“The battle for financial statement integrity and reliability depends on balancing the pressures of multiple stakeholders, including management, regulators, investors and the public interest” American Institute of CPAs. The Audit Committee is widely recognized as an important mechanism required to ensure good corporate governance.Section 359 (3) & (4) of the Companies and Allied Matters Act […]
“A good reputation is more valuable than costly perfume” Ecclesiastes 7:1 (The Holy Bible) A few years ago, when CEOs had to answer the question “What are the major risks facing your organization?” many of them were quick to list political (environmental), operational, regulatory and human capital as the top four. Rarely did they consider […]
“Whistle blowing is an act of a man or a woman who, believing that the public interest overrides the interest of the organization he serves, publicly “blows the whistle” if the organization is involved in corrupt, illegal, fraudulent or harmful activity.”– Ralph Nader. Recent corporate scandals continue to reinforce the need to enthrone processes and […]
Corporate governance is an all- encompassing concept that defines the way a company or organization is managed and controlled. Its focus is on the control of legitimate corporate power, the effect of such control on the stakeholders and ways in which the key players are held accountable for their actions. The corporate governance framework establishes legitimate […]
Risk Management is an integrated process that encompasses the identification, assessment and ranking of risk facing an organization and the practical efforts expended in mitigating and controlling them. The management of risk is at the heart of corporate governance as the sustainability and continuity of a company depends largely on its ability to measure, monitor […]
In Nigeria, the various Codes of corporate governance are largely “enabling”, providing a set of rules for companies to comply with voluntarily. The only exception is the CBN Code of Corporate Governance for Banks. The “Comply or Explain” principle is a central element of most corporate governance codes particularly in the United Kingdom, Germany, and […]
The view hitherto taken that SMEs and FOEs owing to their size, do not significantly contribute to the economy is fast changing. In reality, many SMEs and FOEs whilst small in size in terms of current operations have enormous growth potentials. According to the 2012 Enterprise Baseline Survey, SMEs and FMEs contribute nearly half of […]