THE DEVELOPMENT OF ACCOUNTING PRINCIPLES AND STANDARDS (AN EMPIRICAL STUDY)

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ABSTRACT

          The objective of this study is to access based on empirical research the exceptional qualities or otherwise of the present accounting principles and standards.

Information was drawn from both primary and secondary sources. The primary sources were held with members of institute of chartered accountants of Nigeria (ICAN) on the subject matters. During the time, question on the general field of accounting principles and development were asked. The rest of the information came from library sources.  The information collected was analysis using simple tabular diagrams, percentages, ratio and statistical tools chi-square. The result obtained from this study is that the present way of evolving accounting principles and standard from the beginning which dates back to 600BC has not been very helpful. The study also revealed the economic life of business differ significantly so that the purpose or aims of financial reports are not the same everywhere. All these have resulted to display in the financial report between accounts.

Although, it  is evident that a quest deal of success has been recorded by the accountancy, bodies worldwide, in standardizing existing standards. This project recommends that a standard based on contemporary problem and fashioned for the immediate or particular business environment be evolved. It is hoped that when the points mentioned above are fully implemented, the accountancy profession, especially in Nigeria which is currently being threatened by existing laws in the country, can effectively render those necessary committee it owes to the public it services. By way of reward for the this services, the future existences of the profession would be guaranteed as it would remain ever strong and reliable.`2

LIST OF TABLES

Table 1:       Statement of standard Accounting practice (SSAP)

Table 2        Reconciliation

Table 3        Questionnaire administrative and received

Table 4        The disclosure of Accounting Policies and information and the producers and users in the understanding and interpretation of financial statement and the making of economic decision (SAS) 1 and 2

Table 5        Does the use of several method for valuing and reporting stock, give rise to wide  differences in  total result of the operations of enterprises in the same line of business (SAS4)

Table 6        Will the accounting for employee retirement benefits help in determination of the amount due to employees before or after the date of implementation of plans (SAS8)

Table 7        Will the accounting for depreciation provide a guide for uniform and acceptable method of determining and reporting depreciation on items? (SAD9)

Table 8        Is there need for  review of the accounting principles and standards to reflect contemporary problem?

Table 9        The environment of the practice of accounting profession as presented by the companies and Allied matters decreed is a result of tact of trust in the professional accounting in Nigeria

Table 10      In your own opinion were the thirteen standard launched by the Nigeria Accounting standard board (NASB) actually developed by were they mere modification of UK SSAP”

Table 11      Is there need for a review of the accounting principles and standards to reflect contemporary problems?

Table 12      The encroachment of the practice of accounting profession as presented by the companies and allied matter decree is as a result of lack of trust in the professional competence of professional accountants in Nigeria.

Table 13.     Chi-Square table

Table14.      Chi-Square table.

TABLE OF CONTENTS

CHAPTER ONE

Introduction                                                                                           1

1.1     overview of study                                                                        1

• Statement of problem 5
• Objective of study 6
• Hypothesis of the research 7
• Significance of the study 8
• Limitation of the study 9
• Definition of terms 9

Reference                                                                                     12

CHAPTER TWO

Review of related literature                                                                    13

2.1     Historical development of accounting                                          13

2.1.1  The early financial accounting                                                     13

2.1.2  The venture accounting                                                               15

2.1.3  The joint stock company                                                              16

• Development of accounting principles and standards 18
• Recent revisions to accounting standards 23
• Foreign currency transaction and conversion 25
• Accounting for depreciation 26
• Accounting for lease and hire purchase 28

References                                                                                   31

CHAPTER THREE

Research methodology                                                                          33

3.1     sources of data                                                                             33

3.1.1  Primary data                                                                                          33

• Secondary data 33

• Population and sample size 34
• Methodology used 35

CHAPTER FOUR

Presentation and Analysis of Data                                                         38

• presentation and analysis of an empirical research into

the accounting principle and standards                                        38

• Testing of hypothesis 46

CHAPTER FIVE

Summary of Finding Recommendation and Conclusion                        62

5.1     Recommendation                                                                         64

5.2     Conclusion                                                                                  67

Bibliography                                                                                68

Questionnaire                                                                              71

CHAPTER ONE

 

1.1     OVERVIEW OF STUDY

The hall mark of a profession is its commitment to the public service.  The commitment can be classified into three.  Firstly, there must be satisfaction of the society being served, secondly there must be professional pride invite craft and thirdly the profession should be accorded recognition be fond its national boarders.

