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EFFECT OF FORENSIC ACCOUNTING IN DETECTION AND PREVENTION OF FRAUD IN NIGERIA
ABSTRACT
The rising incidence of corporate fraud in Nigeria has continued to undermine organizational performance, weaken investor confidence, and threaten overall economic stability. As a result, forensic accounting has gained prominence as a specialized mechanism for detecting and preventing fraudulent activities. This study examines the effect of forensic accounting on the detection and prevention of fraud in Nigeria, focusing on how forensic accounting techniques, tools, and professional practices contribute to fraud mitigation across public and private institutions.
The study adopts a descriptive research design and draws on both primary and secondary sources to evaluate the relationship between forensic accounting practices and fraud control mechanisms. Key forensic techniques—such as digital forensics, investigative auditing, litigation support, and fraud risk assessment—are assessed in terms of their effectiveness in uncovering financial irregularities and strengthening internal control systems. The findings indicate that forensic accounting significantly enhances fraud detection by improving the quality of financial investigations, increasing transparency in financial reporting, and providing expert support during litigation. Moreover, forensic accounting plays a preventive role by reinforcing organizational governance, promoting compliance, and discouraging fraudulent behavior through robust monitoring systems.
The study concludes that the integration of forensic accounting into organizational audit processes is essential for combating fraud in Nigeria. It recommends increased investment in forensic training, stronger regulatory frameworks, and the adoption of advanced forensic technologies to further enhance fraud detection and prevention across sectors.
TABLE OF CONTENTS
EFFECT OF FORENSIC ACCOUNTING IN DETECTION AND PREVENTION OF FRAUD IN NIGERIA
TITLE PAGE
CERTIFICATION
DEDICATION
ACKNOWLEDGEMENTS
ABSTRACT
TABLE OF CONTENTS
LIST OF TABLES
LIST OF FIGURES
LIST OF APPENDICES
CHAPTER ONE: INTRODUCTION
1.1 Background to the Study
1.2 Statement of the Problem
1.3 Objectives of the Study
1.4 Research Questions
1.5 Research Hypotheses
1.6 Significance of the Study
1.7 Scope of the Study
1.8 Limitations of the Study
1.9 Operational Definition of Terms
CHAPTER TWO: REVIEW OF RELATED LITERATURE
2.1 Conceptual Framework
2.1.1 Concept of Forensic Accounting
2.1.2 Concept of Fraud
2.1.3 Nature and Types of Fraud
2.1.4 Fraud Detection Techniques
2.1.5 Fraud Prevention Techniques
2.1.6 Role of Forensic Accountants in Organizations
2.2 Theoretical Framework
2.2.1 Fraud Triangle Theory
2.2.2 Fraud Diamond Theory
2.2.3 Agency Theory
2.2.4 White Collar Crime Theory
2.3 Empirical Review
2.3.1 Empirical Studies on Forensic Accounting
2.3.2 Empirical Studies on Fraud Detection in Nigeria
2.3.3 Empirical Studies on Fraud Prevention in Nigeria
2.3.4 Research Gap
CHAPTER THREE: RESEARCH METHODOLOGY
3.1 Research Design
3.2 Population of the Study
3.3 Sample Size and Sampling Technique
3.4 Sources and Method of Data Collection
3.5 Research Instrument
3.6 Validity and Reliability of Instrument
3.7 Method of Data Analysis
3.8 Model Specification (if applicable)
3.9 Ethical Considerations
CHAPTER FOUR: DATA PRESENTATION, ANALYSIS AND DISCUSSION OF FINDINGS
4.1 Data Presentation
4.2 Descriptive Analysis
4.3 Test of Hypotheses
4.4 Discussion of Findings
4.5 Implications of Findings
CHAPTER FIVE: SUMMARY, CONCLUSION AND RECOMMENDATIONS
5.1 Summary of Findings
5.2 Conclusion
5.3 Recommendations
5.4 Contribution to Knowledge
5.5 Suggestions for Further Studies
References
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ARTIFICIAL INTELLIGENCE IN INTERNAL AUDITING-PROSPECTS AND CHALLENGES OF LARGE CONGLOMERATE COMPANIES. A STUDY OF DANGOTE PLC.
Abstract
The rapid advancement of artificial intelligence (AI) has transformed business operations globally, presenting significant opportunities and challenges for internal auditing practices, particularly in large conglomerate companies. This study investigates the prospects and challenges of implementing AI in internal auditing within Dangote Plc, Nigeria’s largest industrial conglomerate. Using a mixed-methods approach, data were collected through questionnaires administered to internal audit staff and management, complemented by interviews with key stakeholders. The study examines how AI adoption can enhance audit efficiency, accuracy, fraud detection, and decision-making processes, while also addressing barriers such as high implementation costs, technical complexity, and staff resistance. Findings indicate that AI integration significantly improves audit quality, risk assessment, and real-time monitoring of financial and operational processes, yet challenges in infrastructure, data management, and human expertise persist. The study concludes that strategic investment in AI technologies, coupled with staff training and robust governance frameworks, can optimize internal auditing functions in large conglomerates. The research contributes to the growing body of knowledge on AI in auditing and provides practical insights for corporations seeking to leverage emerging technologies for effective internal control and corporate governance.
Keywords: Artificial Intelligence, Internal Auditing, Large Conglomerates, Dangote Plc, Audit Efficiency, Challenges, Prospects.
CHAPTER ONE
INTRODUCTION
1.1 Background of the Study
Artificial Intelligence (AI) has emerged as a transformative technology in modern business operations, influencing areas such as decision-making, risk management, and audit processes (Brynjolfsson & McAfee, 2017). In particular, internal auditing—a critical function that evaluates risk management, control systems, and governance practices—has increasingly incorporated AI technologies to enhance efficiency and effectiveness (Kokina & Davenport, 2017). AI applications in internal auditing include automated risk assessment, anomaly detection, predictive analytics, and real-time monitoring of financial transactions (Alles, 2015).
