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An Assessment Of Online Banking In Nigeria

An Assessment Of Online Banking In Nigeria

 

 

ABSTRACT

Online banking system has become an important practice among commercial banks in Nigeria. The introduction of this electronic banking has improve banking efficiency in rendering services to customer, It was in line with this that the study aim at examine the impact of electronic banking system in Nigeria. Through the cluster sampling technique, data was collected by means of questionnaires from 40 GT Bank officers and the result shows that GT Bank electronic banking guidelines are in line with the CBN electronic banking guideline. The bank has an effective electronic banking system which has improve its customer’s relationship and satisfaction. To this end, It is recommended that the bank information technology training programme should be encourage among the staff of GT Bank, necessary legal codes banking should be established in order to enhanced growth of the industry.

 

TABLE OF CONTENTS

 

CHAPTER ONE: INTRODUCTION

1.1. Background of the Study

1.2. Statement of the Problem

1.3. Objectives of the Study

1.4. Statement of Research Questions

1.5. Research Hypothesis

1.6. Significance of the Study

1.7. Scope of the Study

1.8. Limitation of the Study

1.9. Definition of Terms

CHAPTER TWO: LITERATURE REVIEW

2.1. Introduction

2.2. The View on Electronic Banking

2.3. Electronic Banking and the Common Banking Products

2.3.1. Telephone and PC Banking Products

2.3.2. The Card System

2.3.3. The Automated Teller Machine (ATM)

2.4. The Entry of Nigerian Banks Electronic Banking

2.5. The Emerging Issues in Electronic Banking

CHAPTER THREE: RESEARCH METHODOLOGY

3.1. Introduction

3.2. Population of Study

3.3. Sampling Techniques

3.4. Sample Size

3.5. Sources of Data

3.6. Method of Data Analysis

3.6.1 Test of Hypothesis and Inference

3.6.2. Decision Rule and Justification

CHAPTER FOUR: DATA ANALYSIS AND DISCUSSION OF FINDINGS

4.1. Introduction

4.2. Presentation and Analysis of Data

4.3. Discussion of finding

CHAPTER FIVE: SUMMARY, CONCLUSION AND RECOMMENDATIONS

5.1. Summary of the Study

5.2. Conclusion

5.3. Recommendations

REFERENCES- Bibliography

APPENDIX – Proposed Research Questionnaire

 

 

CHAPTER ONE

INTRODUCTION

 

1.1. Background of the Study

The new millennium brought with it new possibilities in terms of information access and availability simultaneously, introducing new challenges in protecting sensitive information from some eyes while making it available to others. Today’s business environment is extremely dynamic and experience rapid changes as a result of technological improvement, increased awareness and demands Banks to serve their customers electronically. Banks have traditionally been in the forefront of harnessing technology to improve their products and services. The Banking industry of the 21st century operates in a complex and competitive environment characterized by these changing conditions and highly unpredictable economic climate. Information and Communication Technology (ICT) is at the centre of this global change curve of Electronic Banking System in Nigeria today. (Stevens 2002). Assert that they have over the time, been using electronic and telecommunication networks for delivering a wide range of value added products and services, managers in Banking industry in Nigeria cannot ignore Information Systems because they play a critical impact in current Banking system, they point out that the entire cash flow of most fortune Banks are linked to Information System.

 

The application of information and communication technology concepts, techniques, policies and implementation strategies to banking services has become a subject of fundamental importance and concerns to all Banks and indeed a prerequisite for local and global competitiveness Banking. The advancement in Technology has played an important role in improving service delivery standards in the Banking industry. In its simplest form, Automated Teller Machines (ATMs) and deposit machines now allow consumers carry out banking transactions beyond banking hours.

latest project materials and topics

 

With online banking, individuals can check their account balances and make payments without having to go to the bank hall. This is gradually creating a cashless society where consumers no longer have to pay for all their purchases with hard cash. For example: bank customers can pay for airline tickets and subscribe 1to initial public offerings by transferring the money directly from their accounts, or pay for various gods and services by electronic transfers of credit to the sellers account. As most people now own mobile phones, banks have also introduced mobile banking to cater for customers who are always on the move. Mobile banking allows individuals to check their account balances and make fund transfers using their mobile phones. This was popularized by First Atlantic Bank (now First Inland Bank) through its “Flash me cash” product Customers can also recharge their mobile phones via SMS. E-Banking has made banking transactions easier around the World and it is fast gaining acceptance in Nigeria. The delivery channels today in Nigeria electronic Banking are quite numerous has it is mentioned here Automatic Teller Machine (ATM), Point of Sales (POS), Telephone Banking, Smart Cards, Internet Banking etc Personal computers in the Banking industry was first introduced into Nigeria by Society Generale Bank as the popular PC easy access to the internet and World Wide Web (www) and internet is increasingly used by Bank’s as a channel of delivering the products and services to the numerous customers.

 

Virtually almost all Banks in Nigeria have a web presence; this form of Banking is referred to as Internet Banking which is generally part of Electronic Banking. The delivery of products by banks on public domain is an indication of advertisement which is known has E-Commerce. Electronic commerce on the other hand is a general term for any type of business or commercial transaction it involves the transfer of information across the internet. E-Commerce involves individuals and business organization exchanging business information and instructions over electronic media using computers, telephones and other communication equipments. This covers a range of different types of business from consumers to retails products. However, Electronic banking as it is; is a product of E-Commerce in the field of banking and financial services. It’s offers different online services like balance enquiry, request for cheque books, recording stop payment instructions, balance transfer instructions, account opening and other form of traditional banking services. The Internet allows businesses to

