EVALUATION OF ENVIRONMENTAL ACCOUNTING AND SUSTAINABILITY DEVELOPMENT IN NIGERIA (A SURVEY OF SELECTED OIL AND GAS COMPANIES IN THE NIGER DELTA)

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ENVIRONMENTAL ACCOUNTING AND SUSTAINABILITY DEVELOPMENT IN NIGERIA (A SURVEY OF SELECTED OIL AND GAS COMPANIES IN THE NIGER DELTA)

CHAPTER ONE

INTRODUCTION

1.1 Background of the study

Environmental accounting is an inclusive aspect of accounting. It generates reports for both internal use, providing environmental information to help make management decisions on controlling overhead, capital budgeting and pricing, and external use, disclosing environmental information of interest to the government, public and to the financial community. This paper takes into consideration both internal and external uses.

Yakhon & Dorweiler (2004) emphasized that the impact of business activity on the environment is found in several forms: air, water, underground pollution, drinking water, land and habitat for endangered and threatened species, oceans, atmosphere, land, mass etc. An array of pollutants, including toxic, hazardous and ‘warming’ is accountable to business activities. They expressed that from this range of environmental impacts, multiple disciplines are needed for analysis of effects, and for integration into management decisions and accounting reporting.

Mastrandrea & Schneider (2008) in their own view highlighted that industrial revolution has brought economic improvement for most people in industrialized societies. Many enjoy greater prosperity and improved health. They opined that there have been costs, however.

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Industrialization has brought factory pollutants and greater land use, which have harmed the natural environment. However, the application of machinery and science to agriculture has led to greater land use and therefore, extensive loss of habitant for animals and plants. These factors, in turn, have caused many species to become extinct or endangered.

Nigeria being a developing nation, endowed with aboundant natural resources such as petroleum, natural gas, coal, limestone, vegetation etc is not devoid of environmental degradation. The nation, in an attempt to tap these resources to enhance its economic development and well-being of the citizenry invariable finds herself experiencing an array of pollutants including carbon dioxide, warming and other greenhouse emissions.

Akinbami & Adegbulugbe (1998) opined that the use of natural resources including energy is indispensable to economic development and not devoid of environmental consequences as traceable to the environmental degradation and atmospheric pollution experienced in Nigeria.

Beredugo & Mefor (2012) highlighted that Nigeria as a developing country must continue to advance economically and thus requires increased exploitation of natural resources. They buttressed further that there exist a polarity between Nigeria’s GDP and energy consumption, as they are highly correlated. They emphasized that most of the natural resources consumed are nonrenewable and are under threat of depletion, and a persistence consumption of our most valued natural resources in present-day, would compromise the ability of future generations to meet their own needs.

Oil exploration and government activities may have reduced the quality and usefulness of life through gas flaring, industrial pollution, oil spillage, deforestation and other related problems.

However, huge amount of money is derived daily by the country from sales of crude oil and its by-products. Therefore, one would generally assume that this money should have significant impact at least on the development of oil and on the mineral producing communities. This should be so because it is on record that the oil and gas industry remains the major income earner (about 90% of the total revenue) for the nation (National Economic Empowerment and Development Strategy (NEEDS, 2004 and Shell, 2000).

Ogbeifun (2007) argues that decades of development have been lost apparently due to slow economic growth, inadequate development plan, and corrupt practices in high places. Nigeria had a Gross Domestic Product (GDP) of about $45 billion in 2001. Again, their per capital income of about $300 a year reveals that the country remains one of the poorest in the world. In spite of the country’s natural endowments such as vast mangrove forest, wet and fertile lands. However, serious threats from exploitation of timber, oil spills, gas flaring and the impacts of increasing costal urbanization appear to be posing serious challenges to Nigeria (NEEDS, 2004).

Obemene & Olaoye (2009) pointed out that the haste to develop did not incorporate pollution control and waste management into environmental management plan. Even the environmental laws regarding pollution and waste management seem to be inadequate or where they exist remain to a large extent unenforceable. It is no wonder then, that Ogbeifun (2007) advocates that urgent steps be taken, so that this present generation does not bequeath to her future generation, a downstream sector that is import dependent and dollar driven.

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1.2 Statement of the problem

Majority of the people in the country continue to dwell in abject penury, despite the fact, that the country is blessed with aboundant natural resources which are being harvested on continuing basis by multinational companies and governments.