Large conglomerates, such as Dangote PLC, face complex operational structures spanning multiple industries, including cement, sugar, salt, and flour production. This complexity necessitates robust internal audit functions capable of ensuring compliance, detecting fraud, and optimizing operational efficiency (Dangote Annual Report, 2022). Traditional auditing techniques, often manual and time-consuming, may not adequately meet these demands. Consequently, the integration of AI into internal auditing presents both significant prospects and challenges for large conglomerates seeking to strengthen governance and improve performance (Yoon, Hoogduin & Zhang, 2015).
While AI promises enhanced efficiency, predictive capabilities, and data-driven decision-making, it also introduces challenges such as high implementation costs, the need for skilled personnel, ethical concerns, and data privacy issues (Cao, Chychyla & Stewart, 2015). Understanding these prospects and challenges is crucial for firms like Dangote PLC, where effective internal auditing supports strategic goals, regulatory compliance, and stakeholder confidence (IFAC, 2019).
1.2 Statement of the Problem
Despite the potential of AI to revolutionize internal auditing, its adoption in large conglomerates remains inconsistent. Many internal audit departments still rely on manual processes, resulting in delays, inefficiencies, and potential errors (Kokina & Davenport, 2017). Additionally, large firms face challenges in integrating AI due to the complexity of operations, lack of technical expertise, cost implications, and resistance to change (Alles, 2015; Cao et al., 2015).
In the context of Dangote PLC, there is limited empirical evidence on how AI adoption affects internal auditing performance, risk management effectiveness, and overall corporate governance. Furthermore, the challenges associated with implementation, including technical, ethical, and operational issues, remain underexplored. This gap hampers the ability of management and policymakers to make informed decisions regarding AI investment in internal audit functions (IFAC, 2019).
Thus, it becomes necessary to investigate the prospects and challenges of AI in internal auditing within large conglomerate companies like Dangote PLC to inform best practices and strategic adoption.
1.3 Objectives of the Study
The main objective of this study is to examine the prospects and challenges of integrating AI into internal auditing within large conglomerate companies, using Dangote PLC as a case study.
The specific objectives include:
To identify the prospects of AI integration in internal auditing functions of Dangote PLC.
To examine the challenges associated with AI adoption in internal auditing within Dangote PLC.
To assess the impact of AI on the efficiency and effectiveness of internal auditing in large conglomerate companies.
To provide recommendations for enhancing AI adoption in internal auditing processes.
1.4 Research Questions
The study seeks to answer the following research questions:
What are the key prospects of using AI in internal auditing within Dangote PLC?
What are the main challenges hindering the adoption of AI in internal auditing in Dangote PLC?
How does AI influence the efficiency and effectiveness of internal auditing in large conglomerate companies?
What strategies can be employed to enhance the adoption of AI in internal auditing functions?
1.5 Research Hypotheses
The study will test the following hypotheses:
H1: AI integration in internal auditing significantly improves auditing efficiency in large conglomerate companies.
H2: The challenges associated with AI adoption significantly hinder its effective use in internal auditing.
1.6 Significance of the Study
This study is significant for several stakeholders:
For Management: It provides insights into the strategic benefits of AI adoption in internal auditing, including efficiency, accuracy, and risk mitigation (Alles, 2015).
For Internal Auditors: It highlights emerging trends, tools, and skills required to leverage AI in audit practices (Kokina & Davenport, 2017).
For Policymakers and Regulators: The study offers guidance on developing policies, frameworks, and standards for AI adoption in corporate governance (IFAC, 2019).
For Academics and Researchers: It contributes to the literature on technology adoption in auditing, particularly in the context of large conglomerates in emerging economies.
1.7 Scope of the Study
The study focuses on Dangote PLC, one of Nigeria’s largest conglomerates, to examine AI adoption in internal auditing. Geographically, the study is limited to the company’s head office and key operational sites where internal audit functions are actively performed. The study covers AI applications in auditing processes including risk assessment, anomaly detection, financial reporting, and internal control monitoring. The research period focuses on recent developments over the last five years when AI integration in auditing became more pronounced.
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IMPACT OF INTERNATIONAL FINANCIAL REPORTING STANDARDS ON EARNINGS MANAGEMENT(A CASE STUDY OF NNPC)
CHAPTER ONE
INTRODUCTION
1.1 Background to the Study
Financial reporting plays a central role in ensuring transparency and accountability in both private and public sector organizations. Over the years, concerns have emerged regarding the reliability of financial statements, particularly in developing economies where weak regulatory frameworks make financial manipulation more likely (Akpan & Akpan, 2017). One major challenge is earnings management, a practice where managers deliberately manipulate financial figures to achieve desired targets, mislead stakeholders, or influence contractual outcomes (Healy & Wahlen, 1999).
To improve credibility and comparability of financial reporting, many countries, including Nigeria, adopted the International Financial Reporting Standards (IFRS). IFRS is a globally recognized set of accounting standards designed to enhance transparency, comparability, and accountability of financial information (IASB, 2018). Nigeria officially adopted IFRS in 2012, mandating its use for public-interest entities such as the Nigerian National Petroleum Corporation (NNPC), which was later restructured into the Nigerian National Petroleum Company Limited under the Petroleum Industry Act. As a major player in the oil and gas sector and a government-owned enterprise, NNPC has historically been criticized for opacity and weak financial reporting practices (NEITI, 2020).
The adoption of IFRS was expected to curtail manipulative accounting practices by improving disclosure requirements, strengthening internal controls, and ensuring higher reporting quality (Barth, Landsman & Lang, 2008). Several empirical studies have suggested that IFRS adoption leads to reduced earnings management because the standards impose more stringent rules that limit managerial discretion (Callao & Jarne, 2010). However, other scholars argue that the effectiveness of IFRS depends on the institutional environment, regulatory enforcement, and organizational culture (Houqe & Monem, 2016). In Nigeria’s public sector, particularly in an entity like NNPC, institutional weaknesses may still provide opportunities for earnings manipulation despite IFRS adoption (Ofoegbu & Okoye, 2016).
