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BUSINESS FAILURE AND ACCOUNTS
PROFESSION IN NIGERIA
ABSTRACT
The Nigeria economy within the first
half of this century experienced quite a lot of business failure. Business
failure can be defined as the inability of a particular business enterprise to
continue to function as a going concern this development has started generating
anxiety by both international and local investors in arriving at investment
decision.
However, the task of identifying the
root causes of corporate collapse in what this study seeks after. This study is
carried out at ensuring a survival dosage of business in Enugu through the use
of accounting profession (Auditing) to appraise operational performance.
Some of the causes of business
failure includes mismanagement, bribery and corruption, and poor remuneration etc.
the brain behind the failure of business in the political under tune in the
appointment and selection of key officer to management positions.
Based on the findings in this study,
the following conclusion were drawn, mismanagement mode of appointment and
selection of key officers, poor coordinated management device, government
interference and privatization and commercialization programme.
Finally, it is recommended that
business should appreciated the importance of audit as a tool of evaluating
performance, appointment of Board of Directors and top management officers
should be based on skill, experience and qualification and government should
also institute its commercialization and privatization programme in place etc.
TABLE OF
CONTENT
Title page
Approval
page
Dedication
Acknowledgement
Abstract
Table of
content.
CHAPTER ONE
1.0 INTRODUCTION
1.1. Objective of the study
1.2. Statement of problems
1.3. Significant of the study
1.4. Hypothesis formulation
1.5. Scope of the study
1.6. Limitation of the study
1.7. Definition of terms
CHAPTER TWO
2.0 REVIEW OF RELATED LITERATURES
2.1 Introduction
2.2 The going concern concept of
business
2.2.1.
Definition of business
2.2.2. Forms
of business
2.2.3. Importance of business
2.2.4. When a business is not going concern
2.2.5. When a business may not a going concern
2.3 Symptoms of imminent business
failures
2.4 Nature and causes of business
failures
2.5 The development of accounting
profession (Auditing)
2.5.1 Definition of Auditing
2.5.2 Types of Audit
2.5.3 Importance of Auditing
2.5.4 The Auditor and the danger of self
fulfilling prophesy
2.5.5 The Audit committee
2.5.5.1.
Nature of Audit committee
2.5.5.2
Composition of Audit Committees
2.5.5.3
Functions of Audit committee
2.5.5.4.
Qualification of Audit committee members
2.5.5.5.
Size of Audit committee
2.5.5.6.Size
committee relationship with management
2.5.5.7.
Audit committee and the external auditor
2.6 The
effect of business failures on a depressed economy.
CHAPTER
THREE
3.0 RESEARCH
DESIGN AND METHODOLOGY
3.1 Introduction
3.2 Research design
3.3 Sampling techniques
3.4 Questionnaire design
3.5 Data collection techniques
3.6 Questionnaire distribution and
collection.
CHAPTER FOUR
4.0 DATA
PRESENTATION AND ANALYSIS
4.1
Introduction
4.2 Data
presentation
4.3 Test of
hypothesis
CHPATER FIVE
5.0 SUMMARY
OF FINDINGS, CONCLUSION AND RECOMMENDATION
5.1
Discussion of findings
5.2 Summary
of findings
5.3
Conclusion
5.4
Recommendation
5.5
Suggestion for further studies
BIBLIOGRAHPY
APPENDIX
CHAPTER ONE
1.1
INTRODUCTION
The Nigeria economy within the first
half of this century (20th century, 1901 – 2000) experienced quite a lot of
business failures. There was a rapid growth in the number of indigenous
companies in the country, but these companies collapsed with the same rapidity
with which they were established.
Business failures are actually one of
the most difficult and complex concern faced by investors in the equity market
or the stock exchange market in the recent times. Even with the best of
strategic cooperate planning, business failure are still a common occurrence.
Business failure can be defined as the inability of a particular business
enterprise to continue to function as a going concern. The going concern
concept presumed that an enterprise will continue in operation for the
foreseeable future and that there is neither the necessity nor the intention to
liquidate
In general it was gathered that some
of the causes of business failure includes:
a. Lack of capital (inadequate
capitalization)
b. Inefficient management
c. Poor remuneration packages
d. Inadequate accounting records
e. Unprofitable expansion (premature
expansion)
f. Mode of appointment of chief executives
etc.
g. Lack of feasibility study report.
h. Fraud.
Given the
divesting effect of business ailments, it become necessary to undertake a
research into the problems and failures of business life as well as making
suggestion on ways of ameliorating their adverse effects.
According profession (Auditing) is
one of the effective tool of evaluating and predicting business failures.
Auditing is a process carried out by suitable qualified auditing) where by the
accounts of business entities, including limited companies characterize, trusts
and professional firms are subjected to scrutiny in such details as will enable
the auditors to form an opinion as to their truth and fairness (Emile W. 1997)
So many parties such as creditors,
investors owners, the firm itself and the government etc. are interested with
the present and expected future earning and the stability of these earning, and
financially business as a good concern. Therefore they need accounting
profession to evaluate and compare the profitability as well as to predict the
survival of the business.
Therefore, this study seeks to use
statistical tools to appraise and predict corporate failure with the aim of
putting into place an integrated framework on the subject.
1.2 OBJECTIVE OF THE STUDY
It has been argued in recent times
that the monetary value of corporate failures is of colossal notation which
could faster economic growth. Therefore the following are the main aim of this
study
i. To know why business are failing.
ii.
Investigate whether government policies and actions affect operational
performance
iii. Do
business rely on accounting profession (Auditing) as tool for their performance
iv. Identify
and analyze strategic corporate plans adopted byh business.
v. Assess
the preparedness of companies to respond to remedial dosage of companies
corporate objectives
1.3 STATEMENT OF PROBLEMS
Problem is a phenomenon occurring in
most, if not all area of human endeavor. The existence of problem call for the
finding of solution aimed at obviating such problems. The seriousness and
urgency of solution to problems are largely dependent on the threat posed to
problems. However, some problems appears to defy certain worked out solution to
them. Such a situation demands a close examination of the issues involved.
1. Why are business failures on the increase
in Enugu
2. Why do auditors qualify their reports when
such are failing
3. How effective are Accounting profession
(auditing0 they use in the measurement of their business
4. To what extent has this failures affected
the economy
5. To what extend do companies rely on
accounting profession (Auditing) as a tool for their performances.
6. What is the remedial dosage needed by
these failure concer.
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