If we go down into memory, we discover that the need for better accounting principles and standards is a world wide phenomenon, for instance, Noel Hyndman and Robert kink (1989:20) said that one of the main reasons for the dearth of new standards and revisions of same is the fact that the accounting standard committee (ASC) like other standard setting bodies now begin to investigate accounting topics which are extremely controversial.  Invariably, most of the new standards involve significant adjustments to both the profit and loss account and the valuation of assets and liabilities in the balance sheet.

Again, Noel Hyndman and Robert kink (1989:42-44) on then part saw from every practical objective level, most countries have disconvered lack of clear statement of the aims and purpose of financial reporting as the major, short coming in the standard setting processes.  According to Hyndman and kink, and citing germany as an example, “financial statement are considered as one of the most important vehicles for communicating with people who have financial interest in business enterprises”.  The art of accounting in this circumstances unlike the (former) is to provide a reliable and relevant information to the interested parties.

Explaining his own reaction on the global effect of clear statement of the aims and purposes called, “in the united states for example, the stock market crashes of 1929 and 1969 which was blamed on financial report by companies first triggered the estblishment of  accounting standard in that country”. He went further to say that in the U.K, like Nigeria the establishment of accounting standard committee (ASC) by the six professional bodies were ignited by lack of uniform Nigerian situation was made worse by the Nigerian enterprises promotions decree which attempted to transfer ownership of companies to Nigeria”.  Foreighers exploited the lack of uniform accounting procedure in valuing their equity in corporations affected by the decree.  Practicing accountant is faced to go down memory lane once more, he may admit that the problem emanated from their evolvement of those principles and standards that date back to 600 B.C., when accounting as a practice came into being.  Ordinarily, he may resolve that all it takes to improve on the principles is a fough body of accounting standards.  But could these forestall the disasters in the accounting world most especially in our country?

Today, the disaster is becoming more real than apparent in Nigeria with the introduction of the secondary foreign exchange market (SFEM), the recent open market operation (OMD) and foreign exchange market (FEM).  According to Okpechi 91990:5) this system has brought in its wake a lot of pressures on management of companies to show profits in the fact of rapidly dwindling revenues.  Accounts are most likely going to be massaged and manipulated to show favourable result.  Once more, it is in this regard that accounting standards  of measurement and reporting and the need for more to be more responsive to developed principles assume greater importance.

If members of the profession feel that the present principles and standards have not altogether done much good, shall helplessly ching to them or find something that would be benefical to helping to achieve consistency between standard.  After all December 20^th century dictionary (1985:1022 AND 1261) pointed out the three major qualities of all principles and standard, it defined principles as “consistent regulation of behaviour accord go moral law” and standards as accepted authorities statement of adequacy required.  According to Oxford English Dictionary second edition volume xii (1991:499) principles is defined as a “general law or rule adopted or professed as a guide to action, a settled ground or basis of conduct or action, especially one consciously recognized and followed and standards as a definite level of excellence, attainment, wealth or the lay or a definite degree of any quality, viewed as a presaribed object of ondeavour or as a measure if what is adequate for some purpose.  Form the foregoing, one may deduce that principles or standard is consistency applied if it provides adequate treatment for items in question.  The adequacy assume its acceptability and the circle contnues here lies our problem.  The primary aim of this project, therefore is to find something we could expect would lead to a cutting back of alternative treatments in a longer term.  In the short come closer to which could be regarded as our yearning principles or philosophy.  Put simple a better account standard evolved to solve our immediate problems.  This standard is also expected to fit into the economic like of particular place in question

1.2               STATEMENT OF PROBLEM

          Okpechi statement presents one of the problems of this thesis.  I have been tempted many times, to dispel certain newspaper misconception about why the Nigerian accounting standard Board was established and how.  The standard developed so far are carbon copies of those produced elsewhere”…

(Okpechi 1990:2)

so, the first of the needs of this project is to see how accounting principles development based on our local problems instead of reinventing

(A CASE STUDY OF ZENITH BANK P.L.C

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ABSTRACT. 

The economic policies or interpretation of such policies has always left a key question unanswered, how much authorities do such policies allow the banks to use their powers to lend, to made remarkable impact in the overall economic situation in the country. Like in banks in most developing economic (Nigeria inclusive) the role of providing advice and issuing financial directives lies in the ministry of finance, the Nigeria deposit insurance corporation and the central bank of Nigeria. The federal government relies on these institution for the  proper functioning of banks through their monetary and fiscal policies, which could be concretionary or expansionary. This invariably affects the profitability of commercial banks etc. hence the need for this study.