Given NNPC’s centrality to Nigeria’s economic stability and revenue generation, understanding whether IFRS adoption has reduced earnings management practices within the corporation is critical. This study therefore focuses on assessing the impact of IFRS on earnings management in NNPC.
________________________________________
1.2 Statement of the Problem
Earnings management is a significant challenge in financial reporting, especially in state-owned enterprises where governance structures may be weak. Prior to IFRS adoption, NNPC was widely criticized for lack of transparency, inconsistent financial disclosures, and prolonged delays in publishing audited accounts (NEITI, 2019). Several audit reports documented issues such as revenue under-reporting, overstated costs, and questionable accounting adjustments (PwC, 2015). These challenges fueled concerns about the credibility of NNPC’s financial statements.
While the introduction of IFRS was expected to improve reporting quality, reduce opportunities for earnings manipulation, and enhance accountability, evidence regarding its effectiveness in the Nigerian context remains mixed. Some studies show that IFRS reduces earnings management in private-sector firms (Odia & Ogiedu, 2013), while others indicate minimal improvement in public-sector institutions due to poor enforcement (Tanko, 2012).
It is therefore unclear whether the adoption of IFRS has actually reduced earnings management in NNPC. Given the persistent concerns about transparency and the corporation’s critical role in Nigeria’s economy, a systematic study is needed to investigate the extent to which IFRS adoption has influenced NNPC’s financial reporting practices.
________________________________________
1.3 Objectives of the Study
The main objective of this study is to examine the impact of International Financial Reporting Standards (IFRS) on earnings management in NNPC.
The specific objectives are to:
1. Determine the extent of earnings management practices in NNPC before and after IFRS adoption.
2. Examine whether IFRS adoption has improved the quality of financial reporting in NNPC.
3. Evaluate the relationship between IFRS compliance and the reduction of managerial discretion in financial reporting.
4. Identify challenges affecting effective implementation of IFRS in NNPC.
________________________________________
1.4 Research Questions
1. To what extent did earnings management occur in NNPC before and after the adoption of IFRS?
2. Has IFRS adoption improved the quality of financial reporting in NNPC?
3. What is the relationship between IFRS compliance and managerial discretion in financial reporting?
4. What challenges affect the effective implementation of IFRS in NNPC?
________________________________________
1.5 Research Hypotheses
The study will test the following hypotheses:
H1: IFRS adoption has no significant impact on earnings management in NNPC.
H2: IFRS adoption does not significantly improve the quality of financial reporting in NNPC.
H3: There is no significant relationship between IFRS compliance and reduction of managerial discretion in NNPC.
________________________________________
1.6 Significance of the Study
This study is significant in several ways:
• To policymakers: It provides insights into whether IFRS adoption has strengthened financial transparency in key state-owned entities.
• To NNPC management: Findings will help identify weaknesses in reporting practices and areas requiring improvement.
• To regulators (FRCN, NEITI, CBN): The study will provide empirical evidence on the effectiveness of IFRS enforcement in the public sector.
• To researchers and academics: It expands literature on earnings management and IFRS implementation in developing economies.
1.7 Scope of the Study
The study focuses on the Nigerian National Petroleum Corporation (NNPC) and examines financial statements covering the period before and after IFRS adoption in Nigeria. The scope is limited to the effect of IFRS on earnings management, financial reporting quality, and challenges affecting IFRS implementation within NNPC.
1.8 Limitations of the Study
The study may encounter limitations such as inadequate access to NNPC’s detailed financial data due to confidentiality issues, possible respondent reluctance, and limited availability of long-term audited IFRS-compliant reports. Nonetheless, the researcher will rely on credible secondary sources and available reports to mitigate these challenges.
1.9 Definition of Key Terms
• International Financial Reporting Standards (IFRS): A set of global accounting standards issued by the IASB to improve financial reporting transparency and comparability.
• Earnings Management: The deliberate manipulation of financial statements to achieve desired outcomes (Healy & Wahlen, 1999).
• Financial Reporting Quality: The degree to which financial statements reflect a true and fair view of an entity’s performance (Barth et al., 2008).
• Managerial Discretion: The level of flexibility managers have in selecting accounting methods and estimates.
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ENHANCING PROFESSIONAL RELEVANCE THROUGH DIGITAL SKILLS DEVELOPMENT-THE CASE OF ACCOUNTANTS IN A TECHNOLOGY DRIVEN ECONOMY
ABSTRACT
In today’s rapidly evolving, technology-driven economy, the accounting profession faces significant transformation driven by automation, artificial intelligence, data analytics, and digital financial platforms. This study examines how digital skills development enhances the professional relevance, employability, and performance of accountants in a technologically advanced business environment. The research adopts a descriptive survey design to investigate the extent to which accountants in Nigeria are equipped with essential digital competencies such as data analytics, cloud accounting, cybersecurity awareness, enterprise resource planning (ERP) systems, and automated audit tools. Primary data were collected from practicing accountants across audit firms, financial institutions, and corporate organizations.
Findings reveal that digital skills have become indispensable for improving efficiency, accuracy, decision-making, and competitiveness in accounting practice. Results further show that accountants who actively engage in digital upskilling demonstrate higher adaptability to technological changes and improved career advancement prospects. However, challenges such as limited access to professional training, resistance to technological change, high cost of digital tools, and knowledge gaps in advanced analytic techniques hinder optimal digital adoption. The study concludes that continuous digital skills development is critical for maintaining the relevance of accountants in the Fourth Industrial Revolution. It recommends strategic investments in training, integration of digital competencies into accounting education, and stronger collaboration between professional bodies and industry stakeholders to support accountants’ preparedness for future technological disruptions.
