BUSINESS FAILURE AND THEN ACCOUNTING PROFESSION IN NIGERIA

(A CASE STUDY OF SELECTED BUSINESS IN PORT-HARCOURT)

By

Author

Presented To

Department of Accounting

ABSTRACT

The Nigeria economy with the first half of the century experienced quite a lot 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 is what this study seeks after. This study is carried out at ensuring a survival dosage of business in post- Harcourt through the use of accounting profession (auditing) to appraise operational performance.

Some of the causes of business failure include mismanagement Bribery and corruption, and poor remuneration etc. the brain behind the failure of business in the political undertone in the management positions.

Based on the findings in the study, the following conclusion were dawn, mismanagement, mode of appointment and selection of key officer, poor co-ordinates management device, government inference, and privatization and commercialization programme.

Finally, it is recommended that business should appreciated the importance of audit as a tool evaluating performance, appointment of board of directors and top management officers should be based on skill, should also institute its commercialization and privatization programme in place etc.

TABLE OF CONTENT

COVER PAGE

TITLE PAGE

APPROVAL PAGE

DEDICATION

ACKNOWLEDGMENT

ABSTRACT

TABLE OF CONTENT

CHAPTER ONE

INTRODUCTION

1.1 OBJECTIVE OF THE STUDY

1.2 STATEMENT OF PROBLEM

1.3 STATE OF HYPOTHESIS

1.4 SIGNIFICANCE OF THE STUDY

1.5 SCOPE OF THE STUDY

1.6 LIMITATION OF THE STUDY

1.7 DEFINITION OF TERMS

CHAPTER TWO

REVIEW OF RELATED LITERATURE

2.1 INTRODUCTION

2.2 THE GOING CONCERN 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 BE A GIONG CONCERN

2.3 SYMTOPMS OF IMMINENT BUSINESS FAILURES

2.4 NATURE AND CAUSES OF BUSINESS FAILURES

2.5 THE DEVELOPMENT OF ACCOUNTIGN PROFESSION

(AUDITING).

2.5.1 DEFINITION OF AUDITING

2.5.2 TYPES OF AUDIT

2.5.3 THE AUDITOR AND TH DANGER OF SELF FULFILMENT PROPHESY

2.5.4 IMPORTANCE OF AUDITING

2.5.5 THE AUDIT COMMITTEES

2.5.5.1 NATURE OF AUDIUT COMMITTEES

2.5.5.2 COMPOSITION OF AUDIT COMMITTESS

2.5.5.3 FUNCTIONS OF AUDIT COMMITTEES

2.5.5.4 QUALIFICATION OF AUDIT COMMITTEES

2.5.5.5 SIZE OF AUIT COMMITTEES

2.5.5.6 AUDIT COMMITTEES RELATIONSHIP WITH AUDIOR

2.6 THE EFFECT OF BUSINESS FAILURES ON A DEPRESSED ECONOMY.

CHAPTER THREE

RESEARCH DEISGN AND METHODOLOGY

3.1 INTRODUCTION

3.2 RESEARCH DESIGN

3.3 SAMPLNG TECHNIQUES

3.4 QUESTIONNAIRES DESIGN

3.5 DATA COLLECTION TECHNIQUES

CHAPTER FOUR

PESENTATION OF DATA ANALYSIS

4.1 DATA PRESENTATION AND ANALYSIS

4.2 TEST OF HYPOTHESIS

CHAPTER FIVE

SUMMARY OF FINDINGS, CONCLUSION AND

RECOMMENDATION

5.1 SUMMARY OF FINDINGS

5.2 CONCLUSION

5.3 RECOMMENDATION (S)

5.4 SUGGESTION FOR FURTHER STUDIES

BIBLIOGRAPHY

APPENDIX: QUESTIONNAIRE