The Zenith Bank Plc has been chosen in this regard and except where specified individually, banks becomes the terminology. In this study in depth study is made on how the Apex Banks, the CBN’s financial policies monetary and fiscal affect the profitability of banks and it’s effect and the general influences it has on the economy.

Chapter one of the study deals on the back ground, study of the problems. Statement of hypothesis  and what significant of the study is. Second chapter studies the literature used.

The chapter three emphasis on the techniques and sample collection and questionnaire chapter four presentation of data analysis of the data and the interpretation of finding the last chapter five elucidates on the findings and solutions were proffered. Hence given rise to conclusion.

TABLE OF CONTENT

Cover page

Title page

Approval page

Dedication

Acknowledgment

Abstract

Table of contents

CHAPTER ONE

Introduction

1.1            Background of the study

1.2            Statement of problems

1.3            Objective of the study

1.4            Significance of the study

1.5            Statement of hypothesis

1.6            Scope and limitation of study

1.7            Definition of terms

CHAPTER TWO

Literature review

2.1            2004 monetary policy and the introduction of  N25 billion capital base.

2.2            Monetary and credit policy measure in 2002/2003

2.3            Frame work for determine bank cost of funds

2.3.1    National saving certificate

2.3.2    Federal government development stocks

2.3.3    Minimum balance on loan saving account

2.3.4    Money Transfer

2.3.5    Policy on SMES

2.3.6    CBN rediscounting and refinancing

2.3.7    Characteristics of promissory note

2.3.8    Paid up capital requirement

2.3.9    Moral suasion

2.3.10                       Improvement in the payment system

2.4            Universal banking practice

2.5            Basic principles of commercial banks credit

2.6            Credit policies of commercial banks

2.7            Factors that determine credit policies in Nigeria

2.8            Capital position of the banks

2.9            Liquidity and profitability

2.10       Impact of CBN monetary policy on banks profit.

CHAPTER THREE

Research design and methodology

3.1            sample survey method

3.2            Population sample for the study

3.3            Sources of data collection

CHAPTER FOUR

Data presentation

4.1            Data analysis, interpretation

4.2            List of hypothesis

CHAPTER FIVE

Findings conclusion and recommendation

5.1            Summary of findings

5.2            Conclusion

5.3            Recommendations

Bibliography

Appendix

Questionnaires

CHAPTER ONE

INTRODUCTION

1.1            BACKGROUND OF THE STUDY

Most banking activities are directed towards lending as credit has remained the backbone of banking operations. It is due to the fact that it provide the bulk profits.

Today, its vital role in commercial banking activities lie in the direct it has on total economic growth and business development. Every year the (CBN) central bank of Nigeria being the monetary authority that is solely responsible for the insurance of guidelines policies and the interpretation of such, comes up with economic measure roles and regulation under which the bank in the country operate. Such policies direct the use of funds from depositors, stockholders, and creditors in order to control the size of loan portfolio thereby determining the general circumstances under which it is appropriate to make an advance. The economic policies (fiscal and monetary) also aim at aiding the banks to maintain a sound financial and banking system promote confidence in sustenance of reasonable banking services for public as well as ensuring a high standard of conduct and professionalism in banking industry. These rules and regulations are contained in monetary and fiscal policy circular being issued by the central bank at the beginning of every year.

The techniques of monetary policies could be broadly divided into two namely:

Direct and Indirect.

While the direct approach has been used very extensively in the more developed market economic, the indirect approach predominate in the less developed economics such as Nigeria. Nonetheless, both technology aim at influence the cost and availability of banking system’s credit. The direct system techniques involves fixing of credit ceiling and interest weight rates the Apex Bank (CBN) for compliance by banks, while the direct approach achieves the same objective through the financial market. The most potent instrument of the indirect monetary policy technique is the open market operation (OMO). It is worthy of note that effort aimed at introducing incorrect monetary and credit-control anchored on the use of OMO are themselves a parts of the given receipts which they would present to the gold smith on withdrawal.

According to Paul Sammuelson, (1990-20) money has an anonymous quality making are dollar just as good as another. In relation to the above the goldsmiths recognized that not all depositors of gold when they come back at the same time to collect them. These receipts signified time to collect them. These receipts signified debt and were transferable. Out of the gold deposited, the goldsmith started to lend out part of them and charge a fee for these services.