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SUCCESS AND FAILURES OF PUBLIC SECTOR ACCOUNTABILITY IN NIGERIA FOR THE PERIOD OF 1991- 2002
ABSTRACT
This course of study is centered on the appraisal of the success and failure of public sector accountability. This is to say that, the essences of public funds are the provision of social benefits to the people who contributed to it. It is therefore, important that the public administrator should be given a clear account of what they did with public funds, if the aim of such an administrator is to complete its tenure in the office this is because people can resist tax payment, if they are not properly informed of what was done with their funds. This study exposes t he individual on his or her right to demand for an account from their trustee as their representatives.
The researcher made out thirty-five questionnaires which, were presently to respondents and which were gathered back after their opinions were given, regarding the basic issues being addressed out of the thirty-five questionnaires distributed, thirty were accepted for analysis.
To finalize the research work, I am saying that there is a very poor attitude towards public sector accounting in Nigeria. It was unfortunate that we could not establish or indicate out major problems. People still wallow object poverty because of corrupt government that placed no value to the individual’s welfare.
Finally, I recommended that, the government must ensure that all politicians declare their assets before assuming office. Their assets are again assessed on the completion of offices by the politicians. All banks that kept ill gotten wealth should be blacklisted and their operating license withdrawn. External auditors should be appointed to audit and publish all government account. Internal auditors should be made to report directly to the government.
PROPOSAL
The study is centered on the appraisal of the success and failure of public sector accountability in Nigeria. It will show or give the extent; the public funds have being prudently utilized to maximize his welfare in Nigeria for the period of 1991-2002, and the provision of social benefit it has contributed to the people. We will know how important it is for the public administrator to give clear account on how they are spending the public funds.
Help to ascertain the taxpayer’s attitude towards tax payment. This study will help to expose the individual on his or her right to demand for an account from their trustee as their representative.
The meaning of public sector, the success, failures and also the problems will be treated and more especially how public sector came into existence in Nigeria.
Solution on how to improve in the public sector accountability.
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Every society is made up of individuals, who agree to come under one unit and to be governed as an entity for the society to function effectively, some individual must manage its affairs as it affects the society over all good, be it financial goal, social goal or political goal. Against this background of managing the affairs of the society funds must be raised and used to achieve some of the goal of the society. The funds must rest in the hands of the people’s representatives, to be administered in such a way that maximum social benefit to be achieved.
To the extent of the funds contributed by the individuals and entrusted in the hands of representatives, services will be provides by the use of funds. Eventually then, these representatives will not only keep custody of the funds, they will account to the people who contributed to the funds. This is based however, on the existing of full democratic system of government.
Back here in Nigeria when the public sector accounting did not develop to any meaningful extent, until the coming of the British accounting for the public funds has been posing a lot of problem since the past 1991-2002 era. It is unfortunate that all efforts by the government to encourage public sector accounting did not achieve the desired outcome of providing adequate information regarding the use of the public funds. Proper accountability should demand that, the extent of financial performance of any government for the period ruled by the government.
1.2 STATEMENT OF PROBLEMS
The bone of the problem of the Nigerian public sector has been the improper accountability and management of the taxpayer’s money entrusted in the hands of their representatives. These representatives have rather to wealth amassment at the expenses of the taxpayers, when it was clear that little or no punishment was meted on them. They would rather be given titles as an encouragement for their fraudulent practices.
Consequently, there is poor rate of development and very poor standard of living of the average taxpayer. The researcher is therefore interested in increasing the awareness of the need for their trustees as their representative to properly account for the taxpayers fund.
1.3 OBJECTIVE OF THE STUDY
The cardinal objectives of the research work are: –
i. To find out to what extent, the public funds have been prudently utilized to maximize his welfare in Nigeria for the period of 1991-2002.
ii. To ascertain the taxpayers attitude towards tax payment.
iii. To create a general awareness on the part of the public funds to demand for an account from their representatives.
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CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND TO THE STUDY
The work of an auditor in any organization cannot be looked beyond or over emphasized. This is because in earlier years when there was no auditor to take proper care of the organizational financial statement, many organizations like small scale business organization, manufacturing companies and even private companies suffered frauds and errors in their business.
The enterprises that existed at the time were mostly joint ventures with a limited life. In such cases, the ascertainment of profit was simple. It was equal to the surplus of cash in hand at the end of the venture. One should also remember that where audits were conducted at this time, it was not because of any statutory provisions, and that responsibilities and duties of an auditor had not been clearly defined. Most of fraud is being committed by the staff of those organizations especially small-scale business organization because of this, there is need for auditing and investigation in small scale business organization.
Since small scale business is a business that has little fund and materials. It is very crucial to employ the service of an auditor. The auditor is concern merely to ascertain the correctness of sums of money received and disbursed, checking the accuracy of individual entries in a cash record and verifying the balance of cash in hand at a particular point in time. In so doing, frauds, and errors can be easily detect and prevent.
An auditor is the only person authorized by law to conduct auditing and investigate on any financial matter concern organization (including small scale business).
Investigation is a special inquiry into the financial affairs of a business. An auditor need proper investigation to help him carryout his auditing duties.
Finally, the major important need for auditing and investigation in small scale business organization is to make sure that the business grow with its little financial back up coupled with total minimum of frauds and errors. Auditing help in ensuring that o material, financial or otherwise is misused.
.2 STATEMENT OF THE PROBLEM
Problem arise in the application of normal auditing principles and procedures to audits of small scale business organization employing a smaller number of administrative staff.
Substantial domination of the accounting and financial management functional by one person is also one of the major problem that the organization is suffering from.
Limitations on the effectiveness of internal control owing to the small number of employees. Thus, the provision of check whereby the work of one person is proved independently (or is complementary to the work of another) be absent to a considerable extent. Whilst internal control including internal check may be effective for it’s primary purpose as a check on management itself.
Inadequate management support for internal auditing is also one of the major problem the organisation is encountering. We had to assume that the management and auditor were in conflict then the task of the auditor would not be able to rely in any way on the explanations and information given to him by management. He was likely to be false and the audit process would become both costly and detailed.