 

use information more effectively, by allowing customers, suppliers, employees, and partners to get access to the business information they need, when they need it. These Internet enabled services all translate to reduced cost: there are less overhead, greater economies of scale, and increased efficiency. E-Banking’ greatest promise is timelier, more valuable information accessible to more people, at reduced cost of information access. With the changes in business operations as a result of the Internet era, security concerns move from computer labs to the front page of newspapers. The promise of E-Banking is offset by the security challenges associated with the disintermediation of data access. One security challenge results from “cutting out the middleman,” that too often cuts out the information security the middleman provides. Another is the expansion of the user commGT from a small group of known, vetted users accessing data from the intranet, to thousands of users accessing data from the Internet. Application service providers (ASP) and exchanges offer especially stringent — and sometimes contradictory — requirements of per user and per customer security, while allowing secure data sharing among communities of interest. EBanking depends on providing customers, partners, and employees with access to information, in a way that is controlled and secure. Technology must provide security to meet the challenges encountered by E-Banking. Virtually all software and hardware vendors claim to build secure products, but what assurance does an E-Banking have of a product’s security? E-Banking want a clear answer to the conflicting security claims they hear from vendors. How can you be confident about the security built into a product? Independent security evaluations against internationally-established security criteria provide assurance of vendors’ security claims. Customer expectation, in terms of service delivery and other key factors have increased dramatically in recent years, as a result of the promise and delivery of the internet. Even after the “dot –com crash” these raised expectations linger. The growth in the application and acceptance of internet-driven technologies means that delivering an enhanced service is more achievable than ever before, however it is also more complex and fraught with potential costs and risk. The internet introduces customers to a new perception of business time as always “on available 24/7, and demanding an urgent and rapid response. The challenge for managers is to reconcile their business and their own personal perceptions of time with the perceived reality of internet time. The internet has decisively shifted the balance of power to the customer.

 

The internet is revolutionizing sales techniques and perceptions of leading brands, and the internet is intensifying competition in all its forms. Banking are continuing to use the internet to add value for their customers; but in order for this to work effectively – maximizing opportunities, reducing risks and overcoming problems – an E-Banking strategy is required as an impact.

 

The growth of the Web and Internet as new channels, the growth in their use by customers, the growth in their use by customers, and the floor of companies entering the market, presents a series of key challenges to companies. It is easy and cheap to put up a website. But to create an environment delivering effective service on the Web to a significant proportion of your customer base requires an E-Banking strategy. Electronic Banking offers different online services like balance enquiry, request for cheque books, recording stop payment instructions, balance transfer instructions, account opening and other form of transitional Banking services.

 

1.2. Statement of the Problem

In Nigeria, customers of banks today are no longer about safety of their funds and increase returns on their investments only. Customers demand efficient, fast and convenient services. Customers want a Bank that will offer them services that will meet their particular needs (personalized Banking) and support their Business goals for instance; businessmen want to travel without carryout cash for security reasons. They want to be able to check their balance online, find out if a cheque is cleared, transfer funds among accounts and even want to download transaction records into their own computer at work or home. Customers want a preferential treatment and full attention by their choice Bank. All these are only achievable through electronic Banking.

 

In line with rendering qualities and acceptable services that most Banks in Nigeria are gearing toward and investing large sum of money in information and communication Technology, unexpectedly such Banks services have been improved. United Bank for Africa (UBA), Zenith Bank, GT Bank (to mention few) are in the forefront in the use of IT in rendering services to their Customers (The Guardian Newspaper April 18, 2008 p 21). It also seeks the challenges involved in Electronic Banking and Best industrial practice and the approach of implementing them in Nigeria Banking system.

 

1.3. Objectives of the Study

The main objective of this research work is to assess online Banking in

Nigeria banking system on how difference channels could enhance the delivery of consumers and retails products, and also how Banks choose to support their Electronic Banking component/services internally, such as internet services provider, Internet banking software, Core banking vendor, Managed security service provider, Bill payment provider, Credit Business and Credit scoring company, E-Banking systems rely on a number of common components or process.

 

Specifically the study objectives are;

I. To evaluate the prospects of electronic Banking in GT bank PLC

II. To evaluate the impact of electronic Banking in GT Bank PLC

III. To examine whether electronic banking has improve the fortune of the Bank.

IV. To examine the effect of electronic banking has it improve the fortune of the bank.

V. To examine whether the Bank electronic Banking guideline comply with the CBN electronic Banking guideline policy.

 

1.4. Statement of Research Questions

Since the release by CBN, August 2003 and the subsequent policy on the guideline of Electronic Banking system in Nigeria, One of the question that currently being addressed is the impact of electronic Banking on the traditional banking players; there are two views that are prevalent in the Market. The controversies that the internet is a revolution that will sweep away the old order, argument in are as follow;

• Electronic Banking transactions are much cheaper than branch transactions. Banks are easy to set up with lots of new entrants. ‘Old world’ systems, cultures and structures will not encumber these new entrants; instead they will be adaptable and responsive. Electronic Banking gives consumers much more choice and consumers will be less inclined to remain loyal.

• Deposits will go elsewhere because these banks will have to fight to regain their customer base. There would be increase in their cost of funds, making their businesses less viable.

• Portal providers are likely to attract the most significant share of banking profits.

