The Project File Details
Frauds and financial malpractice as a leading factors in Business failure provides means of appraising company’s performance and diagnosing, its ills and weakness.
The research conducted a critical study on this topic with the intention of finding out the extent to which the company – EMENITE LIMITED ENUGU has carried out efficiently appraisals and high lighting deficiencies which are usually believed as not existing and whether the company EMENITE LIMITED ENUGU is as efficient as it should be.
The researcher also carried out a study to find out the cause of low company performance and how to eradicate the abnormality by applying efficiency in auditing process.
The research work is broken into five chapters. The first chapter gives the general introduction and discussion, the background of the study, statement of problem, significant, limitation and scope of the study.
Chapter two deals with the views of some authorities on the topic or related topics.
Chapter three deals with research design and methodology, area, population, sampling of study.
Chapter four deals with data analysis and testing.
Chapter five deals with finding, implications and conclusion.
The analysis tools that were approved in testing the stated hypothesis were the chi-square (x2)
2.0 Review of Related Literature
3.0 Research Methodology
4.0 Data Presentation
5.0 Discussion, Implication and Recommendation
This research work is an attempt to study on fraud and financial malpractice as leading factors in Business failure using Emenite Limited Enugu as a case study.
1.1 BACKGROUND OF THE STUDY
Business can be seen as all profit directed toward providing goods and services to mankind. The business organisation under usual condition of operation is the result of growth because companies starts in a small way and gradually expand. In the growth of any business. Individuals are employed to fill the various position which will help the organisation to achieve its desired objective.
Companies are today going through life threatening challenges which is the culmination of several years of abuse and mismanagement from their employees. Some of the reasons for these anomalies in business trend resulted in the general company down turns, ranging from fraud, misappropriation of fund, lack of accountability and general company crises.
This write up will advantageously help companies on application of rigidly administered monetary policy instruments of their company.
1.2 STATEMENT OF THE STUDY
A company whether small, medium or large in developing country like Nigeria facos special problem of fraud and financial malpractice. Those problems include incomplete recording of accounts, and poor attitude to adhere to the accounting standard and guideline coupled with the waves of corporate crimes. This research work therefore attempts to highlight on these key problem areas that undermine fraud and financial mispratice in a company and make suggestions about their possible solutions.
1.3 OBJECTIVE OF THE STUDY
This study in aimed at finding out the reasons why business fail and how to control them. It is also to undertake what business is and the role it is expect to play in the development of the nation, economy, social and technologically what calibre of people are supposed to be placed in places of authority and trust such as managers, directors, staffs. How can a well managed business encourage investment both from the government and the private individuals.
This research will also help to find out how managers, directors and staff manipulate figures and thereby throwing the internal control system into confusion and leaving the accounting system in shambles. It is also aimed at finding a preventive rather than a corative approach to the fraudulent practice of our industries.
1.4 RESEARCH QUESTIONS
Dear sir / madam,
The researcher is a final year student of institute of management and technology, Enugu (IMT) In accountancy department. She is conducting research on fraud and financial malpractice as a leading factor in business failure.
The questionnaires below is therefore designed as a tool with which to extend the necessary information needed in carring out the project work and your opinion matters a lot for the success of this study. Your objective information will be highly appreciated and treated confidentially without prejudice.
APPENDIX “B” QUESTIONNAIRES
Please tick good ( ) where appropriate in the boxes provided below.
A research hypothesis is a tentative statement made about a variable which may or may not be true. It is an opinion statement which help, to guide the researcher in his investigation. In the word of Spielgeal (1972) statistical hypothesis is an assumption statement or suggestions about the population under consideration. According to Omololiaye (1986) “hypothesis is a suggested answer to the problem of the research under investigation” whether to accept or reject hypothesis depends on what others said during the research’s findings. For the purpose of this study, two set of hypothesis has been formulated and denoted. Ho for null hypothesis and HI for alternative hypothesis as follows.
HO 1.1 fraud and financial malpractice is of significant factor in business failure.
Hi 1.1 Business failure is not due to economic factor such as depression.
1.6 SIGNIFICANCE OF THE STUDY
This research is aimed at highlighting area of problems and to advise solutions. These solutions if properly implemented will bring the government and the sandal public at large to associate themselves with investing in a company. It is however significant to undertake such study because it intend to give the research, a through and full understanding of the subject matter which is title: fraud and financial malpractice as a leading factor to business failure. The research is also for paramount important because it form basis or standard format which is intend to be followed by other student. The government can also use it to improve in its economic projection and plans and adjust some of her economic policies.
1.7 SCOPE AND LIMITATION OF THE STUDY
For the purpose of this research work, the researcher will focus his attention on the study dwells on fraud and financial malpractice as a leading factor to business failure using Emenite Industries Limited Enugu as a case study.
The researcher accoutered and skipped so apply herds of both human and material blending before arriving at the conclusion stage of this work.
The major problem includes
1.8 BACKGROUND OF THE FIRM STUDIED
Emenite limited company Enugu was incorporated in Nigeria in the year 1963. The company was originally incorporated as Tumbers Asbestors cement company limited Emene Enugu; as asbestor, products manufacturing company. Later in the seventies, the name was changed to turner’s building product limited (Emene) and for the third time to EMENITE INDUSTRIES LIMITED EMENE ENUGU 1988.
The company went into production of asbestors products in 1963 after being commissioned by the then governor of Easter Nigeria Dr. Akanu Ibiam. It was perhaps the first industry to be sited at Emene then, a town in Nkanu Local Government Area but now in Enugu Local Government Area.
The main product line of the company are:
Raw material sources includes
In technology, the company is one of the leaders in Nigeria today having powerful installed sheeting machine (Electro mechanical) and sophisticated pipe machine. Other machine include high power over head crances, dust control machine, grading maching, folk lift and so others.
1.9 DEFINITION OF TERMS
FRAUD: Is defined either as misappropriation of cash and good i..e (decollation) or the falsification of accounts unaccompanied by misappropriation.
MISAPPROPRIATION OF CASH: Cash misappropriation is the alternative of cash so that the actual balance presents a different balance. This brought about employees when the hide receipt of cash or falsify payments which are not authorized. Also a cashier can be used the teeming and leading process to misappropriate cash and later covered the receipt embezzled.
MISAPPROPRIATION OF GOODS: Where accurate record of goods in stock are not maintained or properly maintained. There is every possibility that the goods in stock will be misappropriate.
FALSIFICATION OF ACCOUNTS UNACCOMPANIED BY MISAPPROPRIATIONS: This type of fraud is brought about by top officials of the organisation. It is false representation of a matter of fact whether by conduct or misleading allegation or by concealment of that which should have been disclosed which deceived or intended to deceive another so that he should act upon it to his legal infury.
MALPRACTIONS: This can best be described as acts or omission if any functionary company which is contrary to the promotion of safe and sound company practice.