The organization is also suffering from inadequate accounting records since one person is handling the financial management function, we find out that frauds and errors can be easily committed by that person.
1.3 PURPOSE OF THE STUDY
The purpose of this study is:
To find out the extent of substantial domination of the accounting and financial management function by one person affect the organization’s internal control system.
To ascertain the extent of limitation on the effectiveness of internal control owing to the small number of employees.
To find out if proper auditing and investigations were made by the auditors by all the information and explanations obtained to the best of their knowledge and belief were necessary for the purpose of their audit.
To determine to what extent the organization suffered from inadequate accounting records.
To ascertain the extent of inadequate management support for internal auditing.
1.4 THE SCOPE OF THE STUDY
Considering the circumstance and predicaments of business, it is apparently obvious that there is no business that can survive without encountering one kind of problem especially in small-scale business organization. According to James Bades, all firms’ faces risk but they are proportionally greater in the small firm.
The failure of a production batch in small firms may spell disaster while a similar failure or problem in a large organization.
Causes of frauds and errors by the management staff are one of the major problems that the organization is encountering.
Financial problem is a major problem for small-scale business organization in Nigeria sources of fund for this category of business. Inability to borrow is difficult because of the small amount of asset they have.
The organization is also seriously suffering from marketing problems due to lack of experience in the field, poor human relations, unable to meet customer’s demand.
Since the organization is operating with small amount of fund and asset they are suffering from production problem due to lack of production facilities, insufficient of raw materials for production, poor product planning, lack of purchasing policy and sources of supply and also lack of ware housing.
The organization is seriously suffering from research problems such as illiteracy and human behaviour.
Major weaknesses in the system of internal control is minor errors which is caused by the management staff of the organization by not keeping the appropriate financial statement due to false manner of entering accounting transaction.
1.5 THE SIGNIFICANCE OF THE STUDY
The relevance of the study cannot be over emphasized as a successful completion of this study.
The need for auditing and investigation in small scale business organization help the organization to employed a qualified auditor to enable the management staff of the organization to keep adequate accounting record. So that the financial statements prepared by the management can only be accurate and reasonable. If the organization employed a qualified auditors it will help the organization to detect and prevent errors and frauds easier.
Finally, the need for auditing and investigation will help for survival and substantial growth of the organization.
HOW TO RECEIVE PROJECT MATERIAL (S)
After paying the appropriate amount (#5,000) into our bank Account below, send the following information to any of the numbers below
08068231953, 08137701720, 08154275408 (1) Your project topics
(2) Email Address
(3) Payment Name
OR you drop them on our WhatsApp, 08137701720
We will send your material(s) after we receive bank alert
BANK ACCOUNTS
Account Name: AMUTAH DANIEL CHUKWUDI
Account Number: 0046579864
Bank: GTBank.
OR
Account Name: AMUTAH DANIEL CHUKWUDI
Account Number: 3139283609
Bank: FIRST BANK
FOR MORE INFORMATION, CALL:
08068231953, 08137701720, 09070569307, 08154275408
]]>ATTENTION:
BEFORE YOU READ THE ABSTRACT OR CHAPTER ONE OF THE PROJECT TOPICS BELOW, PLEASE READ THE INFORMATION BELOW.THANK YOU!
INFORMATION:
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THE INDISPENSABILITY OF ACCOUNTING SYSTEM IN THE CONTROL OF PUBLIC EXPENDITURE
ABSTRACT
This project titled “the Indispensability of accounting system in the control of public expenditure (A case study of federal radio corporation of Nigeria, Enugu National Station) is seemingly an important study. this study is very essential especially in the present day where most establishment whether public or private are characterized by reports on increasing cases of fraud and misappropriation of finds. This research work aims discovering whether improper accounting system to a large extent contribute to cases of fraud and misappropriation of funds. Other cases of fraud and irregularities among government officials, would also be looked into. The research solution will help curb these anomalies in the government parastatals and these would be continued in a chapters project write up.
CHAPTER ONE
INTRODUCTION
Accounting is the language of business that can tell with reasonable accuracy the degree of success an organization has achieved in approaching its financial goal of profit. Accounting system can be defined as records, procedures and equipment that routinely deal with the events affecting the financial performance and position of the organization, (Horngren and Foster, 1975). The accounting system entails repetitive voluminous transaction which generally falls into cash disbursement, cash receipts, purchases and sales, services including employee payroll. The purpose of accounting system is to provide an orderly method of gathering and organizing information about the various business transaction so that it may be used as an aid to management in operating the business (cope land and Dascher, 1978). Small scale enterprises have been defined in various ways according to the capital of the enterprises, size, the number of people employed by the enterprises, the ownership and management of the enterprises and sale volume. Small scale enterprise according to Omorodion (1987) are very important to nations. They are catalysts for industrialization. This is because they provide raw materials for medium and large scale enterprise. They also provide employment opportunities for large segments of the population. For the small scale enterprise to efficiently play the mentioned roles they should be an orderly method for gathering and organizing information about the various business transaction. This can only be done by the use adequate accounting system.
Basically, they are two types of accounting system commonly in use, namely, single entry and double entry system. These could be operated manually or computerized (Baumback, 1983).