• Traditional banks will find it difficult to evolve; they will be unable to obtain additional capital from stock market. E-Banking as an Evolution than a revolution;

 

 

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The role of accountant in the economic development of organization

The role of accountant in the economic development of organization

(a study of nigerian bottling company onitsha)

Table of Contents

Chapter one

1.0   introduction                                                1

  • Background of the study 1
  • Statement of the problem 7
  • Purpose of the study 8
  • Research question 9
  • Research hypothesis 10
  • Significant of the study 10
  • Scope of the study 11
  • Definition of terms 12

 

Chapter two

2.0   literature review                                          15

2.1   preamble or introduction                             15

2.2   theoretical/conceptional frame work           16

2.3   current literature based on the variable      20

2.4   the need for accounting information to be

Kept in the economy and then based on the variable                                                      26

2.5   summary of the literature review                 30

 

Chapterthree

3.0   research methodology                                  32

3.1   research design                                           32

3.2   area of study                                               33

3.3   population of the study                                       34

3.4   sample of the study                                     34

3.5   instrument of data collection                       35

3.6   validation of the instrument                        36

3.7   distribution and retrieval of instrument      37

3.8   method of data analysis                                      38

 

Chapter four

4.0   data presentation and analysis                   39

4.1   finding                                                         49

4.2   presentation and distribution of the finding       51

 

Chapter five

  • Summary, conclusion and recommendation 53
  • Summary of the finding 53
  • Conclusion                                              54
  • Recommendations 56
  • Limitations of the study 57
  • Suggestions for further research 58

Reference                                                     59

Appendix                                                     61

Questionnaires                                            62

Abstract

The main purpose of this project is to find out the role of accountants in the economic development of nigeria with particular reference to the nigeria bottling company onitsha. The role of accountants in the management of business organization varies and highly challenging. The accountants who make use of the concepts and principles of account concerns themselves with the recording, analysis, directing and co-operate the preparation of forecast, budget and other financial plans. Since the work of accountants has been identified as a necessity in the economic development of nigeria, nbc in particular, this research is tailored towards identifying and recommending appropriately, the salient things which all users of accounting information must watch out for in all matters concerning the improvement of their organization. In all, hypothesis were formulated based on the specific components or facts of the accountants in nbc onitsha and some final year students. Accounting related information were collected through review of relevant literature. From these, a questionnaire was designed and distributed to 50 employee of nigeria bottling company onitsha and 30 final years of accountancy students. Out of these a total of 30 and 10 respectively were recovered. A careful analysis of the responses revealed that accountants have a great significant role in the economic development of nigeria. As a result of this findings of recommendations, organizations are advised to make the best use of accountants in their daily financial transaction in order to sustain the life of their business and forestall available misuse of funds and resources. To this effect, it is very expedient to employ well meaningful accountants in all organization, nigeria bottling company in particular to ensure effective growth and development of our economy as a whole.

 

 

 

 

 

 


Chapter   one

1.0  introduction

1.1  background of the study

Role of accountant in economic development of nigeria, it has to do with the role in which accountant plays in the economic development of nigeria.

The concept of economic development has to with innovation and improvement in the quality of life of the people it is about sustained rise in the standard of living of the people overtime, whether in advance or less developed countries, nations, government superiors state of affairs or superiors they currently enjoy.

To achieve this, deliberate efforts are to be made in other to implement people–oriented policies that would raise their capacity to produce and earn more. This will manifest in the form of growth in the cross domestic product (gap) of the economy, and extension improvement in the size of per capital income. When this occurs on a sustain basis with positive impact on the citizens, quality of life. Development is said to have taken place.

Since 1960 when nigeria gained it independence, for instance the place of economic growth and development has not yet meet the aspiration of founding fathers of the nation in spite of the many development and rolling plans that have been meticulously draw up by the government. Although a lot of resources have been committed to the development of some economic projects, the results have been dismal. In fact, that the nigeria economy is presently in a quagmire, is enough evidence of the failure of past effort to pull the nations up by its bootstrap through the instrumentality of development and rolling plans.

Thus:- the basic thrust of development policies, in a less developed country like nigeria is to provide as many people as possible with the means of overcoming the helplessness and misery arising from a lack of food, health, education, security of life and property which pose serious challenges to their longevity.

Here lies the justification for the choice of topic which seeks to consider the role of accountants in the economic development.

Firstly, accountant is a person skilled in keeping, examining, recording or inspecting the accounting of an organization or a nation. Accountants plays a very vital role in the development of nigeria economy. They also contribute efficiently to the development of some business organization in nigeria example (nigeria bottling company). The role of accountants can never be looked down if the aim and purpose of the country are to be achieved.

According to agbebiyi (2000), it is obvious that accounting as a scientific process is about provision of financial information needed to take economic decisions particularly in respect of the acquisition and use of scarce corporate resources as well as the elimination of waste in the wealth creation chain. It is this professional discipline that involves systematic gathering classification, recording analyzing, interpretation and transmission of information based on data that are of monetary in nature. Such resources that is the relationship between its assets and liability, the productive activities and profitability of a business a required by owners and managers alike in order to assess the health of the organization and ascertain the changes in the stock of the wealth of shareholders.

According to professor charles magers, accounting incorporate four major functions which are communication, measurement control and decision making. Accounting as a means of communication involves the submission of financial reports to various units in the economy. In terms of measurement, accountancy through the use of account, arts as a major of wealth based on the original cost of an objective which lately developed in measuring efficiency of operation and performance.

Accounting as a means of control is exercised by the creation of book-keeping record and legislation and by the standing of the professional body to act as an independent witness and carryout and audit function.

As a result of activities, information is communicated on the basis of standardized system of measurement and results which can be relied on when making decision. Government may use published accounting information to know the extent of providing social amenities to the public; they can also use this information in knowing what is due in taxation and government tribute.

This accounting information can equally be used in preparing the country’s budget and determining how to generate income and ways of revenue expenditure. Accounting information, also are required in an economy to meet up with the stated objectives and purpose (making profit or gain) in the economy and it is the duty of an accountant to prove such an accounting information.

Beyond the role of providing information to the public, proprietors even government, the accountant has over time played the following crucial roles in the economic development process of the nation they are record keeping which assisted the merchant in determining the value he has added to his wealth at a given period. Providing financial information, internal control measures, attestation function, and tax functions professional leadership among others.

