The objective of this paper is to compare the compliance with Value Added Tax and Companies Incom... more The objective of this paper is to compare the compliance with Value Added Tax and Companies Income Ta in Nigeria. Hence, in this study we compare the payment compliance level between Value Added Tax (VAT) and Companies Income Tax (CIT) in Nigeria from 1996-2008. Using percentage analysis, we compare between budgeted and actual revenue from these forms of tax. The results show that the rates of compliance for both taxes are high. However, the compliance rate of CIT was higher. We observed that most tax payers are not captured by the Federal Inland Revenue Service (FIRS) hence, we recommend to the service to carry out an inventory of eligible tax payers in the country
One of the unique features of most recognized trades and vocations including the highly regulated... more One of the unique features of most recognized trades and vocations including the highly regulated accounting profession is the existence of code of ethics which are the hallmarks of global best practices. The society evaluates the performance of professionals on the basis of both moral and technical codes. Adherence to these codes by the practitioners of the profession inspires confidence in the work of the professional by shareholders who depends on the auditor’s opinion as a means of evaluating the integrity of financial statements. The huge and embarrassing corporate failures and high profile frauds in the last two decades has called to question the integrity of the accounting profession both within and from outside the profession, leading to increased demands for ethics within the auditing profession. This study highlights the consequences of unethical practices and proposes some possible solutions to the question of ethics in the accounting profession.
There have been several cases of abuse of political power bordering on corruption charges levied ... more There have been several cases of abuse of political power bordering on corruption charges levied against political office holders, companies, individuals operating in the private sector and several public officers in Nigeria. Overtime, public sector auditors have undertaken the audits of government Ministries, Department and Agencies’ (MDAs) accounting procedures and financial statements by reviewing the legality of transactions made by the audited body to ascertain the efficiency and effectiveness of government programmes. How then should the public sector auditor carryout his duties in such a manner that enables him to detect opportunities for corruption as he may not be in position to quantify or report it? This paper seeks to identify the role of the Auditor General who heads the Supreme Audit Institution in Nigeria and the public sector auditor in fighting corruption and it concludes on the premise that effective corruption control requires the commitment and involvement of all...
This paper demonstrates, using of empirical evidence, that shareholders of non-bank companies are... more This paper demonstrates, using of empirical evidence, that shareholders of non-bank companies are likely to suffer more losses than creditors of the same companies in the event of failure of such companies. On the other hand, banks’ depositors are likely to suffer more losses than banks’ shareholders in failure of such banks. Consequently, the paper calls for a paradigm shift in banks audits and proposes that banks’ auditors should report to the two groups: shareholders and depositors; and an amendment to the relevant provisions of the Companies and Allied Matters Act (1990) and the Banks and Other Financial Institutions Act (1991).
There has been a dramatic increase in financial crime across the globe especially in developing e... more There has been a dramatic increase in financial crime across the globe especially in developing economies. In Nigeria, the print and electronic media is replete with news of the charges brought against suspected persons accused of financial crime and charged to court by the anti-graft agencies being dismissed for lack of credible and sufficient evidence. The paper highlights how forensic accounting can be employed to resolve that challenge. Forensic accounting assignment is more comprehensive in nature than financial audit. Unlike financial audit which aims mainly at uncovering material deviation in financial data and significant variances from acceptable accounting and auditing standards, forensic audit looks beyond the transactions and audit trail to focus on substances of the transaction instead. It was recommended that the relevant anti-graft agencies should consider engaging the services of forensic accountant to enhance conviction of fraud culprits.
Business environment is dynamic. It is constantly changing and creating not only uncertainties, r... more Business environment is dynamic. It is constantly changing and creating not only uncertainties, risks, and threats but also opportunities for growth and expansion. Based on a firm’s strength and weaknesses, strategies are developed and implemented which would mitigate the effects of threats and exploit perceived opportunities. Acquisition is one strategy by which firms combine strength and eliminate weaknesses. It is therefore necessary to examine the impact of acquisitions on the corporate performance. This study examines the impact of acquisition on corporate performance of companies using financial ratios to compare the pre and post acquisition performance. The study concludes that acquisition impacts positively on corporate performance.
One of the unique features of most recognized trades and vocations including the highly regulated... more One of the unique features of most recognized trades and vocations including the highly regulated accounting profession is the existence of code of ethics which are the hallmarks of global best practices. The society evaluates the performance of professionals on the basis of both moral and technical codes. Adherence to these codes by the practitioners of the profession inspires confidence in the work of the professional by shareholders who depends on the auditor’s opinion as a means of evaluating the integrity of financial statements. The huge and embarrassing corporate failures and high profile frauds in the last two decades has called to question the integrity of the accounting profession both within and from outside the profession, leading to increased demands for ethics within the auditing profession. This study highlights the consequences of unethical practices and proposes some possible solutions to the question of ethics in the accounting profession. Keywords: Ethics, reliabi...
