DEMAND AND SUPPLY OF ACCOUNTING AND AUDIT SERVICES BY SMALL SCALE BUSINESS IN NIGERIA

(Accounting)
DEMAND AND SUPPLY OF ACCOUNTING AND AUDIT SERVICES BY SMALL SCALE BUSINESS IN NIGERIA
ABSTRACT

The aim of this study is to present the results of a systematic inquiry about the state of demand and supply of accounting and audit services for small businesses in Nigeria particularly Edo State using a sample of small businesses and audit firms. The study aims to find out; whether there is a gap between demand and supply of audit services for small businesses in Nigeria; if there is a gap; what are the reasons for the gap; and how the gap can be filled?
To this end, four hypotheses were formulated and tested using the Ordinary Least Square regression method. It was discovered that small scale businesses do not demand for accounting and audit services in Edo State, and also audit firms supply professional services to small scale businesses in Edo State.
The study recommended that small businesses should as a matter of urgency evolve suitable culture appropriate for their demand for professional services of accountants and auditors as this will adequately promote the financial performance of their businesses.
TABLE OF CONTENTS
CHAPTER ONE:
1.0    Introduction     -    -    -    -    -
1.1    Statement of the Study    -    -    
1.2    Objective of the Study    -    -    -
1.3    Statement of the Hypothesis    -    -
1.4    Scope of Study    -    -    -    -    -
1.5    Significance of the Study    -
1.6    Limitation of the Study    -    -    
CHAPTER TWO: LITERATURE REVIEW
2.0    Introduction    -    -    
2.1    Concept of Demand and Supply    -    -
2.2.1    Demand    -    -    -    -    -    
2.2.2    Supply    -    -    -    -    -    -    -
2.2.3 Interaction between Supply and Demand    -
2.2.4    Definition of Accounting     -    -    -    
2.6    Qualities of a Professional Accounting/Auditor    
2.7    Duties of Professional Accountants    -    -    
2.8    Code of Good Practices    -    -    -    -
2.9    Accounting Systems for Small Business  -    -
2.10    Accounting and Auditing Services for
Small-Scale Business    -    -    -    
Challenges of Auditing Services in
Small-Scale Business    -    -    -    -    
Demand and Supply of Accounting and
Auditing Service    -    -    -    -    -    
The need for Accounting and Auditing Services    
Users and their Needs -    -    -    -    -    
Small and Medium Scale Business
Definition of Small and Medium Scale Business    
Characteristics of SMEs in Nigeria    -    
Neglect of Small and Medium Enterprise in Nigeria
Factors Behind the Internal Gaps    -    
Factors Behind the External Gaps    -    
Strategies to Closing the Gaps    -    -    -    73CHAPTER THREE: METHODOLOGY
Introduction    -    -    -    -    -
Research Design    -    -    -    -    -
The Population and Sampling    -    -    
Sources of Data    -    -    -    -    -    -
The Research Instrument    -    -    -    -    
Operationalization of Variables    -    -    -
Model Specification and Data Analysis Plan    -
CHAPTER FOUR: DATA PRESENTATION AND INTERPRETATION OF REGRESSION RESULTS
4.0    Introduction    -    -    -    -    -    -
Presentation of Regression Result    -    -
Cochrane-Orcutt Estimation Result    -    -
CHAPTER FIVE: SUMMARY OF FINDINGS, CONCLUSION AND RECOMMENDATIONS
5.0    Introduction    -    -    -    -    -    -
5.1    Summary of Findings     -    -    -    -    -
5.2    Conclusion    -    -    -    -    -    -    -
5.3    Recommendations    -    -    -    -    -
5.4    Recommendation for Further Research    -    
CHAPTER ONE
1.0    INTRODUCTION
The interest in the role of small scale businesses in the development process of a country continues to be in the forefront of policy debates in developing countries. Every business whether small or large, simple or complex or public is formed to provide competitive prices. In this regard, Ariyo (2008) opines that “in many sectors around the world, small scale businesses are responsible for driving innovation and competition. Small businesses enterprises are the primary economic units and catalysts for boosting economic growth and development (Izedonmi et al., 2003). Globally, small scale business account for 99% of business numbers and 40 to 50% of GDP”.
The prevalent issues in the country necessitating this study is whether small scale businesses demand for professional services rendered by the audit firms or not. If Nigeria is to reach its full potential in terms of economic and social development, it cannot afford to ignore the importance of necessary quality audit and other relevant accounting services for its indigenous small enterprises. The public confidence in small enterprises’ products and services is as important as that in large companies’ products and services. Investors invest their money in small and large businesses. The small business owners’ perception of business in this regard is very critical. They need not to undermine or disregard the inherent advantages of engaging professional services of accountants and auditors of their financial performance is to be guaranteed and public confidence in their business attained. Globally, accounting and audit services serve key functions in the world’s economic engine.
