Research
Effective Value Added Tax: An Imperative for Wealth Creation in Nigeria
This study aimed at evaluating the influence of revenue generated through Value Added Tax (VAT) on wealth creation in Nigeria. In an effort to accomplish this objective, secondary data were generated from Federal Inland Revenue Service and Federal Bureau for Statistics which were analyzed with the aid of table and simple percentages while the hypotheses formulated were tested using Product Moment Correlation Coefficient and Student T-test. The findings revealed that revenue generated through VAT has a significant influence on wealth creation in Nigeria and also that revenue generated through VAT has a significant effect on total tax revenue in Nigeria. However, it has been recommended among others that Federal Inland Revenue Service should pay attention to the informal sector of the economy by creating VAT offices at the Local communities so as to generate more revenue and to fully achieve the objectives of wealth creation through VAT. Equally there should be constant review of existing laws every four months as done in the United State of America and other advanced economies to create room for flexibility in line with the changing economic circumstances.
An Evaluation of Forensic Accountants to Planning Management Fraud Risk Detection Procedures
The study of the evaluation of Forensic Accountants to planning management fraud risk detection procedures aimed at investigating the relative merits of involving Forensic Accountants during the planning stage of developing an audit plan that will effectively identify Management fraud. Both primary and secondary sources of data were used for the study. Thirty five copies questionnaire were distributed to Accountants, in Kogi State, out of which 31 were filled and returned. Simple percentages mean and standard deviation were used to quantify the height of the variable. Multivariate Analysis of Variance (MANOVA) and Analysis of Variance (ANOVA) were used for the comparison of the study with Asare and Wright (2004) study. The study found out that, Forensic Accountants effectively modify the extent and nature of audit test when the risk of Management fraud is high, Forensic Accountants propose unique procedures that are not proposed by auditors when the risk of Management fraud is high, Forensic Accountants can make to the effectiveness of an audit plan when the risk of Management fraud is high, involving Forensic Accountants in the risk of Management fraud assessment process leads to better results than simply consulting them. The study recommended that Forensic Accountants should be involved in the planning stage of an audit, before and after the auditor has identified Management fraud risk factors. There is need for more training and accreditation of Forensic Accountants in Nigeria.
