Papers by Kingsley G Kalagbor
This paper examines the relevance of corporate Governance in corporate organization in Nigeria. T... more This paper examines the relevance of corporate Governance in corporate organization in Nigeria. This study became necessary because in
recent times the world had witnessed the failure of large business empire and large corporate organizations which have been largely attributed to large scale of fraud in form mismanagement of cash, theft of materials and mismanagement of goods by directors, managers, accountants and captains or industries in connivance with auditors. There is the case of ENRON in the United States, and cases in U.K such as polly peck, Maxwell communication as well as the case of Nigeria in Grand larger Beer Ltd, West African Glass industry in port Harcourt to mention but a few.
This development resurrected once more public and academic debates for corporate Governance to be in place which will ensure that companies are well managed by the directors and other management staff to whom the shareholders have entrusted organizational function to. Given the prevailing circumstances most quoted companies, shareholders only have opportunities to find about the functioning and management of their companies in the Annual General meetings (AGM), which presently are often poorly attended,
there is therefore, the urgent need to ensure goad corporate governance on the part of the company, as this will not be achieved at the Annual general meetings.
In this paper, we will consider all issues relating to good corporate governance locally and internationally and the role of the auditor in financial reporting and auditor practice perspective.
The term Corporate Governance may be defined as the system by which the affairs of companies are directed and controlled by those charged with the responsibility to do so.
The paper examines the role played by monetary policy as stabilization
tool in Nigeria. The achie... more The paper examines the role played by monetary policy as stabilization
tool in Nigeria. The achievement of macro economic objectives of stable price level, balance of payment equilibrium, achievement of full employment, steady economic growth and development, and national income equality would require the use of a number of monetary and credit policy instruments. Fiscal policy objectives like monetary policy objectives are usually designed to influence the level of macro economic variables. The major advocate of monetary policy i.e. Milton Friedman of the monetarists school of thought had maintained that monetary policy in underdeveloped countries plays an important role in influencing the growth rate of the economy by influencing the cost and availability of credit, by controlling the inflation and maintaining in the balance of payments, hence, the monetarists sees it as great "stabilizers" , Nigeria is not an exception.
Consequently, an expansionary or (ease) monetary policy is used to
overcome a recession or depression or an inflationary gap. When there is a in consumer demand for goods and services, and in business demand for investment goods, a deflationary gap emerges. This paper therefore will help to act as a sport light on the roles of monetary policy as a stabilization tool in view of its objectives and instruments of monetary policy in Nigeria Even though the monetary market size and the bills to discount are too small, the use of variable reserve ratio as an instrument of monetary policy is more effective than the open market operation and bank rates in (LDC'S)
This paper examines the relevance of Business Education as a vehicle for Youth Development in the... more This paper examines the relevance of Business Education as a vehicle for Youth Development in the Niger Delta.
The term "Business " according to the Oxford Advanced learner's dictionary of current English connotes somebody or a man or a chief executive oft business empire who is engaged in the buying and selling of goods am services including trade and other commercially related activities for the purpose of making profit.
For example, the buying and selling of staple food items or the investment in micro soft ware, stock and share holding in the capital market or providing logistics support to the oil companies or the buying and selling of motor spare parts, earth movers etc, constitutes a good example of the tern "Business". On the other hand, and in this study, we shall also take a working definition of the term "Education " as the per excellence for human capital development and nation building.
Education also may be defined as the instrument of social transformation Education according to Austin (2001), is a process of physical and mental culture whereby a man's personality is fully developed.
ln the informal sense, education entails travelling and repository type of education such as fishing, farming, hunting and canoe carving.
When you take a cursory look at the above definitions, it may perhaps be tk primary motive why the national economic empowerment and development strategy (NEEDS) recognised education as a transformational tool and development stimulant.
This research work reviews the "third world" Agricultural Development in tandem with the sustaina... more This research work reviews the "third world" Agricultural Development in tandem with the sustainability of the sector in order to achieved the objective of the study. In this research work, we will examine the concept of sustainability and offers a framework for analyzing the agricultural sector. We shall review the initiative made, so far, to endanger sustainable agriculture in the third world countries as well as do analysis of selected indicators of agricultural growth. JVe shall also examine the constraints on the successful implementation of existing agricultural policies and highlight the prospects for the sector, in the short to medium term of the third world countries.