Furthermore, accountants gives financial report of a nation to ascertain the financial position of such nation, perform some audit function, evaluation of financial reports and finally, recommends measures and strategies to enhance the performance of the economy.

 

 

 

1.2  statement of problem

  1. To find out the extent at which the accountant, provide audit reports. Do audit reports still add credibility to today financial statement?
  2. Are the information provided by accountants still effective in making business decision today?
  3. Are the audited aliting information provided helpful to tax official in assessing the taxable in an organization?

 

1.3  purpose of the study

        as a result of the prevalent condition of nigeria economy and dwindling of most business in recent times there is need to realize how significant the role of an accountant was in order to develop to economy efficiency. And for this reason, there are also need to study the importance of accountant in the economic development of nigeria.

The purpose of this study is this:-

  1. To find out how production of correct accounting information has led to profitable economic decision.
  2. To determine how the proper accountability is a means of safe guarding the assets of the establishments.
  3. To investigate the influence of nations ability to employ the services of qualified or professional workers in economic development.

Importance and significance of the study the findings of the study will throw more light on the importance of accountants in the economic development of nigeria and why it is good for every economy to have accountants in its management.

This study will be directed towards the following:

  1. It will enable the people to know the profitable economic decision
  2. It will help the economy in safe-guarding the assets of the establishment.
  3. With the knowledge of the role of accountant in the economic development, it will minimize the source of the problem encountered in the nigeria economy.

 

1.4  research questions

For the purpose of effective investigation on the sole of accountant in economic development of nigeria the following research questions have been raised:-

  1. Does audit report still add credibility to today’s financial statements?
  2. Are the information provided by accountant still effective in business decision making today?
  3. Are the aliting information provided helpful to tax official in assessing the taxable income of organization?

 

1.5. Scope/delimitations of the study

The role of accountant in the economic development of nigeria could have been very vest tedious as mostly research as mostly research work to undertake, but the topic has been limited to a particular area, nigeria bottling company onitsha, which made it researchable for the researcher.

like every research work a bit of things posed as delimitations to the researcher. This work also can be limited to the basic concepts, theories, are principles and procedures employed by accountants in the performance of their duties so as to uplift the nations economy.

 

1.6  definition of terms

Accountants:

this is a person trained and skilled to keep examine or inspect the financial accounts of organization.

Development:

the act of improving the quality of life of people and sustained rise in the standard of living of the people overtime. It is also an act of bringing out the economic responsibilities of a nation or an economy.

Organization:

an economic group of people deliberately created for the purpose of achieving some specific objectives and measuring economic performance.

Tax assessment:

To determine the amount that is payable by tax payer through the tax assessment authority (taa).

Financial statement:

a summary of figure facts showing the financial condition of a business which includes assets (what the business owns) liabilities (what the business owes) and the net worth of capital account (the owners equity in the business).

Gross domestic product:

It is the gross value of the national output produced by domestic factors of production or indigenous factors of production. We get the gross domestic products by subtracting all the domestic output produced by foreign factors and add the foreign output produced in the country by nigeria factor.

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MAKE YOUR PAYMENT  INTO ANY OF THE FOLLOWING BANKS:
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NUMBER:  0115939447
First Bank: Account Name: Chi E-Concept Int’l
Account Name: 3059320631

Foreign Transaction For Dollars Payment : Bank Name: GTBank

Branch Location: Enugu State,Nigeria.

Account Name: Chi E-Concept Int’l

 Account Number:  0117780667. 

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The impact of financial accounting report on the corporate performance

The impact of financial accounting report on the corporate performance

(a case study of nigeria breweries plc)

Abstract

The research work “the impact of financial accounting report on the corporate performance”, basically aims at how financial accounting reports has helped in advancing the objectives of corporate organizations. In the process, it investigated the effect financial accounting bears on the performance of a business. Furthermore, it sought to ascertain the compliance of relevant statue by corporate organizations and the overall satisfaction on stakeholders in a corporate organizations. The study obtained its data basically from primary and secondary sources. The primary source of data collection employed were questionnaire, oral interview and observations, while the secondary source of data included textbooks, journals in the analysis of the data collected, the simple percentage was used to analyze the responses gathered. The study revealed that a lot of problem were inherent in financial reports ranging from non-disclosure of vital information, subjective judgments of prepares of the relevant statues. There were recommendations given such as sticks compliance to the relevant statue were made to the companies, the government needs to strengthen its regulatory agencies in order to ensure that the financial statement show a “true and fair view and comply with the relevant statue at all times”.

 


 

Chapter one

Introduction

  • Background of the study

The impact of financial accounting reports on the corporate performance is becoming more apparent to users groups of financial statements.

accounting is not an exact science neither is business operations without some subjective and judgmental errors when it comes to reporting them. A financial report 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 statues. If a financial report is to service its purpose it ought to be characterized by the following:

  1. Relevance
  2. Understandability
  3. Reliability
  4. Completeness
  5. Objectivity
  6. 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 than the transaction during the period must be recorded promptly 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 acts cops lfn (cama). Financial accounting reports become necessary with the obvious need for accountability of stewardship from the manage to whom investors entrusted their financial resources. The railway age in the uk. Occurred between 1830 to 1870 and the first time the world saw the emergencies of multimillion corporation with large number of share holder. 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 director 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 “the impact of financial accounting reports on the corporate performance aims at investigating the financial report 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 organization.
  2. The extent to which the financial reports of corporate business organization comply with statutory provision.
  3. The uniformity and conflict which exist in the financial accounting reports regulations given the multiplicity of regulators.

Therefore, based on the above statements, the researcher shall investigate the financial accounting reports 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 statues.

