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Nigeria’s Senate has approved a groundbreaking Tax Reform Bill designed to overhaul the country’s fiscal system and enhance non-oil revenue generation. As the bill moves to President Tinubu’s desk for final approval, companies must brace for significant adjustments. A key change is the establishment of the Nigeria Revenue Service (NRS), which will replace the existing tax structure. Unlike its predecessor, …

Nigeria Revenue Service (NRS): Leaner, Meaner Tax Machine Read More »

The Role of Financial Records: As a business owner, keeping track of your company’s finances is vital to its success. Accurate financial records not only help you monitor the health of your business but also enable you to make informed decisions and comply with legal requirements. Financial records play a vital role in an organization’s …

IMPORTANCE OF FINANCIAL RECORDS IN AN ORGANIZATION. Read More »

Internal control is a critical framework that organizations use to safeguard their assets, ensure the accuracy of financial reporting, and promote operational efficiency. At its core, effective internal control helps prevent errors and fraud, fostering a culture of accountability and transparency.

“Materiality is a fundamental concept in auditing, representing the point of significance at which auditors assess the presence of material misstatements within financial statements. It assumes a pivotal role in the auditing process by guiding auditors in directing their scrutiny towards areas that wield a substantial influence on the overall integrity of financial statements.”

Inventory, often overlooked but crucial, represents a significant investment for businesses and plays a pivotal role in their financial well-being. This article delves into the world of inventory, examining its various forms and the critical importance of managing it effectively.

Auditors’ liabilities are legal claims made against auditors for losses suffered as a result of negligent or careless auditing. Legal claim can be made against auditor under two circumstances: CRIMINAL LIABILITY An auditor may be criminally liable under any of the following circumstances: CIVIL LIABILITY An auditor may face legal claims for losses suffered as …

THE AUDITOR’S LIABILITY Read More »

Taxation is an essential aspect of any country’s economic system, and Nigeria is no exception. As a Nigerian taxpayer, it’s crucial to understand the various types of taxes, including withholding tax (WHT), which is a form of tax deduction at source. In this article, I will provide a basic overview of withholding tax in Nigeria, …

WITHHOLDING TAX IN NIGERIA: UNDERSTANDING THE BASICS OF TAX DEDUCTION AT SOURCE Read More »

The use of Artificial Intelligence (AI) has become increasingly prevalent in modern business. One of the most significant ways in which AI is being utilized is through the automation of business processes.
The integration of AI-powered business process automation (BPA) has revolutionized how organizations operate, increasing efficiency and productivity while reducing costs.

The Finance Bill is a proposed legislation introduced by the Nigerian government to make changes to the country’s tax laws and revenue collection processes. It’s a complex and ever-evolving issue, and the specifics of the bill can vary depending on the year and the specific proposals being considered. The bill which was passed by the …

AN ACUMEN ON THE PROPOSED FINANCE BILL 2023 Read More »