This paper examines the institutional reforms for efficiency in Microfinance operations in Nigeri... more This paper examines the institutional reforms for efficiency in Microfinance operations in Nigeria, the challenges and its prospects, with a view to identify those institutional inadequacies crying for reforms. This study is a description research study In order to under take this task, the rest of the study is divided into five-sections. Section 2 explores the institutional environment of business and financial firms. Section 3 examines market failure in micro-finance provision and in section 4 we discuss the state of microfinance across the world. In section 5. we highlight past and current efforts in microfinance within the institutional environment of business in Nigeria. Section 6 pinpoints some of the necessary institutional reforms and concludes the paper The study would make policy recommendations based finding of the study
This study examines education and the attainment of MDGS on entrepreneurial skills based on Niger... more This study examines education and the attainment of MDGS on entrepreneurial skills based on Nigeria evidence. The study also examines the stages of millennium development goals (MDGS). past, present efforts and policy targets, with a view to identify the problems associated with its challenges in Nigeria This study reveals the realities that led to the introduction of millennium developmentgoals which the 2004, report by Professor Chukwumma Charles Solude Intend to achieve before their exit. The study is an empirical research. Whatever, critical success factor that will be achieved in this study in developing entrepreneurial skills and the attainment of MDGS in Nigeria, will be driven by the development of the six major kinds of capital skills to absorb the favourable knowledge spill-overs This study would make recommendations based on the findings of the study
This paper examines the Impact of Investment and Capital Accumulation in the Economic Development... more This paper examines the Impact of Investment and Capital Accumulation in the Economic Development in Nigeria with some empirical Evidence, with a view to make the captains of industries and the macroeconomicpolicy makers at that level to understand their importance in the overall economic development of the country. The study is a descriptive research and the study depends mainly on secondary data for the analysis because of the nature of the study. Thefindings of the study reveals the following:- That the pursuit of science and technology education should be encouraged because without education, no (capita! accumulation) and there will be no foundation to implant technology and without technology there will be productivity that could boast investment, the six major kinds of capital should be developed in order to escape the economy from agrarian economy to industrialized country. Improve our industrial capacity utilization so that our industries/factories can produce at perato optimality. i. e. 100 percent factor input and 100 percent factor output.
This study examines the security of life and property administration of justice in Nigeria, with ... more This study examines the security of life and property administration of justice in Nigeria, with a view to finding a lasting solution, especially at this period of demobilization of the militancy in the niger delta region, the research study is a descriptive study, the findings of the study reveals the following; (1) That there is no fairness in dealing with the citizens/residents in contractual matters, which has created lost of confidence by the international community to invest in Nigeria. (2) That pending cases in court are not reviewed periodically so that inmates do not stay a day longer than necessary. (3) That there are so many cases of Human Rights abuses contrary to the constitution of the Federal Republic of Nigeria. (4) The ministry of justice is yet to present the National plan of Action to the president for implementation. Based on the findings of the study the following recommendations were made. Based on findings of study the following recommendations were made: (l)This study suggests that effective commercial law, effective judicial systems, government policies that seeks effective policing that underpins the economy that can harmonize private pursuit of public interests in order to provide socio-economic growth. (2) There should policy that seek for structural reforms of the police, prison and the judicial system as well as policy reforms that seek to unlock the potentials and values of the Nigeria economy. (3) The cases of Human Rights abuses should be adequately monitored, finally, that pending cases in court should be reviewed and that the National plan of Action on Human Rights should be presented to the president for its implementation.
