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Each of the 36 states of Nigeria has two Auditors-General, one for the audit of state institutions and the other for the audit of local governments within the state. In total, there are 73 Auditors-General in Nigeria, more than the whole of the rest of Africa put together.
The Financial Reporting Council (FRC) of Nigeria, formerly the Nigerian Accounting Standards Board (NASB), is an organization charged with setting accounting standards in Nigeria. On Thursday, 6 May 2021, Shuaibu Adamu Ahmed was inaugurated by the Minister of Industry, Trade and Investment, Adeniyi Adebayo, as the Executive Secretary/Chief ...
The Institute of Chartered Accountants of Nigeria (ICAN) is a professional accountancy body in Nigeria. It is one of the two professional accountancy associations with regulatory authority in Nigeria, the other being the Association of National Accountants of Nigeria (ANAN). [1] The relationship between the two organizations has been tense.
The Association of National Accountants of Nigeria (ANAN) is one of the two professional accountancy associations with regulatory authority in Nigeria, the other being the Institute of Chartered Accountants of Nigeria (ICAN). [1] A consultant offering financial services in Nigeria must be a member of either ANAN or ICAN. [2]
The history of accounting or accountancy can be traced to ancient civilizations. [ 1 ] [ 2 ] [ 3 ] The early development of accounting dates to ancient Mesopotamia , and is closely related to developments in writing , counting and money [ 1 ] [ 4 ] [ 5 ] and early auditing systems by the ancient Egyptians and Babylonians . [ 2 ]
The auditing firm's responsibility to check and confirm the reliability of financial statements may be limited by pressure from the audited company, who pays the auditing firm for the service. The auditing firm's need to maintain a viable business through auditing revenue may be weighed against its duty to examine and verify the accuracy ...
Statutorily and administratively, the FIRS has the responsibility for the assessment, collection and accounting of taxes to the Government: [9] The timely provision and publication of accurate data and annual reports to the Federal Government of Nigeria and other stakeholders to inform national economic planning, academic research, tax policy and development legislation [10]
Internal control, as defined by accounting and auditing, is a process for assuring of an organization's objectives in operational effectiveness and efficiency, reliable financial reporting, and compliance with laws, regulations and policies. A broad concept, internal control involves everything that controls risks to an organization.