Institutions, Infrastructure and Economic Growth in Nigeria.

The study examines the impact of institutions and infrastructures on economic growth in Nigeria. The study contributes to the infrastructure-growth nexus literature in Nigeria by accounting for institutions into the model. The justification for the inclusion of the variable is based on the fact that good institutions will induce growth and that it will serve as an impetus for investor to invest in Nigeria. The result shows that there is long-run cointegrating relationship using the bounds-testing approach of Pesaran et al (2001). The study shows that population and institutions contributes positively to growth and that public infrastructure has a negative significant impact on growth. It is strongly recommended that that government should monitor her public infrastructure spending by reducing wastages so that it can contribute positively to growth. In addition, government should adhere to good institutions so as to increase the inflow of foreign direct investment into Nigeria

Forensic Accounting, a Veritable Financial Tool for Qualitative Financial Reporting Systems in the 21st Century

Purpose: The aim of this study was to examine the implications and effects of forensic accounting as a veritable financial tool for qualitative financial reporting in the 21st century. In this period, forensic accounting is playing a significant role in the trajectory efforts in building enduring confidence in the credibility of financial reporting systems.   Theoretical Framework: The quality of financial reporting is under critical threat as a result of reported financial scandals and the professional recklessness of a few unscrupulous individuals in the accounting profession.   The objective of the financial reporting system is to galvanize the reporting procedures and true application of accounting standards to improve the general acceptance of accounting information.  Forensic accounting bridges the gap as a veritable financial tool to enhance the quality of financial reporting.   Design/Methodology/Approach: The study employed used a survey research method, using a structured questionnaire administered through an online platform targeting a selection of forensic accounting investigators and forensic accountants. A total of 443 questionnaires were validated and used for the analyses. The reliability and validity of the instrument were confirmed with the use of Cronbach Alpha and descriptive statistics and inferential analysis were used for the study analyses of the data.   Findings: The result demonstrated that forensic accounting exerted significant effects on each of the qualitative characteristics and enhanced characteristics of financial reporting systems in the study. The study concluded that forensic accounting as a veritable financial tool significantly affected the quality of financial reporting systems in this 21st century.   Research Practical & Social Implication: The study with the possibility of application of forensic accounting during this contemporary period, the quality of financial reporting is enhanced. The implication of forensic accounting in safeguarding corporate financial risks should not be ignored, in providing novelty and oversight functions building quality and trust in reliance on the quality of financial reporting.   Implication/Originality/Value: The value of this study is assuring quality financial reporting in providing strong confidence and trust in the reliability and credibility of financial statements in making useful decisions capable of adding economic value to the stakeholders.

New Technologies: Catalysts for Business Models and Finance Function

To bridge performance gap, improve operational efficiency, enhance competitive advantage and secure corporate assets, business entities have continued to embrace new technologies with profound positive impact on their bottom-line.As new technologies replace humans through automation in the emerging business models, the demand for professionals, including chartered accountants, who are not IT-savvy is fast declining, taking with it, wages, salaries and a high percent of income taxes. These problems are compounded by the huge costs of technology acquisition and inevitable investment inhuman capacity building in the face of increasingly mobile staff.Using secondary information, the study observed that many professional accountants dread the transition from manual to automation as it would eliminate repetitive finance-related jobs in the midst of high unemployment rate in the country, dissuade new entrants into the accounting profession and alter the human side of enterprise.It therefore recommends that the training curricula of professional accountancy organisations should be rejigged and skewed towards technology while existing professional accountants should hone their IT skills to leverage technology to deliver value online, real time to their diverse stakeholders. Keywords: Technology, Internet of things, automation, business models, artificial intelligence, robotics, machine learning, finance function

Corporate Governance, Audit Quality and Audit Expectation Gap: Theoretical and Conceptual Perspectives

The main focus of this study is to create a discourse as to the extent to which corporate governance practices and audit quality are predictor variables for the audit expectation gap based on the premise that upholding external auditors’ independence factor would assist in narrowing the expectation gap in society. The theory of inspired confidence and stakeholders’ theory underpins the framework concerning the nexus among corporate governance practices, audit quality and audit expectation gap. Research has been conducted on the nexus between corporate governance practices and the audit expectation gap however, there are fewer research efforts on the mediating effect of audit quality between the two variables. Hence, this study recommended the need to develop the body of knowledge in this regard as the present review has conceptualised the incorporation of corporate governance practices and audit quality as mechanisms for narrowing the audit expectation gap in our society

Tax morale and taxpayers’ compliance among SMEs in Nigeria

This research delved into the dynamics of tax compliance among Small and Medium Enterprises (SMEs) in Nigeria, focusing on the influence of tax morale. The study examined key dimensions of tax morale, including religious beliefs; trust in governance, income levels, financial literacy, and educational attainment. Adopting a descriptive survey design, the investigation encompassed the entirety of the 386,655 registered SMEs across selected Nigerian states. Utilizing Taro Yamane's statistical formula and a multistage sampling method, a representative sample of 400 SMEs was meticulously selected. The ensuing regression analysis revealed compelling insights. Religious convictions, trust in governance, and higher income levels emerged as substantial and positive determinants of taxpayer compliance, encompassing both voluntary and enforced aspects. Financial literacy exhibited a positive influence on compliance, though statistically insignificant, hinting at a potential impact that lacks statistical robustness. Educational attainment, while positively affecting compliance, demonstrated significance primarily in enforced compliance, with no statistically significant impact on voluntary compliance. In conclusion, the study underscores the pivotal role of tax morale in shaping compliance behaviour among SMEs in Nigeria. The findings advocate for governmental initiatives aimed at augmenting transparency and accountability in tax administration to cultivate a positive tax morale, consequently fostering enhanced compliance within the SME sector

