Month: December 2020

Dec 06

The impact of statutory auditing on banking performance in Nigeria

The impact of statutory auditing on banking performance in Nigeria

ABSTRACT

The observable weaknesses in corporate governance of companies and the cases of accounting and audit failures have heightened concern of investors about corporate reports. This has led to the need for the establishment of statutory Audit Committees to ensure the credibility of financial statements. This study seeks to evaluate the impact of Audit Committees (AC) on the performance of listed Deposit Money Banks (DMBs) in Nigeria. The specific objectives of the study are to evaluate the impact of components of statuatory Audit Committees (size, independence, meetings and financial expertise) on return on assets, net interest margin, Tobin’s Q, financial standard compliance, and investors’ confidence of Deposit Money Banks in Nigeria. The study employs qualitative and quantitative research methods using correlation and survey research designs. Panel regression and the Kendall’s coefficient of concordance technique of data analysis were used for the analysis. The population of the study includes all the listed Deposit Money Banks. The secondary data was analysed using sample size of 16 through census sampling technique. The primary data was analysed using a sample size of 281 from a population of 950 members of registered shareholders’ Associations using Yamane (1968) formula. The study reveals a significant positive relationship between components of statuatory audit committee (size, independence, meetings and financial expertise) and the performance of listed deposit money banks in Nigeria, and that audit committee function has significant positive impact on investors’ confidence. Specifically, the findings reveal that financial performance during the period improved with the presence of Audit Committee member who is an expert in accounting and finance, which implies that an increase in the audit committee by one member increases financial performance significantly. Also an increase in the independent non-executive directors in the audit committee membership by one member enhances the financial performance significantly. The findings further suggest that an enhanced frequency of audit committee meetings drives the financial performance significantly, suggesting that the higher meeting frequency of the committee, the higher the financial performance. The study as well reveals that holding excess assets by the banks reduces profitability, and that the opinion of the Audit committees’ discussions enhances the quality of managements’ decision making. It is glaring that the audit committee has taken appropriate steps to ensure internal and external audit cooperate appropriately to ensure the completeness of assurance coverage and compliance with laws. The study therefore, recommends that there should be strategy towards creating enabling environment for improve the sustainability of Audit Committee for enthronement of good corporate governance practices, increase in the number of non executive independent members of the Audit Committee, increase in the frequency of meetings and that Banks should align their philosophies in such a way that Audit Committee members’ education be entrenched to improve the quality of compliance decisions. The independence of audit committee must be deepened, with a true essence of regulation and the right assurance of improving investors’ confidence.

Dec 06

Government expenditure and poverty reduction in Nigeria

Government expenditure and poverty reduction in Nigeria

ABSTRACT

This work was done to analyze the impact of Government expenditure and poverty reduction in Nigeria .In this research work, multiple regression analysis was used and five variables were used in the empirical analysis. They are government expenditure on agriculture and water resources (AGWR), health (HTH) education (EDU) transportation and communication (TRCM) and Housing and environment. The data used in this research was collected from secondary data obtained from National Bureau of Statistics (2008) (MBS), and CBN statistical bulletin. The major findings shows that government expenditure on health, education and transport and communication are insignificant and a unit increase of government expenditure in these sectors will reduce poverty level. While that of agriculture and water resources, and housing and environment are significant and a unit increase will increase poverty level. Recommendation were proffered based on the findings of this research. That the government at all level should ensure that its expenditure are channeled towards projects that will reduce poverty level in Nigeria.

Dec 03

An Appraisal Of Nigeria Criminal Code Section 419

An Appraisal Of Nigeria Criminal Code Section 419

INTRODUCTION

A 419 scam is a scam perpetrated from Nigeria in which a letter, fax, or email is sent to someone in the United States (or other countries, usually in Europe). The person who receives the letter is informed that he or she could receive a significant sum of money for “helping” someone to get funds out of Nigeria.  There are different possible scenarios that explain why the letter recipient needs to help. For example, the recipient of the letter may be told:

  • There is unclaimed money or gold that the letter sender needs help accessing.
  • A stolen fortune has been amassed and the sender of the letter needs help getting it out of the country.
  • A corporate or government official has embezzled funds and must get the money out of the country.
  • Money has been won or inherited, but the letter sender needs help getting it out of the country.