Hence the evolution of our bank lending. As development continued to surface in the society it become possible for financial institution to emerge and act as bank where people go to deposit their money and other precious metals for future withdrawals and most importantly lending money to the users of fund. Bank lending has ever since then been on the increase with different hierarchy of operations.

1.2            STATEMENT OF THE PROBLEM

Monetary and fiscal policies are organized and established system of administration of loan, and its disbursement have so many loopholes which undermine its base exercise and guidance. It is a statement that need not be overemphasis.

These policies being one out of measure used by that nation ability to mobilize and  channel its scare resources to different sectors of the economy. Therefore when these economic policies are seemingly deficient, it poses a big question which needs to be answered. How much authority do such policies allow the banks to use their powers to lend to make remarkable. Impact on the overall economic positions on themselves (hence profit). A major conclusion has been that effective implementation through the financial intermediation will serve a machinery for economic progress and profit enhance ability.

Apart from the explicit policies which are extremely imposed by the CBN implicit rules and regulations are also developed by the bank to guide their internals operations.

But these guidelines are developed from the mature of banking industry. Generally, these policies have three implications. One to the banks to the borrowers and to the economy. Emphasis is laid here on the implication  it has on the banks.

Banks lending dates bank to the days when the hold smiths accepted deposits from the merchants, mostly gold and valuable for safe keeping. At first such establishment were simply like ware house. Depositors were central bank of Nigeria towards the maintenances of prudent banking have fare reading effects on banking and the Zenith bank Plc in particular. The question therefore arises what effect do these policies have on the banking industry and their profitability, customers and the economy? Are these policies and conditions too strength as to constitute a problem to lending?

Do commercial banks ensure full compliance to the monetary and fiscal policies circular?

Are there government objective for introducing these rules  and regulations being achieved?

The CBN’s guidelines, rules and regulation normally contained in the monetary policy circular have always been aimed at achieving targeted goals. The commercial banks which are expected to operated to operate under the guidance of the regulations of the CBN have also their own internal lending policies objectives to achieve. All these pose a lot of problems to the bank’s credit decisions worthy of note is the CBN directive that lending should not exceed and foreign transfer to individual should not exceed N500.000 and corporate bodies n2000.000. this has made of possible for banks to have loan or credit dispersal and control money laundering. Based on the above a performance evaluation of the effect of these policies is inevitable to finding out the resultant effect on banks activities using the 2002 and 2003 monetary policies.

1.3            OBJECTIVES OF THE STUDY

The purpose of this research work is to undertake an in depth analysis of the effect of the various guidelines introduced for banking operations by the Apex monitoring authority on the profitability of banks using Zenith bank Plc as case study. Other objective include:

i.        Assessment of the extent to which commercial banks have been able to comply with statutory allocation of credit to the different sectors of the economy through the CBN credit to the different sectors of the economy through the CBN guidelines.

ii.       Whether the commercial banks have been able to maintain the  credit ceiling and how far interest rate deregulation contain in policy has been able to affect the volume of banks lending and profitability.

iii.      To test the rigidity of the policies and its effects on the borrowing customers.

iv.      To  draw outlines of credit offered by these banks and their appraisal process highlighting the environmental influence that impinge on the monetary policy and fiscal policy practices in Nigeria.

v.       Lending is of paramount importance in the economy hence the research work will investigate lending policies and practical of the banks system in the country funding out how realistic they are in line with the nations economic settings.

Making recommendation where necessary and suggesting ways to ensure effective implementations of these policies to achieve the desired objectives.

1.4            SIGNIFICANCE OF THE STUDY

Government over the year have made inspiring calls to all citizens be self reliant and in a bid to achieve this loan to rural borrowers have been increased to 50% and as well sectored allocation (SMES) small scale and medium enterprises as well as according priorities to key sector of the economy.

This research work being an appraisal of the effects of CBN monetary and fiscal policy on the profitability of banks (Zenith) precisely will enable the apex bank restructure and relax the assumed stringent measure in order to make it possible for necessary assistance from banks.

