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THE ROLE OF PUBLIC ACCOUNTS IN THE FORMATION, ACQUISTION AND LIQUIDATION OF A COMPAY

                                                                      

ABSTRACT

          The public accountant the business and economy are inseparable

          They are needed for various business decision and advice on better investments.

          On formation of accompany the public accountant is needed to prepare the memorandum of association and ensure that the company and allied matte Decree 1990 is strictly adhered to.

          More so, on acquisition of a company, the public accountant plays an indispensable role in order to ensure that only profitable business are acquired by prospective buyers. He does this by looking into the financial records of the company and making sure that no fraud debt is hided by the seller of the company

          In liquidation of a company the public also has a hand in it. In a situation where he fails to discover a fraud or financial misappropriation by the management of the company. The company as a result of that may go into liquidation.

          The problem of inscerity, instability in the economy and inflation rate in the country is among the problem encountered by the public accountant in Nigeria

 

TABLE OF CONTENT

TITLE PAGE

APPROVAL PAGE

DEDICATION

ACKNOWLEDGEMENT

ABSTRACT

TABLE OF CONTENT

CHAPTER ONE

1. INTRODUCTION
   1. BACKGROUND OF THE STUDY
   2. STATEMENT OF PROBLEMS
   3. OBJECTIVE OF THE STUDY
   4. SIGNIFICANT OF THE STUDY
   5. SCOPE AND LIMITATION OF THE STUDY
   6. DEFINITION OF TERMS

CHAPTER TWO

2.0            REVIEW OF RELATED LITERATURE

1. DEFINITION OF ACCOUNTANCY
2. MEANING OF PUBLIC ACCOUNTANT
3. ROLE OF PUBLIC ACCOUNTANT IN THE FORMATION OF COMPANIES
4. MEANING OF FORMATION ACQUISITION AND LIQUIDATION OF COMPANIES

CHAPER THREE

3.0     SUMMARY OF FINDINGS, CONCLUSION AND RECOMMENDATION

1. FINDINGS
2. CONCLUSION
3. RECOMMENDATION

BIBLIOGRAPHY

CHAPTER ONE

INTRODUCTION

1.1     BACKGROUND OF THE STUDY

          All over the world the accountant is expected to assume a leading role in the economic, especially in the field of company formation, substance and development. The question of expertise should be seen as the most critical role of the accountant here, for available evidence tends to relegate the popular nation of capital inadequacy in developing counties including Nigeria, as a major constraint to corporate formation and growth. These development functions of the financial experts are of then more important than the provision of capital.

          The accountants by virtue of their training and professions are best positioned in providing corporate advice to investor and land managers in the formation and development of their businesses and avoiding corporate failure.

          However, it is only a matter or regret to obsedrve that to many peoiple, professionals, investors and businessman, the professional role of public accountant revolves around the narrow framework of working from the source document to the balance sheet and auditing the financial statements of client companies. These misconception is largely attributable to the fact that every practicing auditor in the first place must be an accountant.

          More so, the preoccupation of public accounts in the fields of auditing, income taxes income, income measurement and bookkeeping the traditional roles of the accountant, while relegating to the background other essential services which they can provide basically from the backdrop of the erroneous image painted on accountants by the public.

          Auditors themselves are not helping the matter most of the writers have continued to emphasis traditional roles of the accountants with little or no attention paid to these other vital support which the account cant provide to investors and businessmen for the development and growth of their businesses. Frank A. ATWOOD observed that originally, the work of public accountant (professional accountant) was confined to the checking of the arithmetic accuracy of the trial balance and preparation of account, but nowadays a large part of auditing.

          Consequently, the manager, the investor, the businessmen and the general public have failed to understand clearly the services the accountant produce in developing their businesses. Even accountant themselves have continued to wonder where the focus should be placed now, with changing role exception and complexity of modern economy.. the new dispensation of increasing application of traditionally the reserves of the account, bookkeeping and audit has further highlightened the anxiety as the continued relevance of the industrial accountant. This is why it has become most completing now to re-examine and redefine the  role of the accountant in keeping pace with the ever changing features and expectation of the modern economy.

