Small and medium enterprises in nigeria. AUDITING OF SMALL AND MEDIUM ENTERPRISES IN NIGERIA 2019-02-06

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Power Supply on Small and medium Enterprises in Nigeria EduCacInfo

small and medium enterprises in nigeria

This paper formalises this observation by providing current data to support the hypothesis. The reservation shall be for a period of sixty 60 days, during which no other company shall be registered under the reserved name. To accomplish this effort, auestionnaire developed from the literature was utilized to identify the existence of 16 possible goals. Oil boom which was meant to have supported large scale business instead generated a corresponding decline in nonsolid sector of the economy. Notice of such rights is also given to the Corporate Affairs Commission. The fact that a number of banks failed in the late 1990s, and the audited financial statements did not provide early warning signals about these failures, has raised concerns among the general public about the quality of accounting and auditing in the country.

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Shola Olushola: Impact of Small and Medium Enterprises on Development in Nigeria

small and medium enterprises in nigeria

Delta State championed an innovative package of N16 billion which was disbursed through Community Banks. Recently, the government of Nigeria has initiated a lot of projects aimed at boosting electricity supply but this effort seems to yield no positive results. The death of the private sector in the economy forced government to assume the role of entrepreneur herself to off — set the colonial neglect of pre — independence Essien, 2001. The major concern of the theory is the objective pattern of ties linking the agencies, individual and group of the society. Without a doubt, a country which is incapable to build and develop the skills and knowledge of its citizens and utilizes them effectively in the economy will not be able to develop anything else. According to Azubuike 2013 , energy plays the most vital role in the economic growth, progress, and development, as well as poverty eradication and security of any nation.

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Small and Medium Enterprises Development Agency of Nigeria

small and medium enterprises in nigeria

Consequently, both the federal and state governments and recently, local governments, have stepped up efforts to promote the development of small scale enterprises through increased incentive scheme, including enhanced budgetary allocations for technical, assistance programmes. Latest Central Bank of Nigeria figures show that by July 31, 2007 the scheme had accumulated over N37. Energy supports the provision of basic needs such as cooked food, a comfortable living temperature, lighting, the use of appliances, piped born water or sewerage, essential health care refrigerated vaccines, emergency, and intensive care , educational aids, communication radio, television, electronic mail, the World Wide Web , and transport as well as other social amenities Azubuike, 2013. Since goal-directed behavior is a vital element in the research on entrepreneurial motivation, this study attempted to investigate the existence of a set of goals which motivate entrepreneurs to sustain their business development efforts. Several studies have been conducted in a few advanced countries to search for the problems encountered in auditing a small company United States, United Kingdom and Canada. This is because the supply of adequate and stable electricity to consumers is the back bone of socioeconomic development of any nation. Their contribution to the growth of the Nigerian economy cannot be understated as they drive the economic and industrial transformation of the country.

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Power Supply on Small and medium Enterprises in Nigeria EduCacInfo

small and medium enterprises in nigeria

When these funds are sources, the interest rates are prohibitive thereby making goods uncompetitive with the imported ones. A company shall not have less than two 2 directors at any given time. Lastly I wish to acknowledge the contributions of Mr. All these factors play an important role in determining the impact of small and medium enterprises in growth and development of a nation Ray and Hutchinsm, 2003 Emphasis is now being placed on promoting small and medium scale enterprises as a veritable platform for facilitating industrial development in developing and transitional economics for obvious reasons. Findings from empirical analysis confirm the roles of entrepreneurs as good drivers of economic growth in the country.

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AUDITING OF SMALL AND MEDIUM ENTERPRISES IN NIGERIA

small and medium enterprises in nigeria

However, the major hindrance inhibiting entrepreneurship as a growth driver in Nigeria include; poor infrastructural facilities, inadequate start-up process, financial management problems, lack of strategic planning and other socio-cultural problems. The research examined the effect of Small and Medium Enterprises towards economic development in Nigeria. According to Ndiyo 2008 , for development to be sustainable, certain conditions must be met. This paper proves that entrepreneurial characteristics and management practices are important attributes for the performance in the initial stage of an enterprise. Seventy percent of the country's 2. Such questions are as follows:- The proposed researcher has seen that there are many polices that the government has introduced into the economy to help redirect it but it has not fulfilled the purpose for which it was introduced. Registration with Regulatory Authority Every business is expected to register with the Regulatory body under which its business is categorized.