The single entry accounting system according to Osuala (1995) is the easiest accounting system to operate. The system recorded the flow of income and expenses through the business on daily summary of cash receipts, a monthly summary of cash disbursement. In single entry book-keeping there might be single aspects of certain transactions and no record at all of some. Generally, there are rough records of cash received and paid and of sundry debtors and creditors. Transactions are exchange of values. For every value received, there is an equal value parted with. It is obvious therefore, that a transaction has a double effect. Receiving of value and giving out value. This method is known as double entry book. Keeping method, double entry book keeping according to Passion (1989) does not mean recording twice but instead, it means that every entry recording twice but instead, it means that every entry or recording of transaction has two parts, a left side and a right side. The left side in the accountant’s language is a debit and the right side, a credit when applied to a transaction. The value received is a debit and the value parted with a credit. Whereas considerable amount of studies have been conducted on financial and management of small enterprises. Osuala (1993) reported that generally many of these enterprises recorded their transaction randomly without adherence to any established systems of accounting, hence, there is deficiently in keeping tract of the cash flow in the enterprises. Mitchel et al (2000) argued that accounting information could help the small scale enterprises manage short term problems in such areas as costing, expenditure and cash flow by providing information to support monitoring and control knowledge cash flow according to Pandy (1991) is very important because cash flows are inseperable parts of the business operation of all firms. Paren and Grant (2000) noted that decision making processes in small scale enterprises are more sophisticated than anticipated but they lacked effective accounting information and control system to support their decision. Furthermore, the international federation of Accountants (2006) reported that there is evidence to suggest that small firms are aware of the importance of accounting information. Inspite of this awareness most proprietors of small enterprises in Nigeria most times are not too keen to use standard accounting system to run the day to day activities of their enterprises. (Ofonagoro, 1983), the high rate of failure of small scale enterprises in developing countries like Nigeria, has generally been traced to poor management and accounting system employed by these enterprises. The purpose for these study, therefore was to identify the accounting system in use in small scale enterprise in Enugu, South East Nigeria with a view to determine adequacy of such system(s) and recommend remedies needed for enhancement of accounting information system in optimization of the operation of these enterprises.
HOW TO RECEIVE PROJECT MATERIAL (S)
After paying the appropriate amount (#5,000) into our bank Account below, send the following information to any of the numbers below
08068231953, 08137701720, 08154275408 (1) Your project topics
(2) Email Address
(3) Payment Name
OR you drop them on our WhatsApp, 08137701720
We will send your material(s) after we receive bank alert
BANK ACCOUNTS
Account Name: AMUTAH DANIEL CHUKWUDI
Account Number: 0046579864
Bank: GTBank.
OR
Account Name: AMUTAH DANIEL CHUKWUDI
Account Number: 3139283609
Bank: FIRST BANK
FOR MORE INFORMATION, CALL:
08068231953, 08137701720, 09070569307, 08154275408
]]>ATTENTION:
BEFORE YOU READ THE ABSTRACT OR CHAPTER ONE OF THE PROJECT TOPICS BELOW, PLEASE READ THE INFORMATION BELOW.THANK YOU!
INFORMATION:
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MANAGEMENT OF FRAUD AND WASTAGE IN BUSINESS ORGANIZATION: IMPLICATION FOR INTERNAL AUDITORS
ABSTRACT
This study is on management of fraud and wastages in business organizations: implications for internal auditor. Many objectives were set among which are: to identify the nature, types and major causes of fraud and wastages in business organizations. To find out the factors that motivates workers to indulge in fraud and wastages in business organizations. To identify the effects of fraud and wastages in business organizations. To proffer solution on how to minimize fraud and wastage in business organizations using internal control measures and other accounting measures set aside for the detection of fraud and wastages. Hypotheses were also tested to determine if or not the hypotheses might be instrumental in fraud and wastages occurrences in business organizations. In arriving at the data used, both primary and secondary data were used. The primary data includes questionnaires distributed to sampled staffs and management of May and Baker Plc and Drugfield Specialty Product Plc. The secondary data includes materials form published textbooks, internet, articles and newspapers. These were tested using Chi square (x2) distribution. Data were analyzed and some of the findings include inadequate control measures took the most significant causes of fraud and wastages followed by deliberate intent and management ignorance. Finally, I recommended that proper internal control measure should be put in place, and other measures that will help to facilitate it like: inspection, review and observation. Trustworthiness, competence and integrity of employees and their understanding of prescribed policies and procedures.
HOW TO RECEIVE PROJECT MATERIAL (S)
After paying the appropriate amount (#5,000) into our bank Account below, send the following information to any of the numbers below
08068231953, 08137701720, 08154275408 (1) Your project topics
(2) Email Address
(3) Payment Name
OR you drop them on our WhatsApp, 08137701720
We will send your material(s) after we receive bank alert
BANK ACCOUNTS
Account Name: AMUTAH DANIEL CHUKWUDI
Account Number: 0046579864
Bank: GTBank.
OR
Account Name: AMUTAH DANIEL CHUKWUDI
Account Number: 3139283609
Bank: FIRST BANK
FOR MORE INFORMATION, CALL:
08068231953, 08137701720, 09070569307, 08154275408
]]>ATTENTION:
BEFORE YOU READ THE ABSTRACT OR CHAPTER ONE OF THE PROJECT TOPICS BELOW, PLEASE READ THE INFORMATION BELOW.THANK YOU!
INFORMATION:
YOU CAN GET THE COMPLETE PROJECT OF THE TOPIC BELOW. THE FULL PROJECT COST N5,000 ONLY. THE FULL INFORMATION ON HOW TO PAY AND GET THE COMPLETE PROJECT IS AT THE BOTTOM OF THIS PAGE. OR
YOU CAN CALL: 08068231953, 08137701720, 09070569307, 08154275408
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EFFECT OF ACCOUNTING CONCEPT APPLICATION ON GOVERNMENT EDUCATION PARASTATALS
CHAPTER ONE
INTRODUCTION
1.0 BACKGROUND OF THE STUDY
In his budget of December 23, 2011 presented the year 2012 budget, there the governor of Enugu state governor Sullivan chime said that the thrust of the 2012 budget is poverty reduction of the people. The state government appreciated the dangers of delaying of delaying the narrowing of gay between the tow socio-economic order ,the rich and the poor so as to provide equal footing for both .
For proper integration of social and economic environment in the state ,it has become imperative to reduce unemployment and poverty in the state to the barest minimum . For us in Enugu state it meant drastic reduction in personnel cost ,recovery of government funds and properly filtered away during the civilian administration, increase in internal revenue generation ,judicious spending and accountability. Though ,a budget can be prepare simply on the basis of what was done on the previous year ,adjusted for any change in condition or scope of the activity that may be anticipate for the coming year, a soundly conceived budgetary plan should be such that will simulate the executive to take a more critical view of his own operation .
