Sunday, August 28, 2016

CHAPTER ONE
INTRODUCTION
1.1       Background to the Study
The need for an organization to properly coordinate its marketing communications strategies in order to deliver a clear, consistent, credible and competitive message about itself and its product has become a challenge today for every result oriented firm. Effective marketing communications should therefore be an integral part of every efficient and result driven organization. How innovative and creative marketing communications practitioners are inappropriately combining, coordinating and efficiently using marketing communication tools will have great impact on their companies’ products/services and by extension, on such products’ market share. This again could pose serious challenge to competing companies across markets in the country.

THE MANAGEMENT OF INSURANCE COMPANIES TOWARDS THE DEVELOPMENT OF BUSINESS ENTERPRISES

CHAPTER ONE
1.0       INTRODUCTION
Life is full of risk and every human being is confronted with possibility that one day one of these hazards which form part of life may befall them because one financial loss or the other. The purpose of insurance is to indemnify the victims for the financial loss they might have suffered as a result of these risks. Risk is a concept that denotes a potential negative impact to an asset or some characteristic of value that may arise from some present process or future event. In everyday usage, "risk" is often used synonymously with the probability of a known loss. 
Paradoxically, a probable loss can be uncertain and relative in an individual event while having a certainty in the aggregate of multiple events (see risk vs. uncertainty below). Risk is the possibility of an event occurring that will have an impact on the achievement of objectives. Risk is measured in terms of impact and likelihood.

Insurance was not set out to climate and cannot soften the blow in a purely financial sense of obtaining monetary compensation to the victims thereby placing them in a financial position. The purchasing of an insurance has been earlier describe as the insured person as a policy holder in order to protect himself against a particular risk, take out a policy with an insured, thereby passing over the risks to the insured on a payment of a fee known as premium.
Life is associated with different kind of risk some of this risk are insurable while some are not. The insurance industry in each devices different type of insurance policy to carter for each one to the insurance risk. The more consensual, one being marine, fire, life, aviation, motor, person, accident and a lot of others.
Insurance as an industry did not exist in Nigeria until the later part of the twentieth century. However, there existed in Nigerian communities, some form of organize mutual social insurance schemes which had the future of modern insurance.
Apart from the early social insurance scheme, insurance as an industry is relatively new in Nigeria. The first operation branch of an insurance company was open in Nigeria in Lagos in 1921 by the Royal exchange assurance Plc. and it remain the only insurance company in Nigeria until 1949 when three British owned insurance companies were opened up.
            As at the time Nigeria got her independent operating insurance as risen to twenty five and were mainly foreign owned. The insurance degree was prorogated to regulate the way previous legislation did not do.
            The insurance company In Nigeria and the insurance industry are control by the federal ministry of finance another offices of director of insurance. The insurance departments of these ministries are responsible for the control activities of insurance companies so as to ensure compliance electrets of 1976 and other relevant regulation related to the business of insurance in Nigeria.
            Royal Exchange assurance Plc. engage themselves in the following types of risk, they are;- loss of profit following the insurance personal inability, trained insurance, private can insure motor cycle group, house holders comprehensive insurance and all kind of risk.
            Royal Exchange Insurance Nig. Plc. as many branches within Nigeria with the head office in Lagos and the incorporation number 6572 and the degree number that symbols Royal Exchange insurance his degree 58 of 1920.

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INTEGRATED MARKETING COMMUNICATIONS AND CONSUMERS PATRONAGE OF NIGERIAN BEVERAGE PRODUCTS

CHAPTER ONE
INTRODUCTION
1.1       Background to the Study
The need for an organization to properly coordinate its marketing communications strategies in order to deliver a clear, consistent, credible and competitive message about itself and its product has become a challenge today for every result oriented firm. Effective marketing communications should therefore be an integral part of every efficient and result driven organization. How innovative and creative marketing communications practitioners are inappropriately combining, coordinating and efficiently using marketing communication tools will have great impact on their companies’ products/services and by extension, on such products’ market share. This again could pose serious challenge to competing companies across markets in the country.

