Department of Accounting Holds Interactive Workshop
“Taxation in Nigeria is based on Tax Laws; and may be expressed as those techniques designed and harnessed by experts in Taxation and Accounting. It is aimed at ascertaining what demands a government of any Sovereign jurisdiction or country makes from her Citizens, Corporate establishments and other Institutions for compulsory payment of money.”
The above statement was made by the Managing Partner, MBA & CO (Chartered Accountants), Mr. Ifeanyi Mba at a three-day hands-on training programme held at the Multipurpose Hall, Centre for Entrepreneurial Development Studies (CEDS), from January 21–23, 2015. The Workshop, titled, ‘Practical Taxation in Nigeria and Audit and Assurance: A Practical Approach,’ was hosted by the Department of Accounting, for staff and students, in-line with the University’s drive for town and gown interaction.
In the first session, the facilitator, Mr. Ifeanyi Mba, discussed issues relating to Fiscal Federalism in Nigeria, Nigerian Tax/Legal System, Administration and collection of Taxes in Nigeria, Personal Income Tax Procedures, Value Added Tax and Procedures relating to Withholding Tax. In the second and third sessions, however, he focused on issues in the area of Audit and Assurance. Specific subjects that were covered include Public Company Accounting Reform, Investor Protection Act, Corporate and Criminal Fraud Accountability Act, Flowcharting in audit decision process and Practical Audit Business Procedures.
According to Mr. Mba, Fiscal Federalism in Nigeria dated back to 1954 when the country, which had until then been governed as a unitary state by the British, adopted a Federal Constitution. He reiterated that tax laws are essentially drawn from the Legal System of a country. Hence, the Nigerian Tax system is a product of her legal system and accordingly comprises of some pieces of legislations, professional tax processes and judiciary precedents. To this end, therefore, he emphasized that the practice of taxation in Nigeria is enhanced by a blend of strict adherence to these legislations and Courts’ Common Law Rules and Judicial Decisions.
Mr. Ifeanyi Mba opined that ethical values such as truth, sincerity, fairness, care and transparency are considered fundamental for creating trust in both the Accounting and Auditing profession.
In his remarks, The Deputy Dean, School of Business, Dr. Francis Iyoha, pointed out, “Professional accountants in business are the front runners when it comes to upholding the quality of financial reporting. Thus, a training of this magnitude will in the long-run help to boost the employability of graduates from the Department.”
The Head of Department, Accounting, Dr. Uwuigbe Uwalomwa, stated that accountants are key pillars in every organisation because they help to create and sustain value. “Therefore, a training of this magnitude will help to fulfil these roles and make them relevant in the face of constant environmental changes,” he said.
Both Staff and Students of the Department of Accounting were represented at the seminar.