Audit Reporting Lag and Firm Value in Nigerian Food and Beverage Companies

Delays in financial reporting give a negative signal to the market and adversely affect the company’s market value. Financial reporting lags raise suspicions among market participants regarding concealment of any potential bad news by a firm, which may affect its share value. Thus, the study investigates the interaction of audit reporting lag and firm value in Nigerian beverage and food companies. Audit delays lead to the late publication of financial statements, enhancing the information asymmetry problem, and affecting firm value. We obtained the data from annual reports of 10 listed companies for five years. The Generalized Method of Moments (GMM) estimation is used to analyze the data. The results suggest that audit delays do not affect the market value of a firm. Previous studies mainly focus on the relationship between corporate governance firm characteristics, and audit reporting lag in Nigeria. To the best of our knowledge, the impact of audit delays on firm value in Nigeria is yet to be adequately explored. The finding may help statutory bodies in reducing the period of financial reporting. The results may also help firms improve their performance and promote an environment that may give investors confidence. This study has focused on the food and beverage sector in Nigeria. Future studies can be undertaken in other sectors which may bring more insight to the issues related to financial reporting lags

Macroeconomic Effects of Fiscal Policy Changes in Nigeria

The study examines the relationship between fiscal policy and macroeconomic performance in Nigeria in the post economic crisis era. The vector autoregressive, granger causality and impulse response function estimators are employed to capture the interactions between fiscal policy and macroeconomic variables. The findings indicate that the previous values of government revenue employed in financing government expenditure have impact on macroeconomic factors except for per capita income growth. However, only money supply to the size of the Nigerian economy reported a direct relationship with total expenditure growth, where others report an indirect relation. Also, the fiscal balance growth only enhances lending rate, total trade to economic size and exchange rate, and the other two variables report otherwise. The paper submitted that fiscal policy is important to achieve better macroeconomic performance in Nigeria

BRIDGING TAX GAPS IN NIGERIA THROUGH PLANNING

<p>From the global perspective, many nations of the world had resulted on</p><p>optimizing revenue from taxation, since this is their major source of</p><p>income. It became necessary because multinational corporations</p><p>continue to devise means and ways of optimizing and managing their</p><p>liabilities as some even engage in tax evasion practices (Okwara &</p><p>Amori, 2017).Also the study of Ojong, Ogar andArikpo (2016) opined</p><p>that there is a paradigm shift to taxation revenue as an alternative</p><p>source of revenue as a strategic planning towards optimizing revenue</p><p>from taxation. For example the United State corporations' income tax</p><p>has been based on the benefit theory of taxation, which translates that</p><p>corporation, should be made to pay tax because they are taking</p><p>advantage of the benefits that the state provides (VanDenburgh, 2012).</p><p>Incidentally, the case of Nigeria tax issues is rather multifaceted. Not</p><p>only that the country has not huge tax revenue gaps, the ones collected</p><p>are not properly remitted. Going through the memory lane, the study of</p><p>Eme, Chukwura and Iheanacho (2015) revealed that the Ministry of</p><p>Finance had in 2014 secured the services of McKinsey &Co. to help it</p><p>plug tax leakages in the country, at least to shore up the country's tax revenue to Gross Domestic Product (GDP) ratio of seven per cent,</p><p>which is considered low when compared with other middle-income</p><p>African countries like South Africa and Angola, estimated at about</p><p>22%. Mrs Okonjo-Iweala also disclosed that over 75% of small scale</p><p>business operators have consistently been evading tax, in spite of the</p><p>laudable efforts of the FIRS. More worrisome was a further revelation</p><p>that there is widespread allegations that, El-Rufai in 2014 said that</p><p>"Pioneer status (tax holidays) was granted to companies whose</p><p>products do not meet the requirements of the list of industries or</p><p>products specified in the schedule to the Act" resulting to a loss in the</p><p>region of $20 billion.</p&gt

Sustainability Reporting and Discretionary Accruals of Multinational Corporations in Sub-Saharan Africa

The quality of accounting information has attracted considerable interests among many scholars, investors, and other stakeholders worldwide. Earnings management is one of the factors responsible for this development. However, studies have shown that sustainability reporting can assist companies in reducing information asymmetry which encourages earnings’ manipulation. Hence, the paper investigated how sustainability reporting could influence accrualsbased earnings management among multinational corporations in Sub-Saharan Africa countries. The research’ design wasex-post facto. All the 48 multinational companies in thesub-Saharan Africa countries constituted the study’s population. Purposive sampling technique was used in selecting 5 multinational companies from each of 10 sampled countries based on data availability. The data for the period 2010-2019 were obtained from the published annual financial reports of the sampled multinational companies and the Global Reporting Initiatives (GRI)’s sustainability guidelines. The study revealed that the lag of discretionary accruals, corporate governance sustainability reporting and economic sustainability reporting had positive relationship with discretionary accruals, while social sustainability reporting and environmental sustainability reporting were negatively linked to discretionary accruals. Additionally, the study found that sustainability reporting jointly had significant effect on discretionary accruals of multinational corporations in Sub-Saharan Africa (Adj. R2 = 0.33, W(6, 444 ) = 668.67, P<.05).This study concluded that sustainability reporting exerted significant influence on discretionary accruals of multinational corporations in Sub-Sahara Africa. The study recommended that management of multinational corporations in sub-Saharan Africa should ensure strict compliance with sustainability reporting so as to improve the earnings quality. Keywords: Sustainability reporting, environmental reporting, economic reporting, social reporting, corporate governance reporting, earnings management, discretionary accruals. DOI: 10.7176/RJFA/12-24-02 Publication date: December 31st 202