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    Corporate Risk Management; Nigerian Perspective Nigeria is not exempted from the current volatility, uncertainty, complexity and ambiguity in the world today and the importance of risk management cannot be over emphasized especially with the consequences of deficit economy that we are currently ... Read More
  Oil revenues? Nope, not for today’s fast emerging African entrepreneurs and millionaires! Are you wondering in which sectors you will find the most profitable business opportunities in Africa? Then this article is for you! Last year, there were several inspiring success stories of African entrepreneurs who ... Read More
For the many individuals who have ever thought about starting their own business, chances are there was one thing that stopped them: the risks. Many people think about starting their own business only to be turned off by the projected risk, time ... Read More
Everyone wants an easier and faster way of doing things for business tasks such as raising invoices, managing inventories and tracking expenses and banking reconciliation does not have to be tedious anymore. Here are a few reasons why business management solutions ... Read More
    Why Excel isn’t a long term solution Excel can do a large number of tasks, is easily available and is very widely used in the world of business. And it would be wrong not to not acknowledge this up front. However, ... Read More
  Ensuring respect for risk Most executives understand the need for controls that alert them to trends and behaviors they should monitor, the better to mobilize in response to an evolving risk situation. And while managers are unlikely to approve of skirting the ... Read More
Why Your Business Needs An Accounting Software Research has shown that over 98 percent of Nigeria’s Micro and small scale businesses do not have formal or what we may call a standard book-keeping culture. While most of ... Read More
    Businesses face a myriad of challenges that leave them vulnerable to many forms of risk, including regulatory, reputational and litigation, among others. Evolving legal and ethical obligations pose constant challenges to a business and often in-house counsel are on the front ... Read More
IFRS Immersion Course For Accountants, Auditors & Finance Personnel This 3-Day IFRS immersion training has been designed to teach in-depth knowledge about IFRS with practical application examples.The training sessions will be led by subject-matter professionals with deep IFRS and Nigeria Statement of Accounting Standards experience. Attendance at this programme will provide the participants opportunity to discuss practical issues on application of IFRS and to ensure effective compliance with IFRS. Certificates will be awarded to all ... Read More

Corporate Risk Management; Nigerian Perspective

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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