However, other contending issues that are still being debated are the effects of some environmental accounting issues (which are largely unaccounted for) but have tremendous impact on the economic development of Nigeria. Hence, questions such as what are these environmental accounting issues that should be accounted for in the harvesting of our natural resources, especially in the oil and gas industry. What are the effects of these environmental factors on the economic development and environmental protection of citizens.

1.3 Objectives of the study

To sufficiently, address these questions, the following research objectives are pursued, namely

1.To identify the environmental accounting factors that should be accounted for in the country’s natural resources with special reference to oil and gas industry,

2.to evaluate the effects of these environmental factors on the life of the citizens and to proffer solutions for future reforms in order to improve economic development, social development and environmental protection efforts of the country.

1.4 Research questions

1.What are the environmental accounting factors that should be accounted for in the country’s natural resources with special reference to oil and gas industry,

2.What are the effects of these environmental factors on the life of the citizens and to proffer solutions for future reforms in order to improve economic development, social development and environmental protection efforts of the country.

1.5 Research hypothesis

H0: There is no relationship between environmental accounting and sustainability development in Nigeria

H1: There is a relationship between environmental accounting and sustainability development in Nigeria

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EFFECT OF FORENSIC AUDITING ON THE FINANCIAL PERFORMANCE OF QUOTED FOOD COMPANIES

ABSTRACT

The focal point of this work is on how forensic accounting could aid fraud detection and prevention when incorporated into the mainstream of Nigeria business environment.

Review of relevant literature were carried out in order to gain deeper insight and understanding of the subject matter. Questionnaires were administered in order to generate the necessary primary data and were descriptively analyzed. The various hypotheses were tested using chi-square statistical analysis. The result of the hypotheses revealed that corporate fraud reduction is dependent on forensic accounting. It however revealed that forensic accounting cannot promote responsible corporate governance. Based on the findings of this research work, the researcher came to a conclusion that corporate fraud and poor corporate governance cannot be completely eliminated, it can only be reduced to a barest minimum. It is recommended that the study of forensic accounting courses should be introduced into the Nigeria educational curricular. Also, ethics and value system of the country must not be handled with levity and finally an effective legal system should be put in place to ensure speedy dispensation of justice.

TABLE OF CONTENTS

Title

Table of Contents

Abstract

CHAPTER ONE

1.1 Background of the Study

1.2 Statement of the Problem

1.3 Objective of the Study

1.4 Scope of the Study

1.5 Relevance of the Study

1.6 Hypotheses

1.7 Limitation of the Study

CHAPTER TWO: LITERATURE REVIEW

2.0 Historical Background of Forensic Accounting

2.1 Definitions and Meaning of Forensic Accounting

2.2 Definition and Meaning of Fraud

2.3 Types of Fraud

2.4 Nature and Extent of Financial Crime

2.5 Causes of Fraud

2.6 Fraud Detection, Prevention and Control

2.7 Roles of Forensic Accounting in Litigation Support

2.8 Skills and Characteristics of a Forensic Accountant

2.9 Development of Forensic Accounting in the

Accounting Profession

2.10 Opportunities and Challenges of Providing

Forensic Accounting Services

2.11 An Overview of Nigeria Business Environment

Roles and Responsibilities of the Traditional

Auditor or External Auditor

2.12 Differences between a Forensic Accounting

and the Traditional Auditing

2.13 Importance of Forensic Accounting on the

Nigeria Business Environment

2.14 Financial Statement Fraud in Nigeria Business

Environment and its Link with Forensic Accounting

2.15 Level of Forensic Accounting in Other Countries

CHAPTER THREE: RESEARCH METHODOLOGY

3.0 Introduction

3.1 Research Design

3.2 Population

3.3 Sample and Sampling Technique

3.4 Research Instruments

3.5 Sources of Data

3.6 Problem Identification

3.7 Research and Validation of Hypothesis

3.8 Validation

CHAPTER FOUR: ANALYSIS AND INTERPRETATION OF DATA

4.0 Introduction

4.1 Questionnaire Administration

4.2 Data Description and Interpretation

4.3 Test of Hypothesis

CHAPTER FIVE: SUMMARY, CONCLUSION AND RECOMMENDATIONS

5.1 Introduction

5.2 Summary of Findings

5.3 Conclusion

5.4 Recommendations

Bibliography

Appendix

CHAPTER ONE

1.0 BACKGROUND OF THE STUDY

The recent multi-billion dollars corporate scandals (Enron, Tyco, World Com, Adelphia and others) have shaken the business world. The public and governmental reactions to these events has been enormous. It has triggered congressional action that resulted in legislation (Sarbanes-Oxley Act, 2002) and auditing standards (Statement of Accounting Standard No. 99) that require companies and their auditors to be more aggressive in detecting and preventing fraud, which in turn, has elevated the importance of the accounting profession in protecting the integrity of the financial system in order to prevent such scandals.

Additionally, in today’s society, there is widespread growth in white-collar crimes evidenced by both fraudulent financial reporting and misappropriation of assets. Racketeering and terrorist groups often rely on money-laundering schemes to conceal and disguise their activities such as identity theft, present new challenges to accountants. The impact on the accounting profession has been dramatic. The environment has created many job opportunities in the accounting profession at federal, state and governmental agencies, such as the Securities and Exchange Commission, the revenue service and the office of the inspector general, all have an increased impact on accountants and others with forensic accounting investigation skills.

However, modern organized corporate frauds are sophisticated, and well resourced by manager, entrepreneur and politicians to mention but few. There is the need to respond to this changing criminal threat and the skills of non-traditional investigators like accountant and the legal experts are needed to combat the corporate ill, this has arouse the call for forensic accountant.

In the light of the foregoing discussion, forensic accounting has to do with the use of the use accounting discipline to help determine issues of fact in business litigation. It involves the application of accounting, business, legal and financial skills in settling commercial or legal disputes (Omoniyi, 2004).

The focal point of this research work is on how forensic accounting could aid fraud detection and prevention when incorporated into the mainstream of Nigeria business environment.

STATEMENT OF THE PROBLEM

The failure of statutory audit to prevent and reduce misappropriation of corporate fraud and an increase in corporate crime in Nigeria business environment has put pressure on the professional accountant and legal practitioner to find a better way of exposing crime in the business world. The specific problems which this research intend to address are as follows:

1. Can forensic accounting reduce corporate fraud and mismanagement?

2. Can forensic accounting promote responsible corporate governance?

3. Is forensic accounting the same as fraud investigation?

4. Are there any special skills a forensic accountant must possess?

5. What are the potential red flags of fraud?

6. Can forensic accounting provide an objective valuation of claims?

7. Prospects and challenges of forensic accounting profession.

8. Are employees often the first to notice fraud?

1.1 OBJECTIVE OF THE STUDY

The problem of fraud in Nigeria business environment need to be seriously addressed. The objectives of this research work are;

1. To find out how the knowledge of forensic accounting can reduce corporate fraud and mismanagement.

2. To ascertain if forensic accounting can promote responsible corporate governance.

3. To determine whether forensic accounting is the same as “fraud investigation”.

4. To ascertain if employees are often the first to notice fraud.

5. To examine the relevant or special skills which a forensic accountant should posses.

6. To examine the potential red flags of fraud.

7. To examine the prospects and challenges of forensic accounting profession.

8. To determine if forensic accounting can provide an objective valuation of claims.

1.2 SCOPE OF THE STUDY

The focus of this study is on forensic accounting with special emphasis on corporate fraud reduction and mismanagement in Nigeria business environment. Data will be obtained from various stakeholders in the Nigeria business environment.

1.3 RELEVANCE OF THE STUDY

When viewed from the perspective of forensic accounting in Nigeria business environment, the significance of this research will be appreciated.

The primary focus of this research is to enlighten non-forensic accountant on how corporate fraud and mismanagement can be tackled.

The research is also aimed at creating understanding of the duties of foreign accountants in litigation support, the potential for forensic accounting services in the Nigeria business environment, special skills and characteristics of forensic accountant.

Future researchers on this field will find this work as a veritable reference point and will create a better insight into the relationship between forensic accounting and corporate fraud.

1.4 HYPOTHESES

Hypotheses shall be developed and tested to ensure a more effective and result oriented work. The null hypothesis (Ho) and the alternative hypothesis (H1) will be used for the purpose of this study.

Hypothesis (1)

Ho: Corporate fraud reduction is not dependent on forensic accounting.

H1: Corporate fraud reduction is dependent on forensic accounting.

Hypothesis (2)

Ho: Forensic accounting cannot promote responsible corporate governance.

H1: Forensic accounting can promote responsible corporate governance.

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