The question of who will audit the auditor has always been in the mind of hybrid accountants who toll the path of internal auditing. A lot of questions have been asked of late about the usefulness of internal audit department in an organization. The above two questions and many more is gradually paving way for […]

Finding errors is usually difficult when many journal entries have been passed and hundreds of ledgers created for different accounts. Although the issue of the volume of transactions recorded being too much may not be an acceptable excuse in this day and age where quantum computing power energized by the availability of big data has […]

We used individual ‘T’ accounts to demonstrate the concept of double entry principles in our earlier article. Nothing stops a company from having as many individual accounts for items as they deem fit. The only caveat is that it should be kept minimally complex so that internal controls and reconciliation derived from analyzing the accounts […]

Underlying assumptions or accounting concept also referred as accounting conventions are those accounting principles (more on this later in this article) that all accountants must abide with to produce a set of reasonably acceptable accounting output. Accountants deal on business whose currency revolves around credibility and accountability. It is the accountability aspect of accountant’s functions […]

I was recently interviewed by a freelancer who was magnanimous enough to share the manuscript of the interview with me. So, I am sharing the raw unedited version here for the benefit of all the readers of this accounting and finance blog. Interviewer: How did you get into internal audit? Me: I got into accounting […]

When it comes to marketing, any organization that is not thinking beyond the 21st century is simply wasting time and resources. The marketing strategies and techniques that worked years back may not necessarily work now and beyond. Being able to set up and establish a suitable marketing department is a critical success factor of doing […]

Traditional qualified accountants that have refused to move ground are already feeling the heat from the effect shakeup caused by the advancement in technology. They are getting worried for the minimal effects that already exists. A more pronounced effect and shakeup is fast approaching the direction of accounting and finance industry. The recent effects that […]

Data is increasingly becoming the new oil and currency of the now age we all find ourselves in. Data driven business leaders are emerging on a daily basis and this is placing more emphasis on the need to properly manage data for maximum benefits. The adoption and implementation of risk-based data analysis process has fueled […]

Risk based auditing approach has become the de facto standard for auditing. Internal auditors and forensic accountants are increasingly being required to apply risk-based approach to all facets of their work. The importance and benefits of risk-based auditing is crystal clear for all who cares to see. In this article on risk-based data analysis, I […]

The interconnectedness of this internet of things (IOT) world that we now live in means that those things that worked in the past would no longer be adequate for today’s fast paced world that is constantly facing the cybersecurity ever increasing threat. The traditional MIS concepts are fast becoming outdated. Therefore, only businesses that are […]

I still remember back in the days when I was still an undergraduate student studying for my first degree in accounting how I struggled to grapple with incomplete record and single-entry bookkeeping. My struggle was simply because I was at lost when it comes to dealing with the relationship between markup and margin. Chances are […]

The functions of management accountants have long been established both in practice and in accounting literature. And management accountants have in all fairness lived up to expectations when I come to delivering n their promises. However, it has become glaring and clear before our eyes that accounting as a profession has caught the disruptive bug […]

What is Social Business? Addressing a Social Problem Unlocks Hidden Gems in Social Media Age A social business is any entity that is created to by design to solve real life social problems. The business be of any structure and size but must have the goals and objectives of fixing social dislocations. All social businesses […]

Small business accountants that are not well grounded in working with incomplete records or single-entry bookkeeping usually always disappoint their clients. It is not that individual business owners do not appreciate the importance of accounting, they simply do not have the expertise of finance people and this is causing a lot of nightmare for accountants. […]

It has long been established that accountants are communicators or at least should be leaders in business communications. However, I have seen on many occasions where accountants fail to communicate properly. No matter how good an idea is or how good one is, nothing gets done without the right kind of communication. Hence, the major […]

The financial statements are produced at the end of the period as it will be silly and impracticable to produce a financial statement each time a transaction is made. However, every transaction must be recorded and is recorded as they take place. The recording usually starts from the journal entry, then the ledger, then all […]

The whole essence of getting involved in the accounting process is to produce valuable, speedy and accurate accounting information that the end users of accounting information can rely on for economic decision making. To do this, business transaction information is captured on the fly – you will agree that doing things on the fly will […]

There are always some grey areas in every profession. Taxation in the field of accounting happens to be one area where interpretations and applications of the provisions of the Finance Act / Tax Laws. Understanding the application of effective tax rate to employee income is an important forensic accounting skill that you will never regret […]

What is digital finance? Digital finance is an umbrella of the many products that Fintech companies are launching into the financial ecosystem all in the bid to fully decentralize financial services. Digital finance includes but not limited to; smart financial software, easy to access financial business models, mobile financial inclusion, flexible customer relationships that is […]

In a bid to be part of the month long celebration of Internal auditors globally in this month of May, I recently attended a function where I was asked to give an impromptu talk clearly stating the difference between internal control and internal audit. It was then that I realized that I struggled to provide […]