However, the primary motive for any corporate business is for profit optimization and the maximization of shareholders health banks are no exception. From this research, they will realize that  proper implementation of monetary and fiscal policy can ensure higher profitability of the banking industry. To borrowing customers, they will deduce some act inherent in loan defaulting an what are the causes of high interest rates and their remedies. This implies that of they continue borrowing funds without paying back, this banking industry may in future become liquid which will result in high interest rate and subsequently high cost of borrowing fund. It will also constitute guide towards future design and formulation of lending policies by the monitoring authority through the implementation of recommended measure.

Finally, this work will be of immense help to other university undergraduates who will like to writ on this topic as well as exposing to monetary and fiscal policies available to the banking industry.

PROBLEMS AND PROSPECTS OF PRIVATIZED PUBLIC CORPORATIONS IN NIGERIA [A CASE STUDY OF POWER HOLDING COMPANY OF NIGERIA PLC, KADUNA]

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ABSTRACT
One of the problems of public enterprises the world over, but more particularly in developing countries is inefficiency leading to waste, slow growth and in ordinance dependence on government support even their activities are apparently profitable ones. As a way of improving performance of public enterprise through which profit orientation will be the motive of these enterprises. In this study, therefore, conscious attempts were made to look critically into problems and prospects of privatization of PHCN and the research work is divided into five chapters. Chapter one is the introduction, background of the study, statement of the problems, objectives, significant of the study, research hypothesis and scope of the study and definition of terms. Chapter two deals with review of related literature such as the concepts of privatization, origin of public enterprises and evolution of privatization in these problems of privatization PHCN. The chapter three of the study places emphasis on the methodology used in carrying out the research such as the population, sample size and sampling procedure, research instrument as well as method of data collection and analysis. Chapter four of the study delves into presentation, analysis and interpretation of data, descriptive and statistical methods such as Chi-square (X2) was employed on the causes of analyzing the data collected. Conclusively, chapter five comprises of summary of finding, conclusion and recommendation where it was concluded that for effectiveness of privatization of NEPA, it needs to be handled by experts devoices of statements, as this would mean creating new capitalist or enriching the existing ones the more at the expense of large proportion of the public.

CHAPTER ONE
INTRODUCTION
1.1 Background of the Study
Privatization of state-owned enterprises (SOEs) has become a key component of the structural reform process and globalization strategy in many economies. Several developing and transition economies have embarked on extensive privatization and commercialization programmes in the last one and a half decades or so, as a means of fostering economic growth, attaining macroeconomic stability, and reducing public sector borrowing requirements arising from corruption, subsidies and subventions to unprofitable SOEs. By the end of 1996, all but five countries in Africa had divested some public enterprises within the framework of macroeconomic reform and liberalization (White and Bhatia, 1998).
In line with the trend worldwide, the spate of empirical works on privatization has also increased, albeit with a microeconomic orientation that emphasizes efficiency gains (La Porta and López-de-Silanes, 1997; D’Souza and Megginson, 1999; Boubakri and Cosset, 1998; Dewenter and Malatesta, 2001). Yet despite the upsurge in research, our empirical knowledge of the privatization programme in Africa is limited. Aside from theoretical predictions, not much is known about the process and outcome of privatization exercises in Africa in spite of the impressive level of activism in its implementation.
Current research is yet to provide useful insights into the peculiar circumstances of Africa, such as the presence of embryonic financial markets and weak regulatory institutions and the manner in which they influence the pace and outcome of privatization efforts. Most objective observers agree, however, that the high expectations of the 1980s about the “magical power” of privatization bailing Africa out of its quagmire remain unrealized (Adam et al., 1992; World Bank, 1995; Ariyo and Jerome, 1999; Jerome, 2005).
As in most developing countries, Nigeria until recently witnessed the growing involvement of the state in economic activities. The expansion of SOEs into diverse economic activities was viewed as an important strategy for fostering rapid economic growth and development. This view was reinforced by massive foreign exchange earnings from crude oil, which fuelled unbridled Federal Government of Nigeria (FGN) investment in public enterprises. Unfortunately, most of the enterprises were poorly conceived and economically inefficient. They accumulated huge financial losses and absorbed a disproportionate share of domestic credit. By l985, they had become an unsustainable burden on the budget.
With the adoption of the structural adjustment programme (SAP) in 1986, privatization of public enterprises came to the forefront as a major component of Nigeria’s economic reform process at the behest of the World Bank and other international organizations
1.2 Statement of the Problem
The first problem recorded with the privatization programme in Nigeria was lack of relevant fundamental economic environment needed before taking off. Some public enterprises that were not ripe enough in terms of competitiveness were privatized. Consideration was not given to capable buyers but to political cronies who could not successfully manage their new enterprises. This led to closure of some of these privatized firms. Lack of transparency in the entire sales has shown up its negative repercaution.
It is reported that privatized firms in Nigeria are refusing monitoring by Bureau of Public Enterprises. In this wise there has been no substantial studies on the operational activities of the privatized firms. The expected difference in the perception of efficiency after privatization could not be proved. In all, it is therefore difficult to identify the performing and non-performing privatized firms.
Among the pertinent issues to be addressed are: What is the extent and pattern of privatization and commercialization? What have been the results of privatization in Nigeria? Has privatization and commercialization improved enterprise performance as anticipated? Finally, what policy lessons are to be learned from the privatization experience so far? These are the issues that come into focus in the study.