The fundamental difference between the public sector and private sector is that the later is organics and operated to make a profit for its owner while the former exists to provide services to its citizens substantially on a non-profit basis . The Enugu state Annual Budget like any other state in the federation consists of two segments: the recurrent expenditure and the capital expenditure .However the drastic collapse in oil revenue over the year is one factor that has seriously affected state budgets .
Also the recent federal government ban on the state from securing loan from external or internal sources and the heavy dependence on imports for essential raw material spare parts and capital goods has continued to affect the state budgeting . Others include unacceptable high rate of inflation and unemployment ,low productively ,and an adverse debt repayment position .it is this state of affairs that made Enugu state government to adopt the following strategies to achieve the derived goals .
A} Maximization of internal revenue by improving the revenue collection machinery and policies .
B} judicious management of expenditure so as to conserve scare fund .
C} concentration of attention on the execution and completion of some selected project in the various sector ; thereby avoiding the used mistakes of preaching scarce resources thing over tow many project and achieving little or nothing.
1.1 OBJECTIVE OF THE STUDY
The study aims at collecting quantities information on budgeting control measures. Data generation from such information are essential for :
(A) providing a base and framework for improving the quantity and quality of current budgetary control statistics
(B) planning problem ,formulating and appraising the budgeting techniques of the public sector .
(C) The measurement and assessment of the contribution of the role of budget in the economy of the state .
(D) Budget implementation committee .
1.2 PURPOSE OF THE STUDY
The purpose of the study is:
(A) To take an overview of the a analysis of the relationship between approved estimates and actual expenditure in the last five financial year ,and whether there is a wide or narrow gab between financial provision in the budget and what was achieved and to draw conclusion from such analysis .
(B) To determine the factors which account for the difference between the capital expenditure and the recurrent .
(C) To determine the effect of budgeting on the economic development of the state.
1.3 SIGNIFICANCE OF THE STUDY
The study will contribute toward improving the budgetary planning control techniques in Enugu state. Thy study will also help the state government a technique for effective financial contor and control over revenue collection .The study will enable the government and the ministries broaden their understanding of the role of budgeting as a planning and control device in the public sector .This could be done by allowing the respective ministries, Parastatals corporation etc .have second look at their budgeting techniques .
1.4 STATEMENT OF HYPOTHESIS
For the purpose of this research work the following assumption were made in order to employ a scientific approach to the recitations of the following hypothesis were analyzed.
1 HO: There is no effective budgeting in public sector economic .
HI: There is effective budgeting in public sector economy.
2 HO internal revenue generation is not effective in the public sector economy.
HI internal revenue generation is effective sector economy.
1.5 LIMITATION OF THE STUDY
The finding of the study and generalization are limited to Enugu state of Nigerian . Due to time and financial contract it will be wrong to claim that the findings are exhaustive and conclusive as far as this subject is concerned .Another limitation is that the researcher relied entirely on data from Enugu state official gazette ,previous budget proposal and speeches of pass head of government of Enugu state ,journals and past student publication and this is therefore the only means of acerbating validity and reliability .
However, these sources can only provide quantization information about budgeting but could not be a good guideline to behavioral implication of budgeting. Also during the data collection provides the respondents were not variable in their offices and several visit had to be made before the interview and questionnaires could be administered .The interview had the tendency not to talk about their areas of difficulties and showed little interest in the other ,thus to there night have been some falsification of information.
1.6 SCOPE OF THE STUDY
The scope of the study is that in public sector economy in Nigerian consist :-
(A) The government Parastatals partly or completely financed by the government Parastatals operate in some private sector fashion , government presence coming only in the from of control ,directive and subvention .E.G mass transit services of state an local government rural electrification bounds , state housing corporation .
(B) The federal government visit its ministries department and agencies like: INEC, NDE ,NBTE ,NUE, ETE .
(C) The state government represented by its ministries and departments.
(D) The local government.
1.7 DEFINITION OF TERMS
In this study certain term are to be used and whenever it found are to be given the following meaning: –
(A) THE FEDERATION ACCOUNT
It is the distributable pool account into which all revenue collected by the federal government departments or an authority by the states on behalf of federal government.
(c) EXCLUSIVE REVENUE OF THE FEDERAL GOVERNMENT
Federally collectable revenue is made up of two disproportionate parts. The first and often the smaller parts is the revenue which accrues exclusively to the federal government from its own independent sources such as from income tax of the personnel for the armed force of federation of the Nigeria police force the ministry of external Affairs and residents of the federal capital territory, Abuja. The second and is whatever that is not included in the first part above.
HOW TO RECEIVE PROJECT MATERIAL (S)
After paying the appropriate amount (#5,000) into our bank Account below, send the following information to any of the numbers below
08068231953, 08137701720, 08154275408 (1) Your project topics
(2) Email Address
(3) Payment Name
OR you drop them on our WhatsApp, 08137701720
We will send your material(s) after we receive bank alert
BANK ACCOUNTS
Account Name: AMUTAH DANIEL CHUKWUDI
Account Number: 0046579864
Bank: GTBank.
OR
Account Name: AMUTAH DANIEL CHUKWUDI
Account Number: 3139283609
Bank: FIRST BANK
FOR MORE INFORMATION, CALL:
08068231953, 08137701720, 09070569307, 08154275408
]]>ATTENTION:
BEFORE YOU READ THE ABSTRACT OR CHAPTER ONE OF THE PROJECT TOPICS BELOW, PLEASE READ THE INFORMATION BELOW.THANK YOU!