In virtually every case, the person who receives the letter is promised they will be handsomely rewarded for helping the sender to move large sums of money- which does not actually exist.  The recipient of the letter may be asked to pay fees in advance (usually referred to a taxes on the money or bribes to foreign officials) or may be asked to provide bank and financial information, which can then be used in identity theft.  The recipient may even be forwarded a fraudulent check and asked to deposit it and then forward some of the funds, keeping the rest for himself. The money that is to be forwarded is wired before it becomes clear that the initial check was not a legitimate one.

Dec 03

SURVIVAL OF MANUFACTURING COMPANIES IN NIGERIAN POST-ECONOMIC SHORT DOWN

SURVIVAL OF MANUFACTURING COMPANIES IN NIGERIAN POST-ECONOMIC SHORT DOWN

SUMMARY

Challenges faced by the Nigerian manufacturing sector warrant appropriate responses from government as well as the industry for improving the competitiveness of the sector. There are a few areas where both the government and the industry need to put in efforts through a well-designed Public-Private partnership mode. If fully implemented, it provides the key performance indicators (KPls) upon which the sector can be monitored.
The following need to be understood
(i) The manufacturing sector needs to access the vast market possibilities available at the bottom of the income pyramid in the country.
(ii) The first essentiality for ensuring manufacturing competitiveness is macroeconomic stability.
(iii) Lowering the cost of manufacturing and improving the quality are essential for competitiveness
(iv) Domestic indirect taxes are often singled out as a major reason why Nigerian manufacturing is uncompetitive.
(v) For instance, in India, there has been advocacy of industrial watchers that high interest rates and availability of credit are problems which hinder growth of the industry as reported by Rakesh, (2007) in his commentary on Challenges Faced by Manufacturing Sector.
(vi) Innovation holds the key to increasing productivity.
(vii) The government should consider establishing technology parks.
(viii) The manufacturing sector is critically dependent on the infrastructure facilities
particularly, in transportation sector – roads, railways, ports, airports etc. formovement of goods.
(ix) It is estimated that power shortage alone contributes to production loss of at least one percent of GDP.

Dec 03

UPTAKE OF INTERMITTENT PREVENTIVE THERAPY IN MALARIA AMONG PREGNANT WOMEN IN NIGERIA

UPTAKE OF INTERMITTENT PREVENTIVE THERAPY IN MALARIA AMONG PREGNANT WOMEN IN NIGERIA

Introduction

In Africa, malaria is highly endemic and is the leading cause of morbidity and mortality. It contributes 4–19% to low birth weight, 3–15% to maternal anemia, and 3–8% to infant deaths, while maternal anemia contributes 7–18% to low birth weight.Chukwu (2020) The impact of malaria prevention in pregnancy using chemoprophylaxis with routine anti-malarial drugs and intermittent preventive treatment (IPT) with sulfadoxine–pyrimethamine (SP) is well documented.R.W. Steketee, B.L. Nahlen, M.E. Parise, C. Menendez (2019)IPT with SP has been shown to reduce malaria episodes, maternal parasitemia, anemia, and the incidence of low birth weight.R.W. Steketee, B.L. Nahlen, M.E. Parise, C. Menendez(2019) The beneficial effects of IPT are more pronounced among primigravidae and secundigravidae as compared to multigravidae women.13, 16, 17 In Kenya, it was demonstrated that IPT with SP could reduce severe anemia among primigravidae by 39%.7 As a result of these studies, the World Health Organization (WHO) recommends that all pregnant women living in malaria endemic areas be given malaria chemoprophylaxis or IPT with SP.18

Despite implementation of IPT, poor accessibility and use are reported. In Malawi, although 90% of the pregnant women knew that SP was recommended during pregnancy, only 36% received the recommended two-dose regimen.19 Similarly, in Kenya, despite 96% of the providers being aware of IPT with SP, only 5% of the pregnant women received SP and constraints in commodity supply and high costs of accessing services were cited.Elsewhere, low use and adherence to IPT has also been attributed to late antenatal care attendance.