THE EFFECTS OF NIGERIAN MONETARY AND FIRM POLICIES ON COMMERCIAL BANK FROM 1990 – 2000 (A CASE STUDY OF FIRST BANK PLC. OKPARA AVENUE, ENUGU)

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ABSTRACT
Issues concerning money have contained to cover invest for some money theories.  Money makes life what is and contributes tremendously to the rise or fall in the economic situation of a particular country.  It is as a result of the continuous charge in the behavour of money count theorist come by the financial and economic policies to cushion the harsh effect money causes and to equally improve on the already existing goods policies.
Emphasis is laid on monetary and fixed policies as concern this project work.  Monetary policies is expressly concerned with the control of monetary supply in the economy. It consists of the instruments and tools which is used by this government to regulate the supply of money in the economy in order to influence the activities in the economy.  Such tools include open market operation. Monetary policy and tow decision expansion and contrationally policies on the other hand fiscal performs the some function as monetary policy only that it makes use of budgeting and taxation. As these polices are made by the government, there is some associated effects it has in the economy as was project work is aimed at knowing actually the effects on First Bank Okpara Avenue Enugu as Commercial Bank.
TABLE OF CONTENTS
CHAPTER ONE

1. INTRODUCTION

1.1           STATEMENT OF PROBLEMS
1.2           OBJECTIVE OF THE STUDY
1.3           SIGNIFICANCE OF THE STUDY
1.4           STATEMENT OF HYPOTHESIS
1.5           SCOPE OF THE STUDY
1.6           LIMITATION OF THE STUDY

CHAPTER TWO
2.0           LITERATURE REVIEW
2.2           AN INSIGHT OF THE MONETARY, FISCAL AND OTHER FINANCIAL SECTORS POLICIES FOR THE YEAR REVIEW
2.3           MONETARY AND FISCAL POLICIES
2.4           THE TRADITIONAL THEORY OF MONETARY POLICY
2.5           HOW MONETARY POLICY WORKS TO CONTROL SPENDING
2.6           HOW DOES MONETARY POLICY INFLUENCE ECONOMIC ACTIVITIES
2.7           CONTROL OF COMMERCIAL BANKS BY THE CENTRAL BANK
2.8           FISCAL POLICY – TYPE
2.9           FISCAL POLICY AS A BUILT IN STABILIZER
2.10         FISCAL POLICY AND ITS ECONOMIC INFLUENCE
2.11         FISCAL POLICY IN PRACTICE
2.12         THE FISCAL MONETARY MIX
2.13         SUMMARY OF RELATED LITERATURE

CHAPTER THREE
3.0           SUMMARY OF FINDINGS, CONCLUSIONS AND RECOMMENDATIONS
3.1           FINDINGS
3.2           CONCLUSION
3.3           RECOMMENDATION
REFERENCES
CHAPTER ONE