1.1    STATEMENT OF THE RESEARCH PROBLEM
It wad discovered that small scale business do not demand for accounting and audit services in Edo State as a result of some specific problems. In the light of the above, the following problems are identified.
Do audit firms supply professional services to small scale business?
Do small scale businesses demand for accounting and audit service?
Do small scale business owners demand for consultancy services of an auditor once in a year?
Do auditors supply small busineses with more of non-audit services than audit services?
1.3    OBJECTIVE OF THE STUDY
The main objectives of this study is to empirically find out whether there is a gap between the supply of audit services by professional accountants and demand for the services by small businesses. In the light of the above, the following objectives are stated below:
To know whether audit firm supply professional services to small scale business in Edo State.
To know whether small scale businesses demand for accounting and audit services in Edo State.
To ascertain whether small scale business owners always demand for consultancy services of an auditor once in a year.
To know whether auditors supply small scale businesses with more of non-audit services than audit services.
1.4    STATEMENT OF THE HYPOTHESIS
In the course of this research analysis, the followings hypotheses were used to accept or reject our findings.
1.    HO:    Audit firms do not supply professional services to small scale businesses in Edo State.
    Hi:    Audit firms supply professional services to small scale businesses in Edo State.
2.    HO:    Small scale businesses do not demand for accounting and audit services in Edo State.
    Hi:    Small scale businesses owners do demand for accounting and audit services in Edo State.
3.    HO:    Small scale business owners do not always demand for consultancy services of an auditor once in a year.
    Hi:    Small scale business owners do always demand for consultancy services of an auditor once in a year.
4.    HO:    Auditors do not always supply small scale businesses with more of non-audit services than audit services.
    Hi:    Auditors always supply small scale businesses with more of non-audit services than audit services.
1.5    SCOPE OF STUDY
The scope of this work covers the period that are stated below.
This work shall review the demand and supply of accounting and auditing services by small scale business in Nigeria.
The accounting firms used in the sample shall be from Edo State in Nigeria only and all analysis shall be based on their responses.
Auditors report analysis shall be on those obtain in Nigeria.
1.6    SIGNIFICANCE OF THE STUDY  
This work will be very important because its findings and recommendations will aid and all parties involve in an audit exercise to appreciate the pertinent issues that need to be urgently address by way of professional and statutory standards review, towards the entrenchment.
Also, this findings of this study will assist chartered accountants that conduct audit to see the crucial relationship between the independence and the planning and execution of the audit in all its ramifications as well as in small and medium scale business in Nigeria.
It would also highlight the need for other parties such as management and other parties interested to participate the need to co-operate with the auditor while being “divorced” for the audit report to be credible and beneficial to all.
1.7    LIMITATION OF THE STUDY
This study has been limited by the number of respondents in Edo State, which I regret are rather few. Also the point or period of time allotted to this work is regrettably two small, coupled with lack of finance.

TERMS AND CONDITIONS

Using our service is LEGAL and IS NOT prohibited by any university/college policies

You are allowed to use the original model papers you will receive in the following ways:

1. As a source for additional understanding of the subject

2. As a source for ideas for your own research (if properly referenced)

3. For PROPER paraphrasing ( see your university definition of plagiarism and acceptable paraphrase)

4. Direct citing ( if referenced properly)

Thank you so much for your respect to the authors copyright.


For more project materials

Log on to www.grossarchive.com

Or call

+2348130686500

+2348093423853

500
Leave a comment...