The Integrated Marketing Communication (IMC) approach believes that a company must leave no chance for error, no patience for miscommunication, and no time for confusion. Picton and Broderick, (2005). The IMC approach placed much premium on the consistency of messages, that by this, it posits that communications effort of a company through its different products must project a unified voice. Business (companies) must be able to deliver the right message in the right medium to elicit the right results. Schultz and Kitchen, (1997).
A simple argument for IMC is that there are financial, competitive and effective benefits to be achieved through the synergy afforded by the process of integration Peltier and Schult, (2003); Smith, (2002); Shultz and Kitchen, (2000); Thomas, (2001); Picton and Hartley, (1998).
Rather than being considered as a revolution in marketing thought, IMC is gradually emerging as a natural evolution in marketing communications brought about by drastic changes in at least three main areas, which are:
(i). The market place;
(ii). The media and communications;
(iii). The consumers. These changes have been driven primarily by advancement in information technology; and have caused a major shift from the mass marketing, product centred theories of marketing popularized in the 1950s and 1960s to the more customer cantered, database-driven interactive and measurable approaches of integrated communications, Schultz, (2003).
The development of IMC can be traced to the early 1980s when many Americans advertising agencies started to feel threatened by their clients’ attempt to save money through direct media buying and patronage and creative boutique operations. Added to these forces were the inclinations of many advertisers to shift money from advertising to more immediate and effective aspect of marketing. These developments came to a climax towards the early part of 1990s when advertising agencies started to offer more than their traditional functions of just producing and placing advertising in the media.
The advertising agencies then saw that their survival in the turbulent decade of the 1980s depended on providing integrated strategies. The question one might ask here is “were advertising agencies not adding value to their clients’ programmes before IMC?” Of course, they were but not in ‘an integrated sense’. In this respect, Kliatchko (2005) opined that value added services need not start and end in only advertising messages and strategies. But now, in an expanded view of advertising, advertising agencies must positively evolve specific promotional mix to provide clarity, consistency and maximum communication impact.
In a similar vein, a number of scholars observed that coordination is a powerful element of an integrated communication strategy. And that many companies might find integration difficult to adopt due or owing to tough battles on how to allocate resources and reluctance to invest in the needed database. They also observed that different departments were responsible for different elements in the communication strategy (i.e. an advertising department; direct mail department; and a trade show or an event management department). In many of these cases, they are usually reluctant to give-up control over their respective area and fight each other for a piece of the marketing budget. The result will be that the communication strategy will be fragmented rather than integrated. What happens when interactions with customers are fragmented? Belch and Belch (2004) opined that if customers are fragmented then, they would get annoyed because different parts of the company don’t know what others are saying. Consumers might feel that they are talking to many different companies instead of one, which is not the way to build relationship.
In the opinion of Akande, (2001) he raised the concern that marketing has moved from customer acquisition (winning new customers) through ‘customer relations’ (keeping customers for life) towards customers’ deselection (dumping unprofitable customers while selectively seeking and keeping the profitable ones). He listed other forms of marketing communication strategies which are media; proliferation, audience fragmentation, advancement of information technology and the internet, consumer empowerment, increased advertising, cluster, shift in channel power and the desire for more accountability. All these underpin the driving forces leading toward integrated marketing communications.
In their work on marketing communications, Duncan and Everett (1993) asserted that IMC is both a concept and a process. The IMC perspective can be interpreted as “meaningful integrative” of “Holistic thinking" i.e. looking at marketing communication in a way by which various marketing communication tools are strategically employed in a complementary fashion after a careful analysis of customer needs and review of market situation. Schultz and Kitchen (2002) equally viewed integrated marketing communication (IMC) as a strategic business process used to plan, develop, execute and evaluate coordinated measurable persuasive brand communication programmes over time with consumers, prospects and other targeted relevant external and internal audience.
Duncan (2002), in his contribution to the literature on evolution of IMC believed that the above definition of IMC by Schultz and Kitchen, forecasted the trend of the development of IMC in the future. He therefore noted that this new definition indicates that IMC has moved from (or has the potentiality to move from) a “marketing planning process” to a “strategic business process”. Schimp (2000) summarized five facts of IMC as:
(i). Aims to affect behaviour
(ii). Starts with customers or prospects
(iii). Uses any and all forms of contents
(iv). Achieves synergy and
(v). Builds relationships.
Low (2000) opined that integrated marketing is simply a step further from IMC or the highest stage of IMC by focusing on conveying unified messages to customers via the correct blending of the promotional mix.
In the Nigerian marketing environment today, many organizations have not appreciated the importance of the strategic blending of the promotional mix elements so as to produce cohesive, consistent, clear, precise and efficient messages. The common explanation is that through IMC, a firm or a manager can attain synergy between all the firm’s marketing communications activities and decisions. This synergy in turn improves performance.
With the pace at which globalization is moving, there is need for Nigerian Advertising Agencies to wake-up to a new reality in the marketing world. Clients, world-over, now demand integrated solutions rather than thinking in the old-style of above or below the line statement. Client needs to create a sustainable competitive advantage to meet up with the demands. This cannot be done with advertising alone with a seamless marketing communication programme.
Many clients (advertisers) are now asking themselves questions such as “How do I allocate the marketing budget over a variety of promotional tools”?. Here, many rely on the professional advice from advertising agencies. Today some advertising agencies are trying to become marketing consultants, independent media purchasers and multi-dimensional communication practitioner – (Kallmeyer and Absatt, 2001). The words of these scholars revealed the need for these advertising agencies to become total marketing oriented professionals rather than just advertising driven in order to convince clients that they can add value to their marketing efforts.
The Growing Importance of IMC: The move towards integrated marketing communications is one of the most significant marketing developments that occurred during the 1990s and this approach is growing daily as this new millennium continues to advance. Belch and Belch (2004) believed that the IMC approach to marketing communication planning and strategy is being adopted by both large and small companies and has become popular among firms marketing consumer products and services as well as business-to-business marketers. Some of the reasons why marketers are adopting the IMC approach according to Belch and Belch, (2004) are:
The understanding that the strategic integration of the various communication functions rather than having them operate autonomously would bring many added benefits to clients and customers. Advocates of IMC believe that it will help company maximize returns on their investments. The move towards IMC reflects an adaptation by marketers to a changing environment with respect to consumer’s technology and the media. Today many consumers are tired of being bombarded with different sales messages.”
These factors according to Belch and Belch, (2004) are capable of promoting marketers towards the development of alternative ways to communicate with target audience.
Another reason responsible for the growth of IMC according to Belch and Belch (2004) is the growth and development of database marketing. Many companies are building database containing customers’ name, geographic, demographic and psychographic profiles; purchase patterns; media preferences etc. Advocates of this approach believed that database marketing is critical to the development of effective use of IMC. A shift of marketing dollars from media advertising to other forms of promotions, particularly consumer – and trade-oriented sales promotions.
Many marketers are also of the opinion that traditional media advertising has become too expensive and not cost effective (Thomas, 2001).
Finally, there is demand for greater accountability from advertising agencies and changes in the way agencies are compensated. Many companies are moving towards incentive- based system whereby compensation of their ad agencies is based, at least in part on objectives measures such as sales, market share and profitability. The rapid growth of the Internet services, which is changing the very nature of how companies do business and the interest with the consumer, could also be seen as a major reason for the growing importance of IMC in today contemporary marketing environments.
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Thursday, August 18, 2016