1. INTRODUCTION

According TO Oyindo (1991) monetary policy could
be defined as this combination of measures designed to regulative supply of money to an economy.
Specially, it is designed to regulate the availability cost and direction of credit in order to attain stated national economic objectives.
Monetary policy usually involves the expansion or contraction of money supply.  This manipulation of interest rates to make borrowing easier and cheaper of more difficult and dealer depending on preventing economic condition and channeling of fund to growth sectors for interest out put monetary policy that regulates the level of money or liquidity in this economy in over to activities some desired policy objectives.
It ensures that the supply of money and cost of credit to an economy is adequate to support desirable and sustainable growth without generating inflecting pressures that could lend to undue depreciation in the value of local currency.  It consists of instruments and tools which  is used by government to regulate the supply of money in economy in other to influence this activities of economy such tools include.  Open market operation preserve regulate, cash ratio moral suasion etc
According to Lord Jan Keymes (1936) fiscal policy refers to a manipulative instrument in the banks of government deigned to achieve that mean-economic objectives of the economy.  It deals with decorate exercise of the movement’s power to tax and spend for the purpose of bring the nations output and employment to certain desire level the effect of useful instrument monetary and fiscal policies in commercial banks in this subject matter of this project works.
The subject of money is as contemporary as the daily newspaper and as old as the history of civilized man the bible says: the love of money is the root of all this (2tim 6: 10) although an exclusive love of money may not be desirables the use of money has always seemed necessary, politician debuted though exaction, endlessly although most people know only that far as they are concerned they never have enough money.
It is an indisputable fact that money being a desired and useful servant of man, at times misbehaved sometimes a country has so much money that the money free of everything keeps increasing in an inflationary special.  Then the value of money tomorrow in terms of its purchasing power will be less than today on this hands, some times the country seems to have a little money that no one or hardly enjoy has enough to spend when money ins in two short supply, as in the great depression of the 1930’2 when of factors do not turn to as rapid as they can heard lines of unemployed workers forms money can be a great blessing or a great course.
Money, of course does not come out of this air, some our has to create it.  It is here that this commercial banking system  carries into the picture. Commercial banks are certainly heavily places to store money, in form of banks deposits or to borrow money.  More importantly, they have the unique role in every country’s economy, including Nigeria, of being able to create money, quite, still, this money is not corrected by banks out of nothing. E ach bank can loan only funds which it actually has.  Nevertheless, when a number of banks are all making loans at this same times or buying investments, even money is being created.
Bank cannot, however, makes loans and investment and thereby create money in an unlimited fashion, the ability of the banking system to act to the money supply depends you this reserve requirement establishments by the monetary and fiscal policies.  Banks are not require to have hundred percent (100%) behind that exposit.  Instead they have a factorable reserve requirement, which allows then to add to their earning assets and thereby increase their deposit liabilities.  One of the deposit liabilities of the commercial banks their demand deposit, is a part of the money supply.
Efficient management of money stock and their related part growth of any economy.  The earlier mentioned accountancy, fiscal and either banking policies rely on the techniques of financial programming which seek to ensure some consistence  among the economic sectors.  The monetary attempt to established on optimum quality of money consistent attempt to estimate and optimum quality of money consistent with the target for GDP growth, inflation rate and external reserves. Using the computer optimal money supply, the economic absorptive domestic credit is denied, thereby permitting growth targets to be determined for some of the intermediate policy variable of money supply and aggregate.
Digestive credit.  The permissible segregate domestic in them allocated between theis governed and private sectors.  The portion taken up by the government is determine by the size of the budget deceit to be financed by the banking system comprising the CBN and Commercials and Merchant banks.  This balances is calculated to the private sector this process has allocated the CBN to influence credit growth either directly under the regime of credit ceilings or indirectly through market based instruments, subject to the size foot fiscal defect financed by banking system.
In the era of direct monetary control, the major instruments of policy comprised credit earning imposed on banks administratively fixed interest rates and exchange rate, mandatory on the effectiveness of monetary policy and are financial sector became consommé, the phased movement to the direct approach was initiated in 1992 under which greater reliance is placed are the use of market based on instruments such as reserve requirements, the discount rate of own market operations, to effectively operate the new system indirect monetary control required a deregulation, the target of deregulation usually interest rate, the market for government debt instruments and exchange rates.
Other measures taken to strengthen the financial sector to enhance monetary and fiscal policies include during excess liquidity in the system.
Although the power of the CBN to control the monetary and banking system has been enhance in percent years though the enabling laws, so that other issues which impinges on the banks ability to effectively discharge its primary mandate remain emerge, unresolved.  As we are aware that primary function revolves ground maintaining monetary stability and sound financial structure which would ensure an effective payment system.
It remains a fat that over the year fiscal expansion has been the basis of CBN’s ability to perform this role.
Although available provision figures show that some progress has been made in  this direct monetary and fiscal and banking activities are still constrained by fiscal operations.
Commercial Banks are set into reasonable by the problem, the CBN encounters in formulating these policies

