₦airaland Forum

1. Auditing should not be allowed to combinefor one client auditwith advisory services, discuss this statement in thelight of good financial governance


2. can the client use thesame independent auditor for both financial and governance audits?

fellow nairalander abeg you to help me or email me kijanicity15@gmail.com

Fellow naira landers would you care to suggest any ideas to differentiate / simmilarate between external financing and internal financing in international money market?

Bolsnow:
If yhu ask me na who I go ask..... Just wanted my own fp tinz gud luck finding answers

Guys please abeg you to drop your ideas on this public sector accounting question dealing with accounting issues of interest, Glory be to God

email :kijanicity15@gmail.com

Required: Identify any accounting issues of interest and explain how the district council should handle them.

The Bongo Market project has taken off. The Council has entered into agreement with several businessmen who wiil build shops along the perimeter of the market. Title to the structures will belong to the council but the businessmen will occupy the structures free of charge for the next 10 years. The useful life of the structures is estimated to be 20 years.

Bongo District Council has a 60% equity interest in Bongo Development Corporation. The district council has not prepared any consolidated financial statements on the grounds that IPSASs do not currently include a standard on Combinations, and in any case, the Development corporation is a business enterprise whose activities are so dissimilar to those of the council that consolidating the Corporation would result in financial statements that are misleading.

It has come to the councilors’ attention that while Bongo District Council uses accrual IPSASs, ministries use the cash-basis IPSAS. The councilors are wondering whether there are any benefits to be obtained from using an accrual basis system as opposed to a cash basis system.
The councilors have suggested a change in the dates that appear on their published financial statements. “We should be signing these financial statements after they have been audited, otherwise we are authorizing the issue of unaudited reports", argues Mr Zakaria, a very vocal councilor. Hamisi, the council chairman concurs.

Although the District Commissioner's wife has a controlling interest in Furaha Supplier's Ltd, the company that supplies stationery to the District Council, this is not disclosed anywhere in the Council's financial statements on the grounds that Furaha Supplier's Ltd has its own separate legal existence. Bongo District Council's most recent financial statements, prepared under accrual basis IPSASs, proudly and prominently state that there were no related-party transactions during the accounting period.

Furaha Suppliers Ltd is one of the companies advertising their wares on Bongo District Council's website. Prominent adverts have been placed on the page where the district council publishes its annual budget.

A few years ago, Bongo District Council opened a waste disposal plant. The central machinery required, on installation, drilling a deep and relatively wide hole in the ground. According to national legislation, plants of this nature must be re-located after 10 years, at which time the operating entity must fill the hole it drilled on installation.

The District council nas started a natcnery project so as to encourage investment in puultryy and to ensure the steady supply of one-day old chicks. The council has also started a project known as Bongo afforestation project. So far 60,000 trees have been planted. This project is near Lake Bongo, a natural lake that is endowed with a lot of fish.

Being a progressive district, the council has constructed impressive roads and .bridges. The district has its share of history and is well-known for its well-preserved ancient cave-pictures. The cave-pictures are protected by the district council.

I he council's road-side hotel has lost many of its customers because the new main road through the district by-passes the hotel.

There is a contention that foreign direct investment (FDI) is a better vehicle for the economic development of poor countries and it should replace foreign aid. This suggestion appeals to many people mainly because to get donor aid has become very difficult and the conditions a country gets are quite stringent. Nigeria is thinking of making a policy shift from donor reliance to reliance on FDI. However, you realize that many people, especially in government, are not very clear as to the exact benefits associated with FDI.
You have been approached and appointed as a consultant to help the government achieve this policy shift. Your brief is to develop a concept paper that will focus on the following:

a) If you believe that foreign direct investments are beneficial to your country, explain, why we don't as a country attract enough to meet our developmental needs? What should we do to attract more?

b) Discuss any issues that have prevented us from benefitting from the any inflows of FDI and what we must do to benefit?

A beg for your assistance fellow nairalanders investors email.... kijanicity15@gmail.com

fbtowner:
This was my Project topic while rounding up my B.Sc Economics in the University.

help me fellow nairalander ...... kijanicity15@gmail.com

Gydion:
Economic Development = Economic Growth + Structural Changes (Technical transformation)

I think FDI may only lead to economic growth and not development hence FDI is a necessary but not a sufficient condition for economic development. FDI also be refer to our capital accumulated. You can drop ur email address so I can forward what I've for u

i am so thankfull for your kindness email me ... kijanicity15@gmail.com

There is a contention that foreign direct investment (FDI) is a better vehicle for the economic development of poor countries and it should replace foreign aid. This suggestion appeals to many people mainly because to get donor aid has become very difficult and the conditions a country gets are quite stringent. Nigeria is thinking of making a policy shift from donor reliance to reliance on FDI. However, you realize that many people, especially in government, are not very clear as to the exact benefits associated with FDI.
You have been approached and appointed as a consultant to help the government achieve this policy shift. Your brief is to develop a concept paper that will focus on the following:

a) If you believe that foreign direct investments are beneficial to your country, explain, why we don't as a country attract enough to meet our developmental needs? What should we do to attract more?

b) Discuss any issues that have prevented us from benefitting from the any inflows of FDI and what we must do to benefit?

...... kijanicity15@gmail.com

Right now diamond platnumz a.k.a Chibu is at Johannesburg in South Africa not for his own PRIDE but for the nation mission to further widen the Tanzanian music industry in Africa and worldwide, The superstar has slammed down the deal with God Father video production to shoot the video for upcoming Tanzanian youth band known as "Yamooto Band", As his name defines him "Diamond" he not only wants to shine alone but also
needs his fellow Tanzanian artists reach heights beyond their imagination, Diamonds assistance and connections has helped several Tanzanin artists like Shetta recently peaking the charts with his single "shikorobo".

Not only has he financed the whole video fees for yamoto band but has gone further by escorting em boys all the way to Johunesburg just to make sure that these youths won't face challenges he had previously encountered, Right now he, God father and yamoto band are planning and strategyzing about how they gon shoot out the video,
Diamond platnumz has shown such an improvement not only in making Tanzanian music known worldwide but also needs other Tanzanian artists to further widen the Tanzanian music industry worldwide as it is fully understandable he won't last forever (even michael jackson didn't), It should already be noted that this is quite a big help to these youth because Godfather video production are so expensive and the guy has already paid for all costs

Right now diamond is competing for mtv mama africa awards, his fans can vote for him in 3 categories through this link by firefox or google chrome browser by clicking this link http://mama.mtv.com/voting/