This study examines the security of life and property administration of justice in nigeria, with ... more This study examines the security of life and property administration of justice in nigeria, with a view to finding a lasting solution, especially at this period of demobilization of the militancy in the niger delta region, the research study is a descriptive study, the findings of the study reveals the following; (1) That there is no fairness in dealing with the citizens/residents in contractual matters, which has created lost of confidence by the international community to invest in Nigeria. (2) That pending cases in court are not reviewed periodically so that inmates do not stay a day longer than necessary. (3) That there are so many cases of Human Rights abuses contrary to the constitution of the Federal Republic of Nigeria. (4) The ministry of justice is yet to present the National plan of Action to the president for implementation. Based on the findings of the study the following recommendations were made. Based on findings of study the following recommendations were made: (l)This study suggests that effective commercial law, effective judicial systems, government policies that seeks effective policing that underpins the economy that can harmonize private pursuit of public interests in order to provide socio-economic growth. (2) There should policy that seek for structural reforms of the police, prison and the judicial system as well as policy reforms that seek to unlock the potentials and values of the Nigeria economy. (3) The cases of Human Rights abuses should be adequately monitored, finally, that pending cases in court should be reviewed and that the National plan of Action on Human Rights should be presented to the president for its implementation.
This paper examines the Capital Restructuring of Bank in Nigeria with a viciv to justify the maxi... more This paper examines the Capital Restructuring of Bank in Nigeria with a viciv to justify the maximization of shareholders wealth which is reflected in the increased share price of the quoted banks. Secondly, the purpose of enhanced capitalization of banks called for, in the current banking reforms provides a window of opportunity for Nigerian banks to attain the desired "optimal" structure for the purpose of increasing their market value and the shareholders' zvealth. However, wider and Modigliani (1958) have demonstrated the irrelevance of capital structure in the determination of corporate value. The study is a descriptive study and would depend mainly on secondary data for analysis. The findings of the study revealed the following; i) that almost all restructuring effort arc driven by weaknesses in the banking system in Nigerian. Secondly, given the existence of many distressed and technically insolvent banking institutions in Nigeria, capital restructuring and mergers had been adopted in the hope of averting the outright liquidation of distressed banks.
The study examines the effect of Education capital and human capital formation on the output of t... more The study examines the effect of Education capital and human capital formation on the output of the manufacturing firms in Nigeria. The research study is spanning from 19 70-2007, with a view to x-ray the role played by education capital and human capital formation in the output of the manufacturing firms in Nigeria. The study has a firm duly to determine if education capital and human capital formulation will have a posit ive and significant effect on the output of the manufacturing firms in Nigeria. The study will also attempt to determine how much total stock of Education capital and human capital formulation is required to improve the output of the manufacturing firms in Nigeria since the outcome of the study is expected to be used improve to a basis in which improvements could be made to enhance the operations of the macroeconomic policy makers in Nigeria. The study is both a descriptive and empirical research study. The study depends mainly on secondary data for analysis. The multiple regressions adopted was subjected to a battery of test. The study also employs the unit root test of co-integration to test the hypotheses and the modeling of non-stationary time series variables in order to determine the long-run equilibrium relationship among the variables. The findings of the study reveals that human capital skill (HCS), education capital (EC), labour growth (LG) have a significant and positive effect on the output of the manufacturing firms in Nigeria. Secondly, (HCS), LG and the openness of the economy (OPN) have a significant and positive effect on the overall output performance of the manufacturing firms in Nigeria, and that Education capital lacking and insignificant. The study therefore, rejects the null hypotheses of no co-integration, and concluded that the variables of the study are co-integrating at 5 percent level of significance. The coefficient of determination is high at 0.74 and the over all regression is at 5 percent. The F-statistics is 2.901. There zoos no indication of the presence of serial correlation as shown by Durbin-Watson statistics value of 2.18 which is greater 2 statistics value. The error correction model (ECM.) is relatively low at 0.76.
The paper viewed Accountability and Good Governance in Nigerian Local Governments as an issue for... more The paper viewed Accountability and Good Governance in Nigerian Local Governments as an issue for local administration. The aim is to promote transparency and good governance which is concerned with the leadership carrying out government business in an open, easy to be understood and an explicit manner as to enable the ordinary citizen understand the rules made by government, policies implemented and results of all government activities. Most critics of our local government attribute the negative public perception of the system to lack of accountability in the operation of the institutions. Lack of public information about the action, receipts and expenditure of government is instrumental to the persistent corruption in the system. The issue of inadequate oversight and non compliance with the requirements of budget was another problem looked at. The paper concluded that Accountability and Good Governance is critically important for the overall development of the society and, therefore, recommended, among others, that; there should be proper preparation and use of annual budgets in managing resources and the affairs of the society; access to information concerning government activities and proper human capital development (through education), that will acquaint them with the state-of-the-art administrative system, as ways of ensuring accountability and good governance in the third-tier and all levels of government in Nigeria.
Keywords: Accountability, Good Governance, Local Government.
This study examines Internal Control System Panacea for Audit Strategy, Development, Execution an... more This study examines Internal Control System Panacea for Audit Strategy, Development, Execution and Documentation in Nigeria. The study became necessary because of poor quality audit report presented by some auditors in recent years in Nigeria, traceable to apparent neglect and violation of the international professional bodies auditing procedure guidelines in spite of series of warning by this professional bodies and policies adopted by the Institutes of Chartered Accountants of Nigeria to stem the output of ICAN on the path of development as well as contribute their own quota in the socioeconomic development of Nigeria. The study is an explanatory research study and depends mainly on secondary data for the analysis of the study. The outcome of this study will help Captains of Industries, Research Institutions, professional bodies, body corporate and the macroeconomic policy makers in Nigeria. Based on the study outcomes, recommendations are made for policy thrust.
Keywords: Internal Control System, Audit Strategy,
Development, Execution and Documentation JEL CODE: 66BF
This study examines the Effect of Accounting Reporting on the management of economical economy, (... more This study examines the Effect of Accounting Reporting on the management of economical economy, (A study of former Soviet economy), with a view to understudy the then USSR Economy in order to borrow a leaf and develop Nigeria's Atomic Power and Nuclear Energy generation for industrial and for domestic consumption of power in Nigeria. The study is an exploratory and a comprehensive analysis using former Soviet Economy as a case study which mainly depends on secondary data for the analysis of the study. The analysis reveals that the development of atomic power and nuclear energy of any given country in the world is purely an internal matter and the decision to develop Atomic power and Nuclear energy in Nigeria can help to boost the productivity level and the industrialization of our ailing economy as well as provide power for domestic industries. In the circumstance, such undertaking is capable of attracting foreign direct investment (FDI) into Nigeria, increase the output of the manufacturing, oil and gas sectors, increase foreign exchange earnings in Nigeria, create employment opportunity as well as help to steer the Nigerian Economy on the path of economic growth and development. The solution and commencement of this laudable project lies in the appointment or hiring of an Economy Driver with a strong political will to commence the process.
Keywords: Accounting Reporting, Management of Economical Economy.
JEL CODE: 59BF
The study examines an exposition of the Dynamics of inflation in Nigeria: Panacea for the mainten... more The study examines an exposition of the Dynamics of inflation in Nigeria: Panacea for the maintenance of price stability with a view to promoting sustainable growth and development as well as strengthening the purchasing power of the domestic currency amongst others. The study is an empirical study and a document analysis in industrialized, emerging markets, and developing economies. The study seeks to reveal the dominant theoretical underpinning for the dynamics of inflation and the methodology of forecasting its future trajectory. The conventional Philips Curve (Unemployment rate) was used to investigate forecasts in U.S inflation at the 12-month horizon. The study examined price dynamics in the Dominican Republic by exploring the joint effects of distortions in the money and traded-goods market in inflation. Holding other potential influences constant. The study also examined the relative importance of monetary factors of structuralise supply-side factors for inflation in Pakistan. The findings reveals that in recent years, many emerging-market countries have experienced dramatic decline in inflation rateas a result of a combination of relatively external factors and the adoption of sound domestic policies.
Keywords: Dynamics of inflation, Panacea and Price Stability.
This study examines inflation targeting in Nigeria: a frame work for conducting monetary policy b... more This study examines inflation targeting in Nigeria: a frame work for conducting monetary policy by the Central Bank of Nigeria. The study is a document analysis on inflation targeting of some developed and developing countries. The study became necessary, given that inflation targeters have experienced low and stable inflation rate in recent years without sacrificing economic growth. The study depends mainly on secondary data for the analysis of the study. The prospects of Nigeria adopting inflation targeting like other developed and developing countries of the world has several advantages such as achieving the stability target, ensure economic growth, full employment, exchange rate stability, interest rate stability, increase in production as well as ensuring efficient payment system. Based on the analysis of the study, recommendations were made that the Central bank of Nigeria should as a matter of policy should put in place the institutional and human capital requirements for inflation-targeting and the quality and timely monetary and national income statistics needed to facilitate the formulation of a reliable and robust inflation forecasting models, as to enable Nigeria reap the aforementioned advantages. The study therefore, conclude that the prospects of Nigeria adopting inflation-targeting as a frame work for monetary policy in Nigeria are dim, at least for now.
Keywords: Inflation- targeting, framework for, conducting monetary policy.
The study examined impact of computerization of accounting system on external auditing. The study... more The study examined impact of computerization of accounting system on external auditing. The study set for itself three objectives, to find out the extent computerized accounting Information processing enhance external auditor's internal control assessment; the extent computerized reporting procedure enhance quality of external audit reports. Three research questions and three hypotheses stated in line with the objective of the study were used to guide the researcher. Related literatures in computerization of accounting system on external auditing were reviewed. The survey designed was adopted for the study and the questionnaire was used in collecting data. The population of the study was three hundred and one (301) respondents. The random sampling technique was used in selecting the sample for the study and the Taro Yamene formula was used in determining the sample size of one hundred and seventy two (172). Histogram was used to analyze the research questions while chi-square statisticaI tool was used in testing the hypotheses. It was found out that: computerized accounting information processing significantly enhances external auditor's control assessment. Computerized inventory management system significantly enhances external auditor's assets verification. Computerized reporting procedures significantly enhance quality of external audit reports. It was concluded that: There is every need for the auditor to be literate in computer so as to be able to understand computerized accounting system when called upon.
Key word Audit, computer and Account
The study examines budgetary control system and organizational performance; with a view to find l... more The study examines budgetary control system and organizational performance; with a view to find lasting solution to the problems of Budgetary control system in Nigeria. The study became necessary because of the difficult task of achieving Efficient/Effective Budgetary control system in recent time in Nigeria by some budgetary control experts since the government uses budgetary control as a tool for proper management of resources. The method used was the cross-sectional survey. Three hypotheses were formulated and the hypotheses subjected to a battery of test using the Pearson product moment correlation coefficient. 100 questionnaires were distributed to management staff of the Rivers State Ministry of Works in Port Harcourt. The Taro Yamen formula was used to determine the sample size of 80 valid response used in the analysis of the study as the research design. The findings of the study revealed that there is a positive relationship between Budget control/monitory and the performance of Rivers State Ministry of Works, that Budget planning/co-ordination has a positive Relationship with Rivers State Ministry of works and that there is a positive Relationship between Efficient/Effective management of resources and the performance of River State ministry of works. Based on the findings of the research study, the researcher recommences that Budget control/monitory in government ministries should be sustained, because it will help to increase the performance of government ministries.
Keywords: Budgetary, Control, Organizational, Performance
The objective of is study is to examine the effect of the adoption and implementation of the regu... more The objective of is study is to examine the effect of the adoption and implementation of the regulation and provisions of the International financial reporting standards (IFRS) on Nigerian economy, using Rivers State as a case study. The study utilised primary data to tests the effects of the adoption of IFRS on the Nigerian economy. The results from questionnaire survey using sample of accounting lecturersauditors, accountants and some selected firms in River State was presented. The study tested the effect of adoption and implementation of IFRS on the Nigerian economy as It relates to improved business functions, management and Improved business performance. Data were analysed using the Chi Square. The study found that International Financial Reporting Standards have the potential for yielding greater benefits than the current domestic GAAP based on variables tested — improved business performance, management and impact on other business functions apart from financial reporting. The study recommends that companies should prepare adequately on all fronts for the adoption and Implementation of IFRS; and companies operating in Nigeria should endeavour to use the opportunity presented by the adoption of IFRS to improve their business processes In all ramifications. The researcher suggests that researchers should expand their scope of study to Include compliance with IFRS standards in Nigeria.
Key Word IFRS Financial Reporting and economy
This paper assesses the effect of compliance with the regulation and provisions of the internatio... more This paper assesses the effect of compliance with the regulation and provisions of the international financial reporting standards on the performance of some selected corporate firms in Nigeria. The paper defines performance based on some selected variables. First is compliance with the IFRS and Accounting Quality of the firms, for which we used such variables as; earnings management, and timely loss recognition as measures. Secondly we measure the performance of the firms based on profitability and identified financial ratios of the firms. We tested the impact of adoption as it relates to profitability, and liquidity performance. The paper utilised primary data to tests the effects of the adoption of IFRS on the performance of the selected firms in Nigeria; using firms in Rivers State as case study. The study utilised chi-square as the main statistical tool to test the effect of compliance with IFRS on performance of corporate firms in Nigeria. The study showed that corporate firms in Nigeria reasonably comply with IFRS but the level of compliance is below international benchmarks. The study also showed that compliance has not improved profitability when measured in terms of returns on assets and earnings per share. The study therefore, concludes that compliance of corporate firms in Nigeria to IFRS still leaves room for improvement.
Key Words: IFRS. Firm and Profitability
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Papers by Kingsley G Kalagbor
recent times the world had witnessed the failure of large business empire and large corporate organizations which have been largely attributed to large scale of fraud in form mismanagement of cash, theft of materials and mismanagement of goods by directors, managers, accountants and captains or industries in connivance with auditors. There is the case of ENRON in the United States, and cases in U.K such as polly peck, Maxwell communication as well as the case of Nigeria in Grand larger Beer Ltd, West African Glass industry in port Harcourt to mention but a few.
This development resurrected once more public and academic debates for corporate Governance to be in place which will ensure that companies are well managed by the directors and other management staff to whom the shareholders have entrusted organizational function to. Given the prevailing circumstances most quoted companies, shareholders only have opportunities to find about the functioning and management of their companies in the Annual General meetings (AGM), which presently are often poorly attended,
there is therefore, the urgent need to ensure goad corporate governance on the part of the company, as this will not be achieved at the Annual general meetings.
In this paper, we will consider all issues relating to good corporate governance locally and internationally and the role of the auditor in financial reporting and auditor practice perspective.
The term Corporate Governance may be defined as the system by which the affairs of companies are directed and controlled by those charged with the responsibility to do so.
tool in Nigeria. The achievement of macro economic objectives of stable price level, balance of payment equilibrium, achievement of full employment, steady economic growth and development, and national income equality would require the use of a number of monetary and credit policy instruments. Fiscal policy objectives like monetary policy objectives are usually designed to influence the level of macro economic variables. The major advocate of monetary policy i.e. Milton Friedman of the monetarists school of thought had maintained that monetary policy in underdeveloped countries plays an important role in influencing the growth rate of the economy by influencing the cost and availability of credit, by controlling the inflation and maintaining in the balance of payments, hence, the monetarists sees it as great "stabilizers" , Nigeria is not an exception.
Consequently, an expansionary or (ease) monetary policy is used to
overcome a recession or depression or an inflationary gap. When there is a in consumer demand for goods and services, and in business demand for investment goods, a deflationary gap emerges. This paper therefore will help to act as a sport light on the roles of monetary policy as a stabilization tool in view of its objectives and instruments of monetary policy in Nigeria Even though the monetary market size and the bills to discount are too small, the use of variable reserve ratio as an instrument of monetary policy is more effective than the open market operation and bank rates in (LDC'S)
The term "Business " according to the Oxford Advanced learner's dictionary of current English connotes somebody or a man or a chief executive oft business empire who is engaged in the buying and selling of goods am services including trade and other commercially related activities for the purpose of making profit.
For example, the buying and selling of staple food items or the investment in micro soft ware, stock and share holding in the capital market or providing logistics support to the oil companies or the buying and selling of motor spare parts, earth movers etc, constitutes a good example of the tern "Business". On the other hand, and in this study, we shall also take a working definition of the term "Education " as the per excellence for human capital development and nation building.
Education also may be defined as the instrument of social transformation Education according to Austin (2001), is a process of physical and mental culture whereby a man's personality is fully developed.
ln the informal sense, education entails travelling and repository type of education such as fishing, farming, hunting and canoe carving.
When you take a cursory look at the above definitions, it may perhaps be tk primary motive why the national economic empowerment and development strategy (NEEDS) recognised education as a transformational tool and development stimulant.
Keywords: Accountability, Good Governance, Local Government.
Keywords: Internal Control System, Audit Strategy,
Development, Execution and Documentation JEL CODE: 66BF
Keywords: Accounting Reporting, Management of Economical Economy.