INFORMATION:
YOU CAN GET THE COMPLETE PROJECT OF THE TOPIC BELOW. THE FULL PROJECT COST N5,000 ONLY. THE FULL INFORMATION ON HOW TO PAY AND GET THE COMPLETE PROJECT IS AT THE BOTTOM OF THIS PAGE. OR
YOU CAN CALL: 08068231953, 08137701720, 09070569307, 08154275408
WHATSAPP US ON: 08137701720
APPRAISING THE IMPACT OF TAX ASSESSMENT COLLECTION AND ADMINISTRATION METHOD IN NIGERIA
CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND OF THE STUDY
The system of tax collection and administration in Akwa Ibom State has been carryout towards the socio economic objective of the state. Tax could be defined as the public sector in order to accomplish some of the nation economic and goal. The primary economic goal development countries is to increase the rate of economic growth and hence the per capital income which will lead to the higher standard of living. Every tax imposed on an organization changes everyday as new court rulings are announced and as lows made that every entity transaction must therefore be alert to such charge. Since it inception taxation of corporate income has been a pervasive force tending to influence the economic development of the entities. Taxation is not the only sources of internally generated revenue of the state, other as shown in the approval recurrent and capital expenditure estimates of Akwa Ibom State (official document no.7 and 8 of 1993 -1994) include such source as fine and fees, license and sale read from government property interest receipt and dividends as well as other sources. Other major sources of revenue available to Akwa Ibom State as documented in the state, in other words any rational economic development should be on after tax consideration basic, they are taxed heavily, sometime double taxation and one wonders whether their problem of management and development attributed to high rate of tax on investment in efficiency of the investor. Tax Assessment
This is because the double taxation on such cooperation as limited liability company will continue to effect the residual profit made. Tax Assessment
It is therefore much interested in such constraints taxation has posed to the investor and how it can be reduced. However income tax rule and regulation are such that informs, investors reduce the amount of their tax ability through various proper and timely actions. It is therefore the research aspiration to find a way of breaking through this concentration. Tax Assessment
1.2 RESEARCH PROBLEMS
In Nigeria, tax collection and administration is said to be the most variable source of revenues to the nation and therefore foster the economic development of the nation. It is also difficult to ascertain what impact or effect, if any dose tax collection and administration has to do with developing the economy considering greater diversities in government management abilities. All government including developed and under-developing countries in the world still impose different kind of tax on her citizens not withstanding the fact that there are several other sources in which revenue are accrued. Tax Assessment
1.3 OBJECTIVE OF THE STUDY
– To find out government development on economy using the proceeds of tax collection and administration of Akwa Ibom State.
– To find out the various income tax rule and regulations Akwa Ibom State and their profit.
– To identify the steps to be adapted to increase tax yielding sources of Akwa Ibom State.
– To the recommendation and suggestions on economic development through tax collection and administration.
1.4 RESEARCH QUESTIONS
– Does the government develop our economic using the proceeds of tax collection and demonstration?
– What are the steps to be adopted to increase tax yielding sources of Akwa Ibom State?
– Is there any main source of revenue available to the government of Akwa Ibom State?
– Does the proceeds derived from tax collection and administration have any impact on the economy development either positively or negatively?
1.5 RESEARCH HYPOTHESIS
Ho: There is no significant relationship between tax collection and administration on economic development in Akwa Ibom State.
HI: There is significant relationship between tax collection and administration and economic development of Akwa Ibom. Tax Assessment
Ho: Government does not develop our economy using the proceeds of tax collection and administration.
HI: Government develops our economy using the proceeds of taxs collection and administration.
1.6 SIGNIFICANCE OF THE STUDY
It would provide the necessary information about how taxation implication on effect of economic development should be managed and controlled
It would also help the potential investors to remedy the problems associated with taxation of corporate income. The management of UYo Local government can also use it as a guide effective, some student can also use it as guide while research on this same topic.
1.7 SCOPE OF THE STUDY
The scope of this study was centred in one local government council, Uyo Local government council with effect of tax collection and administration on the economic development of Akwa Ibom State.
1.8 LIMITATION OF THE STUDY
One of the major limitations of this study is the security of data in terms of secondary information, some are the respondent were reluctant to attend to the researchers on the oral interview.
Also were limited financial resources in terms of transportation, photocopy and as well as time constraint. Given this reason, the rsearcher had to share the available time between his routine domestic work and other casework.
1.9 DEFINITION OF TERMS
In order to entrance quicker conception the following terms used in the study has been defined:
Taxation: Is one of the instruments of fiscal policy in a capitalist economy.
Administration: As the management of public or business affairs the day to day administration in accordance with established rule and regulation (Parest, 1999).
Assessment: Is the process of valuation of properties for taxation, it is valued as determination of the amount of money as a taxs of their fine or person properly (Kindles Degar, 1981).
Economic Development: Is defined as improvement in material welfare especially for person with low income (Degar, 1981).
Tax Authority: Defined as detects of federal level charge with the administration of certain kind of taxs (Davids, 1981).
Tax Evasion: Is defined as the deliberate act by a taxs payer to illegally reduce or totally escape his or her taxs liabilities and relevant taxs duties (Eskastaing 1961).
Income Tax: Income is defined as amount of found goods or services, received by an individual cooperation or economic in a given period (Pearce, 1985).
Tax Sharing: Is defined as a practice where by the level of government such as state levies taxs and share the proceeds with a lower level of government such as country or town (Greant, 1985).
HOW TO RECEIVE PROJECT MATERIAL (S)
After paying the appropriate amount (#5,000) into our bank Account below, send the following information to any of the numbers below
08068231953, 08137701720, 08154275408 (1) Your project topics
(2) Email Address
(3) Payment Name
OR you drop them on our WhatsApp, 08137701720
We will send your material(s) after we receive bank alert
BANK ACCOUNTS
Account Name: AMUTAH DANIEL CHUKWUDI
Account Number: 0046579864
Bank: GTBank.
OR
Account Name: AMUTAH DANIEL CHUKWUDI
Account Number: 3139283609
Bank: FIRST BANK
FOR MORE INFORMATION, CALL:
08068231953, 08137701720, 09070569307, 08154275408
]]>