          The project is thus a search, it probes further towards identifying the numerous functions which the public accountant should emphasis, beside his traditional role of book keeping, income measurement reporting and audit, especially in matters relating to company formation and growth.

1.2     STATEMENT OF PROBLEMS

          Nigeria is witnessing a major economic down turn. Although this may appear as a responsiveness to the global economic recession, Nigeria case seem to be distinct. This even our economic bureaucrats seems to have lost their bearing in this search path for recovery.

          This chapter is thus devoted to unrevealing the root of the problem of Nigeria accountant and proffering where necessary.

          Instability in the economy is a major constraint to the Nigeria accountant quest to proffering solutions to the myriad of problems existing in economy. Obviously the hyper-inflation ravaging the economy pose server limitation on the power of the Nigeria accountant over avoiding cost over runs and in ensuring timeless of information for decision making. The position of the management account as a mere provider of information to management for decision without active part in the implementation process often lead to his recommendation.

          The problem of accountability in the economy is traceable to the accountants themselves as most accountant have professional fault of being unfaithful and obvious. They often deviate from truthfulness and fairness which accounting is know for and allow their personal interest to supercede their official roles. And such does not augur well for the economy. Nigeria accountant should be properly trained. Seminars and symposia should be organized to educate the accountant on his course and it’s importance as well as on the virtue of fairness and truthfulness.

          Another major critisms leveled against the profession in Nigeria is her inadequacy of meeting the man power need of the economy. The accounting profession in Nigeria is very slow in training professional accountant. And the death of professional account for economy obviously contributed to the application for registration in 1979 by a new body of Association of National Accountant of Nigeria. (ANAN), but how for this body can go in her crusade to improve the situation is what only time can tell.

1.3     OBJECTIVE OF THE STUDY

          This study is carried out in partial fulfillment of the National Diploma (ND) certificate in Accountancy

1.4     SIGNIFICANCE OF THE STUDY

          This study will be of much importance to the following group of people.

1. The Accountants

b. The Investors

c. The students

d. The public

1. THE ACCOUNTANT: This study will re-examine and re-define the role of the accountant in line with the economic dynamics and the exigencies of our time by highlighting an emphasizing those roles of the accountant which have hitherto suffered neglect, but which have now become most relevant in view of prevailing economic circumstance, it will redirect the band of thought of the Nigeria accountants and the professional bodies such as ICAN and ANAN as to the critical relevant areas of the accountants will diversity and broaden their revenue base. And the professional bodies will modify their man power training programmes to reflect the current dispensation.
2. THE INVESTORS: The study will be to the awareness of Nigeria investors and potential investors. The teething problems often, associated with company formation and growth, causes of corporate failure and how the accountant can be of immense help for proper investment analysis to avoid business failure.
3. THE STUDENT: Accounting being practical oriented profession and since it has formed the desire of most students in the profession to swing into full time corporate arrangement and management and since there is no comprehensive course offered by the department strictly on corporate management specially in the area of company formation, business registration and development, business failure guidance and need for this study as a provider of these background information is understood.
4. THE PUBLIC: The study will correct the erroneous and limited view of the public on the relevance and function of the accountant in the society, thus enabling them appreciate the numerous roles the accountant can assume.

1.5     SCOPE AND LIMITATIONS OF THE STUDY

          Volume requirement forms one of the major constraint for the filed of coverage is wide

          Means of transportation is another major limitation. Hence, it was carried out on the available materials, there was inadequate time and space for the collection of materials.

1.6     DEFINITION OF TERMS

1. FORMATION: It means causing to exist.
2. COMPANIES: Denotes to partnership, firms, sole proprietorship, public or private companies, or all forms of business operated for profit.
3. PUBLIC ACCOUNTANT: Those accountant whose service are rendered to the general public in basis.
4. ACQUISITION: It refer to all forms of merger, amalgamation and turnover bid. It is the process of becoming a holding company or subdidiary involving significant outflow of cash from the acquiring company to the acquired company shareholders as consideration for acquired interest.
5. LIQUIDATION: It is act of being on existing company that could not continue in business to a close.