 

  • Objective 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 us preparation.
  2. The degree to which the financial report meet the need of its various users.
  3. The extent to which the financial report conforms to the established standards.
  4. The influence that financial report has on business performance.
  5. Finally, to present suggestion and recommendations based on my findings.

 

  • Research questions

In order to determine the impact of financial accounting reports on the corporate performance, it is pertinent to test the following questions;

  • Does the information disclosed in the financial statements adequate to support good decision making?
  • Does the disclosure requirement of the status affect corporate performance positively or negatively?
  • Does companies comply strictly with the regulations?
  • Does the financial report meet the needs of the various users?
    • Scope of the study

This study could have covered the impact of financial accounting report on corporate performance of all the sectors of the nigerian economy but due to the challenges of such a task especially the financial resource with which to execute it, it is limited to braving industry. The study used in nigerian breweries plc enugu.

 

  • Limitation of the study.

The limitations of the study 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 study.
  2. The researcher was unable to reach all the members of the sample as a result of their frequent travels and busy schedule.
  3. The sample used in the research through representative but it relatively small compared to the population, as a result of lack of financial with which to carry out the research on a greater sample.

 

  • Significant of the study

This study is 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 facial” evidence on the state of affairs at such companies as well as it’s performance and could be relied upon as a certificate because it had the audition certification, financial reporting could be done with every business, utmost good faith and diligence.

 

  • Brief history of this company

The nigerian breweries plc is a subsidiary of heineken n.v. which has a 54.10% interest in the equity of company i.e. Nigerian breweries plc. The company, which is a publicity quoted, was incorporated on 16th november 1940 under the name of nigerian brewery limited. It was later named nigerian breweries plc in 1990 when the companies and allied matters act of that year come into effect. The principle activities of the company remained brewing marketing and selling lager, stout, non-alcoholic malt drinks and soft drinks.

 

 

  • 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 responsibility among others is to keep deposit 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.

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Causes and effects of tax evasion and avoidance on the economy

Causes and effects of tax evasion and avoidance on the economy

(a case study of board of internal revenue in abia state)

 

Table of Contents

Chapter one

1.0   introduction                                                1

1.1   background of the study                             1

1.2   statement of problems                                 6

1.3   objective of the research                              7

1.4   research questions                                      8

1.5   significance of the study                              9

1.6   scope of the study                                       10

1.7   limitation of the study                                11

1.8   definition of terms                                        12

 

Chapter two

2.0   literature review                                           16

2.1    preamble/introduction                                       16

2.2   conceptional framework                               19

2.3    current literature based on theories/

Models and research method                       24

2.4    summary of the literature review                27

 

Chapter three

3.0   research methodology                                  29

3.1  design of the study                                      29

3.2   area of the study                                          30

3.3   population of the study                               30

3.4   sample/sampling techniques                      30

3.5   method of data collection                            32

3.6  validity/reliability of instrument                 33

3.7    distribution and retrieval of instrument      34

3.8   method of analysis                                      35

 

Chapter four

4.0   data presentation and analysis                   36

4.1   data presentation and interpretation          36

4.2   findings                                                       45

4.3   discussion of the findings                            47

 

Chapter five

5.0   summary, conclusion and recommendations      50

5.1   summary of findings                                   50

5.2   conclusion                                                   52

5.3   recommendations                                        54

5.4   implication of the findings                           56

5.5   suggestion for further studies                      56

References                                                   58

Appendix a                                                  59

Appendix b                                                  60

questionnaire                                              61

Abstract

This study was on the causes and effect of tax evasion and avoidance on the economy (board of internal revenue in abia state). The major objective of the study is to identify the causes and effect of tax evasion and avoidance in the state and how it is done. It also the aim of the study to suggest ways of at least minimizing this ugly incidence in the state, and the study sought the opinions of the staff (senior and junior) of the organization. The population size of the research work is 120 which includes the senior official and some staff of inland revenue department of ministry of finance make up the sample frame. The sources of this data was both primary and secondary source which includes interview, questionnaire, textbook, internet search, newspaper etc. The researcher uses simple percentage method in analyzing the data and the major findings is that the imposition of high tax rate will drastically reduce the level of income and profit on the part of the tax payer. From the findings, the researcher, therefore recommends that government should find a way of checking and balancing tax payments so as not to discourage tax payment on the part of the payers. 

 

 

 

Chapter one

Introduction

Background of the study

Tax is one o the main source of government revenue. It is a strong social and economic tool of the government in regulating the economy and maintaining health social like of the citizens. Tax can be defined as a compulsory payment by individual and companies to the state to enable her attain the national goals objectives. Tax is a non-punitive but compulsory levy by the government on properties and income of individuals and corporations within the territory. The money raise there of constitutes part of source of finance for general government expenditure in the economy. According to aguei (1983:276) tax is the transfer of resources from the private to the public sector in order to accomplish some of the nation’s economic and social goals. It is levy imposed by the government on the income profit or wealth of an individual, partnership and corporate organization. Tax is therefore the system whereby individual are assessed and the final collection of the money for and on behalf of the government. It is a machinery through which income earner is obliged to pay a fraction of his income to the government.

There are various type of taxation which could be classed under two main headings: direct and indirect tax. These two types of tax may be distinguished in terms of the possibility of shifting the tax burden. However, taxes according to economist is classified whether the tax is proportional, progressive or regressive. The importance of taxation in nigeria arises out of the important roles, which the government in the light of numerous imperfections and short coming that often beset the economy has to play in order to ensure greater economic development, transformation and growth. Other objective of taxation include influencing economic activities in the country, to bridge the gap between the rich and the poor, to curtail consumption of undesirable and harmful goods and services to combat inflation, to encourage investment to protect infant industries and as well as correct the country’s balance of payment.