EVALUATION OF VALUE FOR MONEY AUDIT AS A TOOL FOR FRAUD CONTROL IN THE PUBLIC SECTOR


CHAPTER ONE
INTRODUCTION
1.1       BACKGROUND OF THE STUDY
Every sector of the economy both the private and the public sector has its own objectives and goals to achieve. For the public sector of the economy, their goal is to satisfy the social needs of the citizens and in the effort to achieve these purposes, auditing more often, play a vital role.
The size and scope of these sectors have sometimes made it clear for the executor to exercise personal and first hand supervision of operation. It is in this light that value for money audit established by management is initiated, for any organization to carry out its business efficiently and effectively, there must be some factors that must be put in place for the smooth running of the organization like materials, machines, human labor and money e. t. c.
Auditing is seen to play an intermediary function in between management and the resources of the organization. It is also fundamental to any business either the public or private sector, which will help the business to keep its adequate financial records. These financial records are kept in response to the demand by a system control which requires that the business enterprise must be carried out in an orderly manner, ensure adherence to management policies, safe guard the assets and secure possibly the completeness and accuracy of the records. Irrespective of these facts of system of control established by the management of the organization, fraud still thrives.
In the early 1970s, the role of the state auditors began to change dramatically. Changes began in USA, Canada, and in several European countries. The representative of the people started demanding information on the efficiency and effectiveness of public expenditure.
In Nigeria no specific legislation has been put in place to empower auditors to carryout value for money audit. However, the 1999 constitution section 88 (2) empowered both the two federal house and the state house of assembly to conduct investigation to expose corruption, inefficiency or waste on the execution or administration of law within the legislative competence and in the disbursement or administration of fraud appropriated by it.
Therefore, fraud control has become increasingly important to managers of various governments in an organization. In general, financial statements fraud has always weakened investors’ confidence in both private and public sector investment. This is because 1 fraud against an organization reduces the net income by 1 and services to be provided to people in the case of public sector.
However, value for money audit will be wildly concerned with the economy and efficiency of an organization and the effectiveness of achieving its desired objective thereby controlling fraud to evaluate the effectiveness of the internal control system within the organization.
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EVALUATION OF FRAUD CONTROL MEASURES IN THE NIGERIAN BANKING SECTOR

