BUSINESS FAILURE AND ACCOUNTS PROFESSION IN NIGERIA

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BUSINESS FAILURE AND ACCOUNTS PROFESSION IN NIGERIA

ABSTRACT

The Nigeria economy within the first half of this century experienced quite a lot of business failure. Business failure can be defined as the inability of a particular business enterprise to continue to function as a going concern this development has started generating anxiety by both international and local investors in arriving at investment decision.

However, the task of identifying the root causes of corporate collapse in what this study seeks after. This study is carried out at ensuring a survival dosage of business in enugu through the use of accounting profession (auditing) to appraise operational performance.

Some of the causes of business failure includes mismanagement, bribery and corruption, and poor remuneration etc. The brain behind the failure of business in the political under tune in the appointment and selection of key officer to management positions.

Based on the findings in this study, the following conclusion were drawn, mismanagement mode of appointment and selection of key officers, poor coordinated management device, government interference and privatization and commercialization programme.

Finally, it is recommended that business should appreciated the importance of audit as a tool of evaluating performance, appointment of board of directors and top management officers should be based on skill, experience and qualification and government should also institute its commercialization and privatization programme in place etc.

TABLE OF CONTENT

CHAPTER ONE

1.0 Introduction

1.1. Objective of the study

1.2. Statement of problems

1.3. Significant of the study

1.4. Hypothesis formulation

1.5. Scope of the study

1.6. Limitation of the study

1.7. Definition of terms

CHAPTER TWO

2.0 Review of related literatures

2.1 Introduction

2.2 The going concern concept of business

2.2.1. Definition of business

2.2.2. Forms of business

2.2.3. Importance of business

2.2.4. When a business is not going concern

2.2.5. When a business may not a going concern

2.3 Symptoms of imminent business failures

2.4 Nature and causes of business failures

2.5 The development of accounting profession (auditing)

2.5.1 Definition of auditing

2.5.2 Types of audit

2.5.3 Importance of auditing

2.5.4 The auditor and the danger of self fulfilling prophesy

2.5.5 The audit committee

2.5.5.1. Nature of audit committee

2.5.5.2 Composition of audit committees

2.5.5.3 Functions of audit committee

2.5.5.4. Qualification of audit committee members

2.5.5.5. Size of audit committee

2.5.5.6.Size committee Relationship With Management

2.5.5.7. Audit committee and the external auditor

2.6 The effect of business failures on a depressed economy.

CHAPTER THREE

3.0 Research design and methodology

3.1 Introduction

3.2 Research design

3.3 Sampling techniques

3.4 Questionnaire design

3.5 Data collection techniques

3.6 Questionnaire distribution and collection.

CHAPTER FOUR

4.0 Data presentation and analysis

4.1 Introduction

4.2 Data presentation

4.3 Test of hypothesis

CHAPTER FIVE

5.0 Summary of findings, conclusion and recommendation

5.1 Discussion of findings

5.2 Summary of findings

5.3 Conclusion

5.4 Recommendation

5.5 Suggestion for further studies

Bibliography

Appendix

CHAPTER ONE

1.1 INTRODUCTION

The Nigeria economy within the first half of this century (20th century, 1901 – 2000) experienced quite a lot of business failures. There was a rapid growth in the number of indigenous companies in the country, but these companies collapsed with the same rapidity with which they were established.

Business failures are actually one of the most difficult and complex concern faced by investors in the equity market or the stock exchange market in the recent times. Even with the best of strategic cooperate planning, business failure are still a common occurrence. Business failure can be defined as the inability of a particular business enterprise to continue to function as a going concern. The going concern concept presumed that an enterprise will continue in operation for the foreseeable future and that there is neither the necessity nor the intention to liquidate

In general it was gathered that some of the causes of business failure includes:

Lack of capital (inadequate capitalization)

Inefficient management

Poor remuneration packages

Inadequate accounting records

Unprofitable expansion (premature expansion)

Mode of appointment of chief executives etc.

Lack of feasibility study report.

Fraud.

Given the divesting effect of business ailments, it become necessary to undertake a research into the problems and failures of business life as well as making suggestion on ways of ameliorating their adverse effects.

According profession (Auditing) is one of the effective tool of evaluating and predicting business failures. Auditing is a process carried out by suitable qualified auditing) where by the accounts of business entities, including limited companies characterize, trusts and professional firms are subjected to scrutiny in such details as will enable the auditors to form an opinion as to their truth and fairness (Emile W. 1997)

So many parties such as creditors, investors owners, the firm itself and the government etc. are interested with the present and expected future earning and the stability of these earning, and financially business as a good concern. Therefore they need accounting profession to evaluate and compare the profitability as well as to predict the survival of the business.

Therefore, this study seeks to use statistical tools to appraise and predict corporate failure with the aim of putting into place an integrated framework on the subject.

1.2 OBJECTIVE OF THE STUDY

It has been argued in recent times that the monetary value of corporate failures is of colossal notation which could faster economic growth. Therefore the following are the main aim of this study

To know why business are failing.

ii. Investigate whether government policies and actions affect operational performance

iii. Do business rely on accounting profession (Auditing) as tool for their performance

iv. Identify and analyze strategic corporate plans adopted byh business.

v. Assess the preparedness of companies to respond to remedial dosage of companies corporate objectives

1.3 STATEMENT OF PROBLEMS

Problem is a phenomenon occurring in most, if not all area of human endeavor. The existence of problem call for the finding of solution aimed at obviating such problems. The seriousness and urgency of solution to problems are largely dependent on the threat posed to problems. However, some problems appears to defy certain worked out solution to them. Such a situation demands a close examination of the issues involved.

Why are business failures on the increase in Enugu

Why do auditors qualify their reports when such are failing

How effective are Accounting profession (auditing0 they use in the measurement of their business

To what extent has this failures affected the economy

To what extend do companies rely on accounting profession (Auditing) as a tool for their performances.

What is the remedial dosage needed by these failure concer.

SIGNIFICANCE OF THE STUDY

Obviously candidates who are undertaking a study of business failures are likely to encounter similar problems. Accordingly, this study examines business failures in companies identifying problems and stating visible suggestion that will be useful to corporate bodies and any establishment with survival strategies in a period of economic depression.

Apart from the research workers, government agencies will also benefit immensely from this study.

HYPOTHESIS FORMULATION

Hypothesis I

Ho: Business failure are not as a result of inadequate accounting records.

Hi: Business failures are as a result of inadequate accounting records.

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