The objective of this paper is to compare the compliance with Value Added Tax and Companies Incom... more The objective of this paper is to compare the compliance with Value Added Tax and Companies Income Ta in Nigeria. Hence, in this study we compare the payment compliance level between Value Added Tax (VAT) and Companies Income Tax (CIT) in Nigeria from 1996-2008. Using percentage analysis, we compare between budgeted and actual revenue from these forms of tax. The results show that the rates of compliance for both taxes are high. However, the compliance rate of CIT was higher. We observed that most tax payers are not captured by the Federal Inland Revenue Service (FIRS) hence, we recommend to the service to carry out an inventory of eligible tax payers in the country
One of the unique features of most recognized trades and vocations including the highly regulated... more One of the unique features of most recognized trades and vocations including the highly regulated accounting profession is the existence of code of ethics which are the hallmarks of global best practices. The society evaluates the performance of professionals on the basis of both moral and technical codes. Adherence to these codes by the practitioners of the profession inspires confidence in the work of the professional by shareholders who depends on the auditor’s opinion as a means of evaluating the integrity of financial statements. The huge and embarrassing corporate failures and high profile frauds in the last two decades has called to question the integrity of the accounting profession both within and from outside the profession, leading to increased demands for ethics within the auditing profession. This study highlights the consequences of unethical practices and proposes some possible solutions to the question of ethics in the accounting profession.
There have been several cases of abuse of political power bordering on corruption charges levied ... more There have been several cases of abuse of political power bordering on corruption charges levied against political office holders, companies, individuals operating in the private sector and several public officers in Nigeria. Overtime, public sector auditors have undertaken the audits of government Ministries, Department and Agencies’ (MDAs) accounting procedures and financial statements by reviewing the legality of transactions made by the audited body to ascertain the efficiency and effectiveness of government programmes. How then should the public sector auditor carryout his duties in such a manner that enables him to detect opportunities for corruption as he may not be in position to quantify or report it? This paper seeks to identify the role of the Auditor General who heads the Supreme Audit Institution in Nigeria and the public sector auditor in fighting corruption and it concludes on the premise that effective corruption control requires the commitment and involvement of all...
This paper demonstrates, using of empirical evidence, that shareholders of non-bank companies are... more This paper demonstrates, using of empirical evidence, that shareholders of non-bank companies are likely to suffer more losses than creditors of the same companies in the event of failure of such companies. On the other hand, banks’ depositors are likely to suffer more losses than banks’ shareholders in failure of such banks. Consequently, the paper calls for a paradigm shift in banks audits and proposes that banks’ auditors should report to the two groups: shareholders and depositors; and an amendment to the relevant provisions of the Companies and Allied Matters Act (1990) and the Banks and Other Financial Institutions Act (1991).
There has been a dramatic increase in financial crime across the globe especially in developing e... more There has been a dramatic increase in financial crime across the globe especially in developing economies. In Nigeria, the print and electronic media is replete with news of the charges brought against suspected persons accused of financial crime and charged to court by the anti-graft agencies being dismissed for lack of credible and sufficient evidence. The paper highlights how forensic accounting can be employed to resolve that challenge. Forensic accounting assignment is more comprehensive in nature than financial audit. Unlike financial audit which aims mainly at uncovering material deviation in financial data and significant variances from acceptable accounting and auditing standards, forensic audit looks beyond the transactions and audit trail to focus on substances of the transaction instead. It was recommended that the relevant anti-graft agencies should consider engaging the services of forensic accountant to enhance conviction of fraud culprits.
Business environment is dynamic. It is constantly changing and creating not only uncertainties, r... more Business environment is dynamic. It is constantly changing and creating not only uncertainties, risks, and threats but also opportunities for growth and expansion. Based on a firm’s strength and weaknesses, strategies are developed and implemented which would mitigate the effects of threats and exploit perceived opportunities. Acquisition is one strategy by which firms combine strength and eliminate weaknesses. It is therefore necessary to examine the impact of acquisitions on the corporate performance. This study examines the impact of acquisition on corporate performance of companies using financial ratios to compare the pre and post acquisition performance. The study concludes that acquisition impacts positively on corporate performance.
One of the unique features of most recognized trades and vocations including the highly regulated... more One of the unique features of most recognized trades and vocations including the highly regulated accounting profession is the existence of code of ethics which are the hallmarks of global best practices. The society evaluates the performance of professionals on the basis of both moral and technical codes. Adherence to these codes by the practitioners of the profession inspires confidence in the work of the professional by shareholders who depends on the auditor’s opinion as a means of evaluating the integrity of financial statements. The huge and embarrassing corporate failures and high profile frauds in the last two decades has called to question the integrity of the accounting profession both within and from outside the profession, leading to increased demands for ethics within the auditing profession. This study highlights the consequences of unethical practices and proposes some possible solutions to the question of ethics in the accounting profession. Keywords: Ethics, reliabi...
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Papers by ofiafoh Eiya Dr.