CHAPTER ONE
1.0              Introduction
1.1       Background to the Study
Fraud is an intentional deception made for personal gain or to damage another individual. Fraud is a crime and a civil law violation. Defrauding people of money is presumably the most common type of fraud.
Customers of banks are currently experiencing increase in fraud schemes. Scams to get a customer personal information can occur through many different means such as e-mail and telephone.
Bank fraud is the use of fraudulent means to obtain money, assets, or other property owned or held by a financial institution. In many instances, bank fraud is a criminal offence, while the specific element of a particular banking fraud law varies between jurisdictions; the term bank fraud applies to actions that employ a scheme as opposed to bank robbery or theft.
Controlling bank fraud in the financial sector is a major task for all the stake holders in the sector. Every year, banks lose billions of naira to fraud which comes in all size and shapes both from external perpetrators and internal employees.
In its broadest terms, fraud means obtaining of something of value through deception. If fraud were described as an industry it would clearly be one of the fastest growing areas of the economy. One hundred criminals who serve several periods of imprisonment for armed robbery offence were recently reported that he wished he had understood earlier in his criminal career how easy it was to commit fraud. He now considers that fraud involves less traumas, the reward, are far greater and the penalties substantially fewer than in other form of crime.
This study therefore intends to address different forms of fraud that target the financial service sector and how the industry has responded with some measure successful in controlling this ever increasing problems and other measure that can be geared towards achieving further results.

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EVALUATION OF FRAUD CONTROL MEASURES IN THE NIGERIAN BANKING SECTOR

CHAPTER ONE
1.0              Introduction
1.1       Background to the Study
Fraud is an intentional deception made for personal gain or to damage another individual. Fraud is a crime and a civil law violation. Defrauding people of money is presumably the most common type of fraud.
Customers of banks are currently experiencing increase in fraud schemes. Scams to get a customer personal information can occur through many different means such as e-mail and telephone.
Bank fraud is the use of fraudulent means to obtain money, assets, or other property owned or held by a financial institution. In many instances, bank fraud is a criminal offence, while the specific element of a particular banking fraud law varies between jurisdictions; the term bank fraud applies to actions that employ a scheme as opposed to bank robbery or theft.
Controlling bank fraud in the financial sector is a major task for all the stake holders in the sector. Every year, banks lose billions of naira to fraud which comes in all size and shapes both from external perpetrators and internal employees.
In its broadest terms, fraud means obtaining of something of value through deception. If fraud were described as an industry it would clearly be one of the fastest growing areas of the economy. One hundred criminals who serve several periods of imprisonment for armed robbery offence were recently reported that he wished he had understood earlier in his criminal career how easy it was to commit fraud. He now considers that fraud involves less traumas, the reward, are far greater and the penalties substantially fewer than in other form of crime.
This study therefore intends to address different forms of fraud that target the financial service sector and how the industry has responded with some measure successful in controlling this ever increasing problems and other measure that can be geared towards achieving further results.

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ENHANCING CORPORATE ACCOUNTABILITY THROUGH EFFECTIVE AUDIT SYSTEM

CHAPTER ONE
INTRODUCTION
1.1              Background to the Study
Accountability in both public and private section has being an issue that is worth discussing due to its paramount and colossal impact to the overall performance of an organization. It (Accountability) has to do with reporting back action, task carried out by an individual to the authority who apportioned such function.
Accountability is the process or act of reporting back to a higher authority, body or individual the actions taken by a steward. It enables the person or persons reported to determine if the steward has acted or performed the assigned duties properly and satisfactory. It plays a major role in the success or failure of any business, particularly when the business is not managed by its owner.
Initially most business set-ups were managed by their owners. The owners‟ manager was the sole financial contribution to the enterprise. But with the development in the scale and scope of business, a huge capital beyond that affordable by the sole individual or a family was needed. Consequently contributors (hereafter called shareholders) were required to raise the funds for the business. The emergence of these shareholders led to the divorce of the owner managers from the management of the business as all of them cannot be directors at the same time. This the management of business was entrusted to the hands of people who have no financial claims to the business and the shareholders were sceptical about this particularly as the law does not permit them individually to go through the books of the company in their desire to keep abreast of the performance of the directors.
This scepticism aroused the need for surveillance over the activities of the non-owner managing directors. This bid to fulfil the later led to the engagement of third-party (an Auditor) to perform an audit of the company’s accounts.
Audit has since them received a lot of definitions and/or then received a lot of definitions and/or interpretations both from accounting bodies and auditors and their non-the-like. Justifiable is to say that audit has suffered a lot of misinterpretations. Most of the misgiving interpretations see it as being armed at fraud and error detection. But audit essentially involves much more than that. One of the most involved and of course the most acceptable definitions so far is that issued by the consultative council of accountability bodies (CCAB) which sees audit as “the independent examination and expression of opinion on the financial statement of an enterprise by an appointed auditor in pursuance of statutory obligation (Howard 1982).
Deductively, an audit is the objective scrutiny of someone’s work or presentation by a third party (an auditor) who is different from the users and the preparing of the presentation. The general essence of audit is to ascertain compliance of the firm’s records and operational policies with usefulness of acceptability of and the dependability on the firm’s financial statements.
Accountability as explained above has suffered some misconceptions, surprisingly in the hands of those who should have understood it better. Most of the laymen conceptual understanding of accountability relates it to „communicating about monetary matters (Odon, 1999) but accountability goes beyond that. According to the Webster encyclopaedia dictionary of English language (1995), accountability is defined as “the state of being accountable, answerable, liable or responsible” the same dictionary goes further to define accountable as “liable to pay or make good in case of loss; responsible to a trust, liable to be called to account, put in another way an much more related to the context in the articles Aba times of fourth September 1999 captioned “accountability in the third republic” it says Accountability connotes answerability and stewardship, by answerability is meant answering for one’s actions and decisions (Odon1999)
Stewardship according to the article means service; it means that every leader should be responsible to the people who reposed trust in him. For accountability to be accorded its rightful place in an organization the writer believes that there is a high need for proper internal control measure and in addition, efforts should be made to ensure that company accounts are subjected to external and independent audits after each financial period.
The bible also records in chapter 25 verse 14-30 of saint Matthew gospel, the story of a rich man who went on a far journey entrusting the affairs to his servants and who when he returned, required the servants to answer individually, for their stewardship to the business while he was away. It in the same manner that it is required of the chief executives and directors of a company who are quite different from the real owners of the business to answer for their stewardship of the funds and property entrusted to them by the shareholders. It is desire for accountability that gave rise to what we know today as audit- a mechanism through which the shareholders are made abreast of the true and fair picture of the activities of the directors and chief executive of the company.
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EFFECTS OF STANDARD COSTING ON THE PROFITABILITY OF MANUFACTURING COMPANIES


CHAPTER ONE
INTRODUCTION
1.1       BACKGROUND OF THE STUDY
The effect of standard of standard costing on profitability has been a problem to manufacturing companies in Nigeria. The standard costing as a tool for either improving or not improving profitability. Unlike its contemporaries in the field of science, it deals with human beings and calculation significant information.
Lucey (2002) defines standard costing as a technique which establishes pre-determined cost estimates of the cost of products and services and then compares these pre-determined costs with actual costs as they incurred. Standard cost represent am estimated or pre determines total cost of product per unit for an organization. Adeniji (2009) argues that the process of estimating the total cost of production per unit is described as standard costing technique.
Standard costing as a long established concept is the management function of planning and control. In effect, yardstick has been of vital importance for planning and control exercise. As a matter of fact, problems associated with production and earning a profit was recognized for many years before the concept of standard costing was invented. Standard costing appeared in the early twentieth century when transaction volumes were overwhelming the record keeping system in the use at that time. Since then, prevalent use of computer systems and automated data entry systems have reduced the need for standard costing, though not entirely eliminated.
These standard costs reveals goals, spur actions and efforts for effective management and equally provide checks such that exceptional profit oriented goal performance can be achieved and the reserve adequate punishment to be exercised for bad performance. Standard cost cause appraisal to be made over production facilities and form management intentions and capabilities and is a first step strength and weakness appraisal. These led to the preference of standard costing system in 1920’s. it was brought into the system such that total variances might be accumulated as well as detailed variances. These steps gave rise to formal expression that significant costs were not actual and historical cost but standard or planning cost and their variances.
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