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Small Scale and Medium Enterprises (SMEs) in Nigeria

small and medium enterprises in nigeria

Given the vital and salutary role and contribution which Small and medium enterprises play in other developed and developing country and considering the on-going reforms by the government of Nigeria, which are primarily aimed at creating wealth, reducing poverty, generating employment, re-orientating values, and stimulating real economic growth. The auditor may give an opinion which may not reflect true and fair view of the organization financial statements and thus may mislead the external users of the financial report. Unsourced material may be challenged and removed. Where such happens, the company shall within one month of the shortfall, appoint new directors to the company. The government is seriously addressing some of these. From this data three variables were initially identified. The financing in most cases is normally provided by the owners rather than external source of capital.

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Shola Olushola: Impact of Small and Medium Enterprises on Development in Nigeria

small and medium enterprises in nigeria

Government encouragement through tax holidays and rebates to start-ups who have demonstrated capabilities in sourcing of local raw materials. We hope that more states will copy these examples and do more in this present administration. A replication study of seventy small firms located in Burlington, Vermont and Plattsburgh, New York, was carried out in order to observe whether the identified variables were duplicated beyond a certain geographical location. Microbusinesses have 1—4 employees, small businesses 5—19, medium businesses 20—199, and large businesses 200+. Auditor: An auditor is someone who prepares and examiners financial records. Having analysed the data the following were the major findings; Most of the operators of small and medium enterprise in Enugu East Senatorial Zone make an average daily turnover of N15,000 and profit of about N15,000 daily. It is also a mandatory book to be kept by private and public limited liability companies.

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AUDITING OF SMALL AND MEDIUM ENTERPRISES IN NIGERIA

small and medium enterprises in nigeria

Therefore, this study seeks to examine auditing of Small and Medium Scale enterpreises in Nigeria. What is required to substantially achieve this? Eleven banks were also selected for the study. These policies includes good governance, export oriented manufacturing among others. The development of small and medium scale enterprises is therefore an essential element in the growth strategy of most economics and hold particular significance for Lagos State, Badagry in particular. The Federal Government fiscal and monetary policies in Nigeria as it relates to business issues have been unpredictable, contradictory, inconsistent and from time to time conflicting Adebayo, 2003. A four-factor structure of goal statements was identified on the basis of the responses from 234 entrepreneurs.

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Shola Olushola: Impact of Small and Medium Enterprises on Development in Nigeria

small and medium enterprises in nigeria

To do this, data were collected from both primary and secondary sources. Provision of adequate infrastructure-good road networks, adequate power supply, good communication and health care system. However, remarkable phenomenon in small-scale enterprises emerged towards the end of the last decades of the 20th century. Similarly, domestic iron-ore and Tin production which was carried out in the Jos, Plateau and Mandara Hills ensured a steady supply of ore for metal making all over Nigeria, especially in the North Giwa, 1991. Participants were selectedthrough a simple random sampling process. The financing in most cases in normally provided by the owners. Against this backdrop, this review of accounting and auditing practices in Nigeria is intended to provide inputs on appropriate measures to improve the financial reporting regime.

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THE ROLE OF SMALL AND MEDIUM SCALE ENTERPRISES IN ECONOMIC DEVELOPMENT OF NIGERIA

small and medium enterprises in nigeria

Economic activity outside the establishments — like street vendors and farmers, for example — were excluded from the census. The agencies in this study include banks, cooperative societies, and government, among others. All the above will contribute in eventuating our dream of becoming one of the 20 largest economies by the year 2020. The results showed that technology, government funding, and the level of power loss were the statistically significant determinants of electricity supply in Nigeria and that an average of 40% of power is lost in transmission per annum. Joint Audit: A joint audit is an audit on a legal entity by two or more auditors to produce a single audit report, thereby sharing responsibility. Notwithstanding the setbacks and challenges confronting Small and Medium Enterprises, if properly equipped, they have the capacity to grow the economy and contribute to a Nigeria that can take its place in the world stage. As a matter of fact, industrial investment was believed to be in exclusive competence multinationals Bauback, 1983.

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