JEL CODE: 59BF
Keywords: Dynamics of inflation, Panacea and Price Stability.
Keywords: Inflation- targeting, framework for, conducting monetary policy.
Key word Audit, computer and Account
Keywords: Budgetary, Control, Organizational, Performance
Key Word IFRS Financial Reporting and economy
Key Words: IFRS. Firm and Profitability
recent times the world had witnessed the failure of large business empire and large corporate organizations which have been largely attributed to large scale of fraud in form mismanagement of cash, theft of materials and mismanagement of goods by directors, managers, accountants and captains or industries in connivance with auditors. There is the case of ENRON in the United States, and cases in U.K such as polly peck, Maxwell communication as well as the case of Nigeria in Grand larger Beer Ltd, West African Glass industry in port Harcourt to mention but a few.
This development resurrected once more public and academic debates for corporate Governance to be in place which will ensure that companies are well managed by the directors and other management staff to whom the shareholders have entrusted organizational function to. Given the prevailing circumstances most quoted companies, shareholders only have opportunities to find about the functioning and management of their companies in the Annual General meetings (AGM), which presently are often poorly attended,
there is therefore, the urgent need to ensure goad corporate governance on the part of the company, as this will not be achieved at the Annual general meetings.
In this paper, we will consider all issues relating to good corporate governance locally and internationally and the role of the auditor in financial reporting and auditor practice perspective.
The term Corporate Governance may be defined as the system by which the affairs of companies are directed and controlled by those charged with the responsibility to do so.
tool in Nigeria. The achievement of macro economic objectives of stable price level, balance of payment equilibrium, achievement of full employment, steady economic growth and development, and national income equality would require the use of a number of monetary and credit policy instruments. Fiscal policy objectives like monetary policy objectives are usually designed to influence the level of macro economic variables. The major advocate of monetary policy i.e. Milton Friedman of the monetarists school of thought had maintained that monetary policy in underdeveloped countries plays an important role in influencing the growth rate of the economy by influencing the cost and availability of credit, by controlling the inflation and maintaining in the balance of payments, hence, the monetarists sees it as great "stabilizers" , Nigeria is not an exception.
Consequently, an expansionary or (ease) monetary policy is used to
overcome a recession or depression or an inflationary gap. When there is a in consumer demand for goods and services, and in business demand for investment goods, a deflationary gap emerges. This paper therefore will help to act as a sport light on the roles of monetary policy as a stabilization tool in view of its objectives and instruments of monetary policy in Nigeria Even though the monetary market size and the bills to discount are too small, the use of variable reserve ratio as an instrument of monetary policy is more effective than the open market operation and bank rates in (LDC'S)
The term "Business " according to the Oxford Advanced learner's dictionary of current English connotes somebody or a man or a chief executive oft business empire who is engaged in the buying and selling of goods am services including trade and other commercially related activities for the purpose of making profit.
For example, the buying and selling of staple food items or the investment in micro soft ware, stock and share holding in the capital market or providing logistics support to the oil companies or the buying and selling of motor spare parts, earth movers etc, constitutes a good example of the tern "Business". On the other hand, and in this study, we shall also take a working definition of the term "Education " as the per excellence for human capital development and nation building.
Education also may be defined as the instrument of social transformation Education according to Austin (2001), is a process of physical and mental culture whereby a man's personality is fully developed.
ln the informal sense, education entails travelling and repository type of education such as fishing, farming, hunting and canoe carving.
When you take a cursory look at the above definitions, it may perhaps be tk primary motive why the national economic empowerment and development strategy (NEEDS) recognised education as a transformational tool and development stimulant.
Keywords: Accountability, Good Governance, Local Government.
Keywords: Internal Control System, Audit Strategy,
Development, Execution and Documentation JEL CODE: 66BF
Keywords: Accounting Reporting, Management of Economical Economy.
JEL CODE: 59BF
Keywords: Dynamics of inflation, Panacea and Price Stability.
Keywords: Inflation- targeting, framework for, conducting monetary policy.
Key word Audit, computer and Account
Keywords: Budgetary, Control, Organizational, Performance
Key Word IFRS Financial Reporting and economy
Key Words: IFRS. Firm and Profitability