THE PROBLEMS AND PROSPECTS OF AUDITING SMALL SCALE BUSINESS (A CASE STUDY OF PORT HARCOURT AND ITS ENVIRONS).
ABSTRACT
This research gear towards the problems and prospect of small scale business.
In this age of technological advancement, Nigeria is not left out. Economically, she is largely characterized by small or medium industries and firm. Therefore this study tends to help educate and guide business owners, proprietors, managers and people wishing to venture into small-scale business in Nigeria.
To achieve these objectives an expository research through unstructured interview method was employed. The data collected revealed not only some familiar problems such as lack of capital, single-entry, incomplete records, but also some salient problems like issuing of Tax clearance to business owners by Inland Revenue Office without audited accounts. The collected also reveal the prospects of auditing too, which included growth, value of money, assist management with expertise advice, evaluation and control of business activities and so on.
Finally its enhance the growth and survival of small firms and businesses, the researcher suggest that government should make provision in the law given a general distinction between “small”, medium” and “large” firms. Also that the “medium” firms and businesses should be made to compulsorily employ on a full-time basis an accounts technician with at least a minimum qualification of Ordinary National Diploma (OND) in business administration management and technology (BAMT) holders.
TABLE OF CONTENTS
CONTENTS PAGE
COVER PAGE
CERTIFICATION .. .. .. .. .. .. .. I
DEDICATION .. .. .. .. .. .. .. II
ACKNOLEDGEMENT .. .. .. .. .. .. III
ABSTRACT .. .. .. .. .. .. .. .. IV
TABLE OF CONTENTS .. .. .. .. .. .. V
CHAPTER ONE
1.1 Introduction .. .. .. .. .. .. .. 1
1.2 Statement of the problem .. .. .. .. .. 3
1.3 Purpose of the study .. .. .. .. .. .. 4
1.4 Research Questions .. .. .. .. .. .. 4
1.5 Scope and limitations of the study .. .. .. .. 5
1.6 Operational definition of terms .. .. .. .. 5
CHAPTER TWO
Review of Related Literature
2.1 Introduction .. .. .. .. .. .. .. 8
2.2 Small Scale Business .. .. .. .. .. .. 8
2.3 Audit .. .. .. .. .. .. .. .. 9
2.4 Problems inherent in auditing of small business .. .. 10
2.5 Prospects of Auditing a Small-Scale Business .. .. 14
CHAPTER THREE
RESEARCH METHODIOLOGY
3.1 Research Design .. .. .. .. .. .. 17
3.2 Population .. .. .. .. .. .. .. 18
3.3 Sampling Technique .. .. .. .. .. .. 18
3.4 Data Collection .. .. .. .. .. .. 18
CHAPTER FOUR
DATA PRESENTATIOIN, ANALYSIS AND DISCUSSIN OF FINDINGS
4.1 Introduction .. .. .. .. .. .. .. 21
4.2 Highlighted Problems .. .. .. .. .. .. 22
4.3 Highlighted Benefits .. .. .. .. .. .. 28
CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATIONS
5.1 Introduction .. .. .. .. .. .. .. 35
5.2 Summary .. .. .. .. .. .. .. 35
5.3 Conclusion .. .. .. .. .. .. .. 37
5.4 Recommendation .. .. .. .. .. .. 38
References .. .. .. .. .. .. .. .. 40
Appendix .. .. .. .. .. .. .. .. 40
CHAPTER ONE
- INTRODUTION
The year 2,000 is around the corner. The human society wants to lunch into the new century politically and economically sound. Governments, international organizations, business organizations, corporate bodies and individuals are up and doing, putting in their resources hoping and longing for a more viable economy in the coming century.
It is all over the news that Nigerians should try and keep abreast with the electronic computer system that is going to be in use in the new millennium.
Globally, so many changes and improvements have been on for some decades looking forward to making this world a more advanced and better place for man. The effort of the European community to form one government and gather their resources is still for the sake of achieving economic excellence and peace.
Nigeria as mentioned earlier is not left out in this economic and political struggle. Being a third world country and categorized as developing it needs this economic revolution more than the developed ones. For the past two decades the Nigerian government has embarked several projects such as “food for all by the year 2,000”, “House for all by the year 2,010” “House loan for low income earners and so on. This is an indication that we need economic and social development. Infact we need technological development to industrialize. Following from above aspiration of development and in an effort to allure same within a reasonable time period, our country needs to encourage all forms of development oriented efforts no matter from who and regardless of the scale. Therefore small-scale enterprises deserve federal government’s encouragement and support through reliable business environment, sound economic policies, low taxation and political stability.
When the above federal assistance are provided to the small-scale industries, they will be more profitable and in that respect will expand to large- scale organization. As the grow their activities will be translated to the larger society and this will have overwhelming influence and impact on our national development through, employment creation, provision of infrastructural facilities, more tax income, higher national income, higher industrialization etc.
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