Data on community-based approaches with IPT are limited. In Kenya and The Gambia, village health volunteers and traditional birth attendants (TBAs) provided malaria chemoprophylaxis to pregnant women and were successful in reducing malaria episodes and parasitemia, and increasing birth weight of babies and maternal hemoglobin levels. However, these studies were randomized and did not assess how these resource persons could provide chemoprophylaxis under a normal health-seeking behavior pattern. We designed a study to assess a community-based delivery of IPT for malaria prevention in pregnancy through TBAs, drug shop vendors (DSVs), adolescent peer mobilizers (APMs) and community reproductive health workers (CRHWs). The main objective of the study was to assess the effect of this novel delivery system on access and use of IPT, and its effect on maternal parasitemia, anemia and low birth weight.

Dec 01

Impact Of Accounting Concepts And Convention On Financial Report

Impact Of Accounting Concepts And Convention On Financial Report ( A Case Study Of Nigeria Breweries)

ABSTRACT

The research work “Impact Of Accounting Concepts And Convention On Financial Report ( A Case Study Of Nigeria Breweries”, basically aims at ascertaining how financial accounting reporting has helped in advancing the objectives of corporate organizations. In the process, it investigated the effected that financial accounting bear on the performance of a business. Furthermore, if sought to ascertain the compliance of relevant statues by corporate organizations and the overall satisfaction of stakeholders in a corporate organizations. The study obtained its data basically from primary and secondary sources. The primary sources of data collection employed were questionnaire, oral interview and observations, while the secondary sources of data included textbooks, journals. in the analysis of the data collected, the chi-square was used to analyze the responses gathered. The study revealed that a loot of problems were inherent in financial reporting ranging from non-disclosure of vital information, subjective judgments of prepares of the financial information and most times non-compliance to relevant statues. There were recommendations given such as strict compliance to the relevant statute were made to the companies, the government needs to strengthen its regulatory agencies in order to ensure that the financial statements show a “true and fair view and comply with the relevant statues at all times.

CHAPTER ONE INTRODUCTION

 

Background of the Study

 

The impact of financial reporting on the corporate performance of a business organization is becoming more apparent to user groups of a financial statement.

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

  1. Relevance

 

  1. Understandability

 

  1. Reliability

 

  1. Completeness

 

  1. Objectivity

 

  1. Timeliness

 

In the accounting process of an organization is to provide the information required to prepare a financial report which shall have the above characteristics then the transaction doing the period must be recorded prompt by and accurately and interpreted in conformity with the Generally Accepted Accounting Principles (GAAP), Statements of Accounting Standard Board (NASB), International Accounting Standard committee and the companies and Allied Matters Act cop LFN (CAMA)

Financial accounting reporting become necessary with the obvious need for accountability of stewardship from the managers to whom investors entrusted their financial resources. The Railway age in the UK. Occurred between 1830 to 1870 and for the first time the world same the emergence of multimillion corporations with large numbers of shareholders. It was a period of disorder but it brought the basis for the present day system of corporate financial report. Financial reporting is a duty of stewardship assigned to the directors of a company by section 334 of the company and Allied Matters Act Cap L20 LFN, equally the mandatory responsibility of companies to keep accounting records derives its strength from section 331 and 382 of the same act. These sections explicitly defined the necessary content and manner in which financial records should be kept.

