviewed where necessary. With internal audit, management policies are seen to be complied with and adequate information is made available for the management for decision making.

This research focuses on the weaknesses of internal audit units in an organization, that make it impossible for an internal auditor to carryout its duty at a specific time.

Problem of Appointment: The appointment of internal auditors has been encouraged by some officials who would want to manipulate financial control system so as to promote their fraudulent tendencies.

Problem of Qualification: Since the law does not stipulate a minimum qualification required of an internal auditor, it is not impossible to find out that some internal auditors do not possess the needed qualifications required.

Also to ascertain the level of independence of our auditors and if indeed they have been able to use their professional skills to check and correct the mis-happening in the organization.

Finally, which is the main focus of the research work, the role and evaluation of internal audit in an organization, to check how internal auditors are being frustrated by the chief executives, which makes it difficult to disclose information.

1.3 OBJECTIVES OF THE STUDY

The objectives of this study:

1. To examine the role the internal audit play in an organization

2. To identify problems hindering effective operations of internal audit in Coca-Cola company

3. To examine the preventive measures to applied by internal auditor in coca-cola company

4. To offer recommendations based on the findings of the study.

1.4 RESEARCH QUESTIONS

This research work proposed to assess the role of internal audit in big companies and to ensure adherence and effectiveness of audit work in big companies. The study would see to provide answers to the following research questions:

i) How does internal audit enhance the effectiveness and efficiency of operations of coca-cola company?

ii) What are the problems that are likely to be encountered by the internal audit in carrying out its duties?

iii) How independent is internal audit in coca-cola company?

iv) What are the problems militating the effective operations of internal audit in coca-cola company?

1.5 SIGNIFICANCE OF THE STUDY

The main significant of this research is that it would enlighten the management on the importance of both internal auditing and internal control. Also people who are not in the system such as those in the academic cycle will have a picture of what internal audit and the role played in coca-cola company and organization.

The management benefits from this work by knowing the actual picture of their Internal Control so as to know whether or not it is reliable. Also, government is not left behind in that when completed the research would undoubtedly identify to the government areas where attention would be greatly placed in order to sanitize the system for better revenue generation.

External auditors also benefits from this research work, this is because internal auditor can assist external auditor in familiarizing himself with the accounting system, and act as a liaison between the external auditor and other members of the client staff.

This study would serve as a reference material to students and researchers who would want to conduct further researches/studies on internal auditors in big companies.

1.6 SCOPE OF THE STUDY

The scope of this research is limited to the area of an evaluation of the role of internal auditors in an organization a case study of coca-cola company, Ibadan, Lagos state Branch. The company is used as the case study. The research tends to highlight the ways in which internal audit is carried out in organization and how the internal audits in itself is. The scope of this research will also focus its attention to the status of the internal auditor, his responsibilities, independence practice as well as the problems encountered in the course of carrying its duties and the possible solutions to the problems. It is hoped that the information gathered will greatly reflect the generality of organization.

HOW TO GET THE FULL PROJECT WORK

PLEASE, print the following instructions and information if you will like to order/buy our complete written material(s).

HOW TO RECEIVE PROJECT MATERIAL(S)

After paying the appropriate amount (#5000) into our bank Account below, send the following information to

08068231953 or 08168759420

(1) Your project topics

(2) Email Address

(3) Payment Name

(4) Teller Number

We will send your material(s) immediately we receive bank alert

BANK ACCOUNTS

Account Name: AMUTAH DANIEL CHUKWUDI

Account Number: 0046579864

Bank: GTBank.

Account Name: AMUTAH DANIEL CHUKWUDI

Account Number: 2023350498

Bank: UBA.

HOW TO IDENTIFY SCAM/FRAUD

As a result of fraud in Nigeria, people don’t believe there are good online businesses in Nigeria.

But on this site, we have provided “table of content and chapter one” of all our project topics and materials in order to convince you that we have the complete materials.

Secondly, we have provided our Bank Account on this site. Our Bank Account contains all information about the owner of this website. For your own security, all payment should be made in the bank.

No Fraudulent company uses Bank Account as a means of payment, because Bank Account contains the overall information of the owner

CAUTION/WARNING

That you ordered this material shows you have agreed not to copy word-to-word.

FOR MORE INFORMATION, CALL:

08068231953 or 08168759420

AFFILIATE LINKS: