Adesiji77:




Do you have any professional accounting qualification? Qualifications?

optimusmind:


I guess you are one of the few that distinguished themselves during their school days.
Keep soaring, I wish you the best.

MzDeeb:
.

Hahaha.. *iffa hear*.

Thanks anyways.

May i know you as well?

Perpetual459:
a friend of mine just resigned from oil coy so he wants to be paying his tax based on self assessment, pls how does he go about. though when he was in d coy a monthly tax deduction was made from his salary but no tax no was given to him.

Perpetual459:

this is d 2nd question I will ask on this thread but no answer,hope d thread is for accounting professional?

labiola:


Bros sorry about the delay in response to your question. As for your friend's tax issue, you need to give more info. Is your friend now operating his own company? If yes, is the coy Limited or business name? If business name he will be assessed to tax through direct assessment to the state Board of internal revenue he resides. If limited, let him prepare financial statement and pay his tax accordingly to FIRS.

froxykiss:
Am fresh graduate, currently serving in audit dept...

Perpetual459:

Thanks for the response. He is planning to start his own biz next month but he just want to be paying something as tax b4 he start biz.Though I told him to start biz first b4 paying bt he insisted.

Perpetual459:

Thanks for the response. He is planning to start his own biz next month but he just want to be paying something as tax b4 he start biz.Though I told him to start biz first b4 paying bt he insisted.

labiola:


Bros, it is not right for him to pay tax if his not earning income. But if he chose to pay tax, let him get paye ID and pay to the govt account.

optimusmind:

He should start his business first.
ASSESMENT OF BUSINESS INCOME
In the assessment of business income, there are two types of expenses,
A. Taxable or non-allowable expenses
This are expenses that when paid for would be added back when the relevant tax authority wants to determine his taxable income.
They include
I. Depreciation
Ii. General provision for bad debt
Iii. Personal drawings
Iv. Donation to churches, political parties
V. Donation above 10% of total profit.
Vi. Capital expenses such as that connected to the purchase of assets
( there are more, download ICAN Taxation study pack and read up assessment of business income)

B. Non-taxable or allowable expenses
This are expenses which are lessed from the net profit when the relevant authority wants to determine income liable to tax. They include
I. Specific provision for bad debt
Ii. Donation to approved charity Organization
Iii. Profit on disposal of assets

There's more.... Maybe he should consult a small accounting firm. It would be affordable

Perpetual459:

Thanks,God bless u

optimusmind:

You are welcome.
To add a little, the reason why he would start his business is tax is based on what you earn, so how can he pay tax when he hasn't earned?
There are also provisions for treatment of Loss( loss relief) in case he makes loss.
So my advice;
A. Start his business
B. Keep very accurate records
C. Consult a firm to help him properly design is books of record.
D. Work hard

Perpetual459:

Your write- up is quite explanatory,i ll talk to him then,once again God bless u

stanliano:
Pls can anyone advice on the text books to use on ICAN Skill level
for FINANCIAL REPORTING, PUBLIC SECTOR ACCOUNTING AND FINANCE, MANAGEMENT, GOVERNANCE AND ETHICS AND Performance Management (PM)

phykel:
Pls I need your Advice Auditors in the house.
I recently finished from scul with a Degree in Comp-Sci with Economics.I also have a Professional Certification in ITIL v3.Howeve,I will like to specialize in Digital Forensics.I have laid my hands on some books on Forensics.I'm currently reading for my CISA (Certified Information System Auditor) exam later this year.
1.What is the prospects of getting Job with the Big four with my CISA?
2.I won't mind any meeting any CISA guy here
3. Digital Forensics any prospect in Nigeria?
4.I heared about Certified Fraud examiner to.shed more light
Thanks for your anticipated response

ncpat:


I will answer this question to the best of my knowledge without conducting any research. First and foremost this question is made up of two questions, that is minimum and realistic. The government approved minimum wage in Nigeria is N18,000 but this does not apply to private companies, that means private companies can only pay as they wish but remember that your payment with private companies are always spelt out in their letter of terms or letter of contract also known as appointment letter and you are required to reply if you accept the offer. The realistic part is that the minimum any small company can pay or should pay for such position as mentioned above is N60,000 above . I hope I have answer you but if not, please feel free to ask again.

lovedbyall1992:


Depending on your revenue. You should know how much to pay. Since we're talking S.P, N75k+ seems reasonable for newly qualified accountant.

labiola:


Am looking at it from the point of Internal Auditor not as a consultant in a firm. I presently work as Internal Auditor with over 7yrs working experience. I can tell you is boring. I also have over 4yrs experience as an external Auditor, I trained with one of the oldest local firm in Nigeria. When I left practice to pick a job offer in a company as internal Auditor, after 3 weeks on my new desk, I wanted to resign and return to my firm.Have been used to going from one client to another. Though IA is interesting when you work in environment where the tone from the top is strong. It is also dangerous when you work in environment that is full of thief and you are not ready to compromise your integrity and value.

MzDeeb:




You need to understand this very well.

Internal Auditors evaluates and provides reasonable assurance that
the control in place are working effectively.

What we have are processes n procedures that process owners do
work with which is called the [SOP].

Which we then test to know if they are following it or if it needs review etc

MzDeeb:


I totally agree with you that External Auditing is statutory.

However, i have my reservations on you last statement - *bombarding *accountant like you* with duties*? I'm quite sure you really do not understand the job duties of an Internal auditor else you would not have made that statement.

However, having tasted the two[ both external n Internal] . I prefer Internal Auditing any time any day because Internal Auditors have numerous opportunities for professional advancement due to their exposure to various business processes and sectors of the economy.

In the course of their engagements, Internal auditors gain domain and subject matter expertise while reviewing various business processes in line with best practices.

Combine this with business knowledge and you have professionals with the potential to function as better administrators than their operational
counterparts when the opportunity arrives.

In summary, this means that in future, i can fit into any adepartment and do exceptionally well as a result of my knowledge and expertise gained from various engagements.

There are so many advantages of being an external auditor as well. Which i enjoyed when i was one.

However, i would appreciate it if we auditors stop distinguishing one as being superior. We all are auditors. We are one.

#Peace#

ziezy:
Hello Everyone.

Pls I'll like to know about d possibilities of moving from 'smaller' firm to d big 4 . Pros n Cons .. How does it work ... Anyone with ds kinda transition

cc optimusmind

optimusmind:


Experienced hire or Graduate Trainee?

ziezy:


As experienced hire ... worked in d small firm for say one or two years to get d basics and some certifications

I'd love to know how it works for graduate trainee too though.

but since getting into d big 4 is kinda a "big deal" ..I'm thinking going for smaller firms to get d basics n moving to big 4 can be a great plan

what's ur opinion n what would u advise