However, this phenomenon is not restricted to any part of the world. In new zealand, the loss of revenue resulting from tax evasion and avoidance is a problem that has been described as “reaching epidemic proportions”. The unfortunate aspect of this phenomenon is that the rate of this happening in the developing countries is always higher than what is obtained in developed countries.

According to onoginwa “personal income tax evasion is generally over 50% in nigeria compared to about 14% in u.k.” both rich and the poor embrace this chronic problem in the state with literate population and professionals in the state been the big avoiders. Whereas evaders can be found among payer and trader, having carefully examined the above trend of events, the researcher then decides to carry out evasion study to unmask the causes and effect of tax evasion and avoidance on personal income of board of internal revenue in abia state with a view of finding solution to them.

 

Profile of board of internal revenue in abia state

Taxation in abia state is not quite different from of nigeria as a country but there are certain peculiar features in her profile so as to give detail understanding of the state in her revenue generating effort that we have decided in the state.

Prior to 1st april 1959, the direct tax ordinance native authorities assessed and collected income tax from africans resident within their area of jurisdiction non-africans were subjected to the income tax ordinance operated by the federal government through its regional office.

With the nigeria (constitution) order in council 1954 power was given to each region or deriving income there from. Eastern region became effective from 1st april year. This law brought pay-as-you-earn (paye) of tax collection in operation.

The raisman fiscal commission also applied to eastern region. To complete the act, eastern nigeria passed the finance law 1963. This law was to fill the gaps which the federal legislation could legislate on example assessment appears machinery, the machinery for collection and the rates of tax.

With the end of the civil war and the creation of three states has produced new law. The south eastern (cross rivers and akwa-ibom) and the eastern central states. With the promulgation of south east state edict no. 6 of 1969, the board of internal revenue was established as a statutory body to take charge of tax amended the edict. Since then there has been certain amendments of the state increase.

 

Statement of the problem

Tax has been a powerful instrument of revenue generation in abia state of which tax evasion and avoidance are the major problem that obstructs the maximum collecting of tax. Highly technical problems besieging the board of internal revenue in the state such as lack of encouragement by the government to tax payer, poor tax administration, unforced penalties on the tax defaulters which make tax law seemed to be useless and most importantly, logistics and zeal to enforce tax payer.

Therefore inefficiency of taxation system in the state deprive the government the ability to produce the citizen with the basic necessities of life.

Since the problem has been identified, the researcher considers it necessary to survey as much as possible to find solution for solving these problems of tax evasion and avoidance in abia state and nigeria in general.

Objective of the study

The broad objective of this study is to find out why people evade and avoid tax and suggest ways of minimizing the practices in abia state. The broad objective is broken down to the following specific objective:

To establish the existence of tax evasion and avoidance on the revenue generated in abia state.

To examine relationship between tax rates, tax evasion and tax avoidance.

To proffer solution to the problem of tax evasion and avoidance.

To investigate why people evade and avoid tax.

To determine the effect of tax evasion and avoidance on the revenue generated in abia state.

 

Research questions

In the course of this study, the following research questions shall be examined:

Is the existence of loopholes in the nigerian tax law system an opportunity for tax avoidance?

Is there any effect of tax evasion and tax avoidance on the nigeria economy?

How can tax evasion and tax avoidance by minimized and eliminate in abia state?

 

The significance of the study

This work is importance in many respects. It is therefore, intended that a successful completion of this project help in reducing and even eliminates the problems associated with taxation. Therefore the significance of this study are as follows:

It will help to inform the tax payers of the numbers of benefits gained by paying tax.

The project will as well highlight on the importance of high efficiency and effectiveness required of tax officials.

The study will also be of immense benefit to the government by alerting them on the war against tax evasion and avoidance and impose the necessary penalty on any offender.

The study will help to suggest ways of removing inherent bottleneck in taxation.

Finally, the study is useful to individual, tax authority and government in general.

 

Scope of the study

The scope of this study covered the cause and effects of tax evasion and avoidance on the economy tax board of internal revenue in abia state and is of the view that this will bear good result.

Limitation of the study

In a study of this nature, a lot of limitations are bound to come-up, the work is limited by finance. The researcher needs to travel to different local government headquarters, the state capital umuahia for the necessary data. This is money consuming hence might have hindered the effectiveness of carrying out the research.

Literature: due to the lack of the relevant books in the school library, the researcher had to travel to many other institutions to gather the necessary textbooks, journals, publications etc for the research work.

Time: the researcher faced the research problem of inadequate time.

Data collection: i must confess that access to data collection was not an easy task. However, the employees of the board of internal revenue were very co-operative. The problem i encountered in data collection was as a result of creation of new local government area.

also all data pertaining to revenue of the state since the creation of abia state from imo state have disappeared.

Respondents attitude: the researcher was faced with problems of getting the actual information from the public since they think it is revenue of assessing their liabilities. The pretest set back of this research is the most of the interviewed official (tax officials). The tax officials were afraid that the result of the research could be used to expose their corrupt practices.

 

Definitions of terms

Below are the meanings of the following concepts as applicable to the study;

Tax assessment: this is the process of ascertaining the amount of tax for which an individual or company is liable to pay.

Tax collection: this is the process of receiving or gathering taxes from tax payer.

Tax delinquency: this refers to the failure to pay a tax obligating on the date it is due.

Tax drive: this means raid carried out by tax officials aimed at collecting tax revenue due to government from tax payer.

Tax evasion: this is a willful and deliberate violation by a tax payer to escape a legal tax obligation by failing to report a source of income or seeks to reduce his tax liability by understating a source of income to the tax authority.

Tax avoidance: this is a situation by which a tax payer take advantage of the weakness or loopholes in the tax system in order to pay less tax than he ought to have paid.

Tax reliefs: these are allowance to a tax payer on his circumstance prevailing in the preceding year of assessment such as personal allowance, children allowance, relatives and dependent allowances etc.

Tax liability: this is the total amount of tax an individual or company is supposed to pay.

Tax payable: it is any amount of tax an individual should actually pay. It is also tax liability less any tax credit or withholding tax.

Direct assessment: this involves the assessment of self employed, e.g. Trade, business, profession or vocation.

Relevant tax authority: this is the authority that could impose and collect on the income of a taxable person for a year of assessment.

Year of assessment: this is a period of twelve months commencing is 1st january to 31st december.

Direct tax: these are tax levied on factors of production. The burden of direct tax falls on the producer.

Indirect tax: this is the type of tax that is levied on goods and services. The burden of indirect tax fall on the final consumer.

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MAKE YOUR PAYMENT  INTO ANY OF THE FOLLOWING BANKS:
GTBANK Account Name : Chi E-Concept Int’l ACCOUNT
NUMBER:  0115939447
First Bank: Account Name: Chi E-Concept Int’l
Account Name: 3059320631

Foreign Transaction For Dollars Payment : Bank Name: GTBank

Branch Location: Enugu State,Nigeria.

Account Name: Chi E-Concept Int’l

 Account Number:  0117780667. 

Swift Code: GTBINGLA  Dollar conversion rate for Naira is 175 per dollar. 

ATM CARD:  YOU CAN ALSO MAKE PAYMENT USING YOUR ATM CARD OR ONLINE TRANSFER. PLEASE CONTACT YOUR BANK SECURITY FOR GUIDE ON HOW TO TRANSFER MONEY TO OTHER BANKS USING YOUR ATM CARD. ATM CARD OR ONLINE BANK TRANSFER IS FASTER FOR QUICK DELIVERY TO YOUR EMAIL . OUR MARKETER WILL RESPOND TO YOU ANY TIME OF THE DAY. WE SUPPORT CBN CASHLESS SOCIETY. 

OR PAY ONLINE USING YOUR ATM CARD. IT IS SECURED AND RELIABLE.

Enter Amount

form>DELIVERY PERIOD FOR BANK PAYMENT IS  LESS THAN 24 HOURS CALL OUR  CUSTOMERS CARE  OKEKE CHIDI C ON :  08074466939,08063386834. AFTER PAYMENT SEND YOUR PAYMENT DETAILS TO 08074466939 or 08063386834, YOUR PROJECT TITLE  YOU WANT US TO SEND TO YOU, AMOUNT PAID, DEPOSITOR NAME, UR EMAIL ADDRESS,PAYMENT DATE. YOU WILL RECEIVE YOUR MATERIAL IN LESS THAN 2 HOURS ONCE WILL CONFIRM YOUR PAYMENT. WE HAVE SECURITY IN OUR BUSINESS.   

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THE ROLE OF AUDITING IN CONTROLLING FRAUD IN GOVERNMENT ESTABLISHMENT. A CASE STUDY OF FEDERAL PAY OFFICE ENUGU.

THE ROLE OF AUDITING IN CONTROLLING FRAUD IN GOVERNMENT ESTABLISHMENT.

A CASE STUDY OF FEDERAL PAY OFFICE ENUGU.

ABSTRACT

 

This research work is design to  achieve a specific purpose on the role played by Auditors in protection of public funds in the government establishments, ministries or government  parastatals.

The research goes into providing a systematic financial accountability that will promote proper stewardship of asset, deter wastes, dishonesty and promote effeteness of reasonable cost.

However, the literature review helps to ascertain other writes view concerning the subject of the study which explains how government establishment is so organized in such a way that fraud could be detected easily and on time just because particular audits are assigned to particular personnel. The data used for this work was collected from primary and  secondary  source. Questionnaire were also used (200 in number) 120 were retained on filled while 20 missed on transit and  total used was  60 in number. Against the background, invaluable and reliable discoverers were made.

Finally the research recommends that  the legislative are of government should make it mandatory  for the accountant general  to submit financial statement of government account to audit department for  audit work within 6(six month of auditors to be given  power to execute or enforce its finding after its work has been review by the public account committee (P.Ac).

CHAPTER ONE

INTRODUCTION

BACKGROUND OF THE STUDY

For a long time now Nigeria have been witnessing a down turn in her development efforts. This primary cause of this down has been linked with the in or deinate ambition of the average Nigeria to get rich quick at the  expense of less piviltedge ones. Those who a seen them selves as being opportunity  to control government establishment use the opportunity to perpetrate fraud or  misappropriate public funds and properties.

Our law makers have seen the need for acceptable accountability by making a provision for the federal and stated government to report on the account of stewardship rendered by these public officers.

Section 126 (1) the constitution of the federal republic of Nigeria 199. States that there shall be an audit general for each state who shall be appointed in accordance with the provision of section 126 of the constitution”.

Section (2) says that the public account of a state and of all offices and courts of the state shall be audited by the auditor general for the state”.

This study focused attention how well or otherwise the government audit department conduct it activities in response to section 125 of 1999 constitution of the federal republic of Nigeria.

  • STATEMENT OF THE PROBLEM

Public embezzlement always create a consciousness on the part of the supervisory authorities as to the quality and digree of protective management in government

  1. Lack of understanding of the purpose of auditing among the society in general.
  2. Lack of a well defined goal oriented policies aimed at building up a strong and sound financial system.
  3. Inherent weakness in the existing. Administrative arrangement for government establishment accounting function.
  4. Improper supervision of over all officers under the authority entrusted with the receipts expenditure of public money.

Inability of the government establishment maintain a sound system of internal control.

 

  • OBJECTIVE OF THE STUDY

The specific purpose which the project is design to achiever are:

  1. To find out roles played by the audit department in protection of public finds.
  2. To provide a system of financial accountability which will promote proper stewardship of assets deter wastes dishonesty and extravagancy and promote effectiveness at reasonable costs.
  3. To ensure efficient financial administration through system of internal control  and management information.
  4. To determine the extent to which fraud misapporiation and embezzlement of public funds have persisted in public services.
  5. To find out the delays in carrying out audit of account of government establishment.
    • SIGNIFICANT OF THE STUDY .

It is expected that  the result of this study will help improve financial reporting by government establishment providing annual reports in accordance with the requirement of audit acts, 1990.

The significant of the study to society in general is to correct the wrong notion of the society in general  is to correct the wrong notion of the wealth of government  which contrary to realty is usually. Regarded in position could cut his own share at will and  get away with it.

To the government is ensuing the standard that down in the ministry manual of responsibilities and procedure are maintained.

To the auditor to pin point to them  the risk that confronts the auditors in the excretes of his duties the legal action that could be taken against the auditor she/he deficit in this  duty.

The study sure as a quite for  future quern mental  policy formulation on auditing guideline to government establishment .

Finally, it is expected that this study will serve as a work of reference to future researchers.

  1. Time constraints: The researcher as a student also engaged in other activities which limited the time.

Used for the pro0ject the research was deeply affected by the shortness of time as a result of the short semester being ran by the  school. The semester coupled with dash of programme of the school and there is no special time given for proper investigation are the constraints which left the researcher with little or no time to carry out this project.

  1. SCOPE: Due to the vastness of the areas to be covered by the researcher, the researcher found it way difficult she could not obtain information from each of theses areas. For instance there are many firms dealing with auditing and investigation and for the fact that it is very difficult for one to gather information or data from each of these firm one being a student was compelled to unit his study to federal pay office Enugu.
  2. LACK OF STATISTICAL INFORMATION:

Facts were not easy to come about during the course of this project work. Even where the facts are available they were either out dated or the authorities concerned refused to bring it out or are subject necessary protocols. At the expense of my limited time before they were male available.

  1. FINANCIAL CONSTRAINTS:

The researcher lacked the necessary finance to carryout extensive research on this topic .

  1. NON –RESPONSES:

Inadequate responses such as some ministries when interviewed defined responses and unable to help due to internal problem like staff of local government audit department of Enugu state.

  1. BUREAUCRACY:

The bureaucracy in government establishment has made it very difficult for researcher to obtain research information.

  1. SECREY:

Most Nige4ria dislike activities that appear to be probing them, they tend to avoid researchers because they gelt their activities which are not meant for public consumption would be exposed through research work.,

 

  • RESEARCH QUESTION

The following research question were formulated by the researcher for the conduct of this project.

  1. What aspect of the accounts government policies  hinders effective and efficient  auditing  of account government establishment
  2. How can government establishment supervise the expenditure of government taking care that no payment were made which is not covered by proper authority.
  3. To what extent do fraud effect economic development of the country.
  4. What measures showed be taken to ensure that objective of auditing are achieved in government establishment.

 

  • STATEMENT OF HYPOTHESIS

H o: The audit does not play effective and efficient role in the control of fraud in government establishment .

Hi: The auditor play effective and efficient role in the control poof fraud in government establishment.

  • SCOPE / LIMITATION OF THE STUDY

The study is a case study of federal pay office pay officer Enugu between 1996to 2003.

In this study the researcher only considered the ministerial accounting structure or accounting structure of selected government establishment on parastatals in the state,  because of the following limitation.

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COMPLETE MATERIAL  COST  N2,500 Or $10.  FRESH  PROJECT MATERIAL  COST 50,000 NAIRA FOR UNDERGRADUATE, OTHERS 100,000 -200,000 NAIRA.

MAKE YOUR PAYMENT  INTO ANY OF THE FOLLOWING BANKS:
GTBANK
Account Name : Chi E-Concept Int’l
ACCOUNT NUMBER:  0115939447
First Bank:
Account Name: Chi E-Concept Int’l
Account Name: 3059320631

Foreign Transaction For Dollars Payment :
Bank Name: GTBank
Branch Location: Enugu State,Nigeria.
Account Name: Chi E-Concept Int’l
 Account Number:  0117780667. 
Swift Code: GTBINGLA 
Dollar conversion rate for Naira is 175 per dollar. 

ATM CARD:  YOU CAN ALSO MAKE PAYMENT USING YOUR ATM CARD OR ONLINE TRANSFER. PLEASE CONTACT YOUR BANK SECURITY FOR GUIDE ON HOW TO TRANSFER MONEY TO OTHER BANKS USING YOUR ATM CARD. ATM CARD OR ONLINE BANK TRANSFER IS FASTER FOR QUICK DELIVERY TO YOUR EMAIL . OUR MARKETER WILL RESPOND TO YOU ANY TIME OF THE DAY. WE SUPPORT CBN CASHLESS SOCIETY. 

OR
PAY ONLINE USING YOUR ATM CARD. IT IS SECURED AND RELIABLE.

Enter Amount

form>DELIVERY PERIOD FOR BANK PAYMENT IS  LESS THAN 24 HOURS

CALL OUR  CUSTOMERS CARE  OKEKE CHIDI C ON :  08074466939,08063386834.

AFTER PAYMENT SEND YOUR PAYMENT DETAILS TO

08074466939 or 08063386834, YOUR PROJECT TITLE  YOU WANT US TO SEND TO YOU, AMOUNT PAID, DEPOSITOR NAME, UR EMAIL ADDRESS,PAYMENT DATE. YOU WILL RECEIVE YOUR MATERIAL IN LESS THAN 2 HOURS ONCE WILL CONFIRM YOUR PAYMENT.

WE HAVE SECURITY IN OUR BUSINESS.   

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