 

STATEMENT OF THE PROBLEM

 

The study “Impact Of Accounting Concepts And Convention On Financial Report ( A Case Study Of Nigeria Breweries” aims at investigating the financial reports of selected companies in Enugu State with a view to determine the following ;

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

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

OBJECTIVES OF THE STUDY

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

  1. The adequacy of the basis and the fundamental that guides its preparation.
  2. The degree to which the financial report meets the needs of its various users.
  3. The extent to which the financial report conform to the established standard.
  4. The influence that financial report has on business

 

  1. Finally, to present suggestions and recommendations based on my findings.

RESEARCH QUESTIONS

 

In order to determine the impact of financial reporting on the corporate performance of business organizations, it is pertinent to test the following question;

  1. Does the information disclosed in the financial statements adequate to support good decision making?
  2. Does the disclosure requirement of the statutes affect corporate performance positively or negatively?

 

  1. Do companies comply strictly with the regulation?

 

  1. Does the financial report meet the needs of the various users?

 

This study will offer solutions to ones raised it is my believe that the result of these finding will go a long why to helping researchers in this area of study, it will also enhance the understanding of the structure of published reports and accounts by the users.

The various users groups of the published financial report have their benefits from this study as follows:

  1. The Potential Investors: These are groups who are interested in committing their financial resources to the buying of the company’s shares. These set of people will benefit from this study as the result of this study still arm them with the necessary tools with which to evaluate the financial report of a corporate organization as it affects them.
  2. The General Public: This group shall benefit from this report by the knowledge that the business organization exists for them and not against them, as such has to live up to its full
  3. The Regulators of Financial Accounting Report: This group includes the Nigerian Accounting Standard Board (NASB), the companies and Allied Matters Act 2004 Cap (20 LFN (CAMA) the

 

Banking and Other Financial Institutions Act of 1991 (BOFIA), prudential guidelines for licensed Banks. The Insurance Act 2003. The study will help them to standardize and harmonize their operations.

  1. The Employee Group Including Existing: Potential and past employees.
  2. The Government Including Tax Authorities Department who have Interest in the Financial Reports of Companies: The result of this work shall be of immense assistance to each to these user groups in the advancement of their

RESEARCH HYPOTHESES

 

The following null and alternative hypothesis shall be tested in this research works:

  1. H0: The   information   provided   in   financial   statements   is   not adequate to support good decision

Hi:     The   information   provided   in   financial   statements   is   not adequate to support good decision making.

  1. H0: The   disclosure  requirements  of   statements  do   not   affect corporate performance

 

Hi:     The   disclosure  requirements  of   statements  do   not   affect corporate performance positively.

  1. H0: corporate organizations do not comply strictly to the statutory regulations.

Hi: corporate organizations do not comply strictly to the statutory regulations.

  1. H0: Financial reports do not meet the needs of the various users of financial

Hi: financial reports do not meet the needs of the various users of financial information.

SIGNIFICANCE OF THE STUDY

 

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

SCOPE OF THE STUDY

 

This study could have covered the impact of financial accounting reporting on corporate performance of all the sectors of the Nigerian economy but due to the challenges of such a task especially the financial resources with which to execute it, it is limited to braving industry. The study used the Nigerian Breweries plc, Enugu.

LIMITATIONS OF THE STUDY

 

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

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

 

 

DEFINITION OF TERMS

 

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

 

Balance Sheet: a business as at a specified date.

 

Bank: a financial institution whose responsibilities among others is to keep deposits for their client and customers.

Government: an institution of the state whose responsibility is to maintain law and order in the society.

Prima facie: sufficient to establish something legally until disprove later.

 

Researcher: an enquiring basically concerned with search knowledge.

