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The information age has transformed the way organizations do business. It has also transformed the way they measure their return on investment (ROI). Today, to have a truly competitive, fast-paced business positioned for profit, success and long-term survival, it is critical to look beyond the physical assets of the ... Read More
The global financial crisis which wrecked business continuity and survival all over the world came in the wake of failed risk management and corporate governance practice. While it could be admitted to a reasonable extent that some companies have strategic risk management policies in place, no stringent commitment was ... Read More
In a conscious effort to enhance the oversight function of the management, the internal audit reporting system of an entity, among others, should not be underplayed. Successful enterprises in the corporate world are beginning to embrace the big picture of their business functions and processes through detailed attention towards ensuring ... Read More
1. IFRS adoption is compulsory for companies in Nigeria 2. IFRS Adoption is more than an accounting exercise. Processes and systems will be affected. 3. Do not change your system until the system impact is done 4. Board of directors need  to be trained on IFRS 5.  FRC say “no to external auditor serving as IFRS Consultant ... Read More

Seven Steps to Implementing Knowledge Management in Your Organization

It has been 6 months of demanding work for most Auditors and Accountants. Most Companies in Nigeria are 31 December financial year-end. Some companies are 31 December due to:

For those that are mandated to have their financial year-end as 31 December, it is understandable but why do you choose 31 December when it is not mandatory for your company.

With 31 December being year-end for most companies in Nigeria, auditors and accountants work very hard to meet up with the reporting deadline. What you experience, is that Clients with fat cheques get the attention of the Auditors, and most time, they meet the reporting deadline earlier compare with smaller companies.

It is also a common occurrence to experience regulatory filing difficulties on the last day of filing of 30 June for 31 December year-end client. The heavy internet traffic on the Tax Authority website crashes the website on such date and usually difficult to file returns.

Instead of selecting 31 December as your financial year-end, you can also align your year-end with your business cycle. A school can choose 30 September year-end as it aligns with the Student Academic calendar.

Our suggestion is always if you are not mandated to be a 31 December year-end client, please choose another month for your financial year-end. You will receive better service and attention from your auditors and tax authority because work pressure will be less. March, June, or September is a good alternative financial year-end to choose.

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