THE RELEVANCE OF AUDITING IN THE ACHIEVEMENT OF ACCOUNTABILITY IN PUBLIC COMPANIES

(A CASE STUDY OF ANAMBRA MOTORS MANUFACTURING COMPANY, ANAMCO ENUGU, ENUGU STATE

COMPLETE PROJECT  MATERIAL COST 5000 NAIRA

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CHAPTER ONE

1.0     Introduction                                                                       1

• Background of the study 1
• Statement of the problem 4
• The objective or purpose of the study 4
• Scope or delimitation of the study 5
• Research questions 6
• Significance of the study 6
• Definition of terms 8

CHAPTER TWO

Review of literature                                                                     11

2.1     The nature and scope of audit                                            11

2.2     The historical development of audit                                   12

2.3     The objective of audit                                                        14

2.4     The essential features of audit                                            17

2.5     Summary of related literature reviewed                             18

 

CHAPTER THREE

Research Methodology                                                                20

3.1     research design                                                                  20

• Area of study 20
• Population of the study 20
• Sample and sampling procedure 21
• Instrument of data collection 21
• Validation of the research instrument 22
• Reliability of the research instrument 22
• Method of administration of the research instrument 22

CHAPTER FOUR

Data presentation and results                                                       24

4.1     Summary of results/findings                                              29

CHAPTER FIVE

5.0     Discussion, implication, recommendations                        31

• Discussion of results 31
• Conclusion 32
• Implication of the results 33
• Recommendations 34
• Suggestion for further research 35
• Limitation of the study 35

Reference                                                                           37

Appendix                                                                           38

CHAPTER ONE

1.0     INTRODUCTION

1.1     BACKGROUND OF THE STUDY

The cradle of business organisation revealed that most business set ups were managed by their owners.  The ownership manager was the financial provider and contribution to the enterprise, but with the advent of large scale production and development in scope and in scale of business, a huge capital beyond that affordable by the sole proprietor or family was needed.

Consequently, contributors, hereafter called shareholds were required to raise the fund for the business.

The invitation of these shareholders led to the separation of the owner managers from the management of the business.  This is because all of them cannot, be the directors of the business at the same time.  As a result of this the management of the business was entrusted in the hands of people who have no financial claims to the business.  The law denies the shareholders access to the books of account of the company, depriving them of their rights to be kept abreast of the director’s performance.  The shareholders became skeptical about this.  Thus, the need of effective surveillance over the activities of the non-owner managing directors.

Basically, in an attempt to satisfy the shareholders, the services of an auditor, who will serve as the third party in auditing the account of the business were needed and employed.

The study revealed that the job of this auditor is to check whether the accounts present a true and fair view of the business’ transactions and also to ascertain the reliability of the records from which the accounts are drawn as well as verifying the assets and liabilities including petty and negligible transaction within the accounts.

The study also brought it to the light, that the company should be discreetly structured so as to facilitate full and proper enhancement and attainment of accountability.

Audit has since received a lot of definitions and or interpretations both from accounting bodies and authors.  Consultative council of accountancy bodies CCAB – defines audit thus:  The independent examination and expression of opinion on the financial statement   of an enterprise by an appointed auditor in pursuance of that appointment and in compliance with any relevant statutory obligation.  The general essence of audit is to ascertain compliance of the company’s records and operational polices with certain prescribed standard.  It aims also at increasing the usefulness of acceptability and dependability on the firm’s financial statements.

Accountability on the other hand has suffered some misconception surprisingly in the hands of those with claims of degree.  There are people who should have understood it better.  Most laymen conceptional understanding of accountability relates it to communications only on monetary matters.  But accountability goes beyond that.

Accounting to the Webster Encycopedia Dictionary of English Language:  Accountability is the state of being accountable; answerable liable or responsible.

Accountable in particular public accountability is as old as the existence of human beings in social forms.  Accountability in general and from age old tradition implies stewardship.

It is the desire for accountability that rise what we know today as audit:  Mechanism through which the shareholders become abreast of the true and fair picture of the activities of the directors and chief executives of the company under the topic:

The relevance of audit toward the enhancement of accountability in the public company, the writer evaluates difference that an independent audit can make to the much desired accountability in the life of a public company.

1.2     STATEMENT OF PROBLEMS

(1)     It is difficult to understand the role of audit towards the accountability of public company.

(2)     The deplorable state of accountability in public companies

(3)     Lack of knowledge of what audit is all about by the employers of auditors.

(4)     Opinions on having the accounts of public companies unaudited.

(5)     Public companies denials of accountability

1.3     PURPOSE OF THE STUDY

Having stated the problems, the purpose of this