 

 

Dec 01

A MICROCONTROLLER BASED AUTO HAND WATER AND SOAP DISPENSER WITH AN HAND DRYER

A MICROCONTROLLER BASED AUTO HAND WATER AND SOAP DISPENSER WITH AN HAND DRYER

ABSTRACT 

Hand washing is a process of removing the germs from the hands. It is a vital process after done doing any activities. Hand washing helps to prevent any diseases that spread through contact. In order to eliminate most of the germs on the hands, one needs to apply a good hand washing practise. This hand washing practise involves 3 important steps which are rinsing, soaping, and drying. The main focus of this thesis is to design a convenient automatic hand washer that involves 3 vital steps in a good hand washing practise. The automatic hand washer is also a fully automated operation that does not need any single touch from the user for it to operating. Besides, this thesis also focuses on the simulation of the water flow in the nozzle inside the device so it gives a good water spray effect.

 

CHAPTER ONE/INTRODUCTION 

Background of Study 

The practice of hand washing is important as it can prevent the spreading of diseases. Most people are practicing hand washing but they are not practicing a good hand washing technique. It is learnt that hand washing is the single most important  factor in preventing the spread of disease (Parker, 1999).

In order to have a good hand washing practices, 5 important steps need to be followed. Those 5 steps are wet, lather, scrub, rinse and dry. Hands need to be scrub well for at least 20 seconds in order to eliminate most of the bacteria on the hand (CDC, 2012). Most people usually clean their hands less than half of the times they should. This cause the bacteria on the hands are not fully removed.

Unfortunately, it is hard to remove most of the germs after hand washing process. This is due to recolonization of germs after hand washing process. Recolonizations of germs occur when the users need to touch the knob of the faucets after hand washing. This is because the knob itself contains million of germs.

There are several diseases that can spread through contacts which are diarrhea, flu and hand, foot and mouth disease (HFMD). Health-care associated infections are also one of the deathly diseases that spread through contact between the health workers and patients. These diseases can be easily transferred to one and another.

It is important to have a good hand washing as it can save many lives by preventing disease that spread through contacts. The three elements that can eliminate the germs on the hands are water, soap and dryer. These three elements will be combined into the automatic hand wash where the user only needs to insert their hands in the machine for hand wash. The well design of automatic hand washer will ease the process of hand washing. Besides, the automatic hand washer will remove any germs on the hands efficiently and will reduce the health-care associated infections which occur among the health care workers.

Statement of the Problem 

The lack of hygiene especially in the hands can cause deathly disease to spread through contacts. According to WHO (2013), every year, diarrhea has taken 760 000 lives of children under five years old. It is also estimated that around 1.7 billion cases of diarrhea are recorded each year. The high amount of death cases due to the diseases causes it to be one of the top killers for children under five.

Besides, the lack of hand hygiene can contribute to spread of microbes that cause health care-associated infections .The microbes that cause HAI will easily spread from the health-care workers to patients. This will endanger the patient’s life as they are exposed to various microbes.

By hand washing, it can prevent the disease and microbes from spreading (Burton, Judah, & Curtis, 2011). It is difficult to remove most of the microbes on the hands if they are not practicing a good hand washing technique. Most of the microbes will be removed from the hands when the human uses soap, scrub the hands thoroughly for 20 seconds and dry them after the hand washing process. Human will has good hand hygiene and less case regarding the disease that spread through contact will be recorded if there is device that can conduct a hand washing efficiently.

Objectives

 

This study is focus on A microcontroller based auto hand water and soap dispenser with an hand dryer. Through this well design technology, it can prevent the deathly disease from spreading into others. The objectives of this project are as below:

  • To design a well and convenient automatic hand washer
  • To allow users to soap, wash and dry their hands without a single touch from the users
  • To do simulation of water flow in the nozzle of the automatic hand washer

Scope of Works

The scope of works for this study is to apply the application of automatic hand wash. The automatic hand wash will wash human hands efficiently where it will remove most of the microbes. It will improve human’s life by having more convenient and efficient hand wash technology. It also will increase the hand hygiene in humans.