Audit trail can also be referred to as management trail. The reason being that audit trail allows management to determine the priority of processing and to follow up on errors. Audit trail is the facility by which individual transactions can be traced through the accounting records, eg files, indexes, reports, references etc.
[Read more…] about Audit trail, loss of audit trail and the solution to it
It has always been said that teaching is a noble profession. It is one of the earliest professions introduced in this country in the arrival of Europeans. The teacher is a member of a larger society. The teacher’s mental health plays an important role in the teaching or learning process. A teacher that is not of sound mind may do incalculable harm to the nation in terms of poor guidance to the students. He cannot do justice to his job. His personality would be negatively affected by his maladjustment of the children put under his charge.
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The seventeenth century industrial revolution in Europe led to the search for raw materials by European countries in other parts of the world. The raw materials included rubber, gold, ivory, coca, palm oil and groundnuts. They also sought markets in Nigeria and other parts of west Africa for their manufactured goods or products. Consequently, they brought their culture and religion to the colonies so as to bring civilization to them.
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According to the UNESCO (United Nations Educational Scientific and Cultural Organization) 1952, Adult education has been associated with teaching of literacy and with such remedial measures as the night school for adults who have missed the opportunity for formal schooling. The concept of adult education has been broadened considerably so as to cover the activities of a wide range of institutions or agencies and to include content as wide as life itself. In essence, adult education is so closely related to the social, political and cultural conditions of each country that no uniform or precise definition can be arrived at.
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Teaching is defined as a complete process whereby the learner is made to “pay attention, make observations, associate ideas, and remember previous experiences and reason”. Teaching can equally be defined or described as a process of educating someone.
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Some 11 years ago, there was a consolidation exercise in the banking industry in Nigeria, initiated by the then CBN governor, Charles Soludo. It was announced in Soludo’s thirteen point agenda that there would be a 25bn recapitalization exercise of banks, and in order for the banks to achieve this new paid up capital, there would be a consolidation of banking institutions through mergers and acquisitions. It was further revealed that the capitalization and consolidation exercise were to be completed by 31st December 2005, and any bank who fails to meet the paid up capital by end of December 2005 or which remain un-sound/marginal would be liquidated by January 2006”.
[Read more…] about Influence of Nigerian Stock Exchange on the Banking Industry
The fuel scarcity still lingers in Nigeria, and since my last post on the (fuel scarcity in Nigeria), it had gotten worse. News received is that the fuel scarcity is fueled (pun intended..lol..) by a lack of foreign exchange. The parallel market rate of the naira to the dollar as at the 10th of April 2016 is between 320 naira to a dollar even though the CBN holds an official rate of a little below 200 naira to a dollar.
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Hi people, I have been wanting to write this post for a long time because a couple of months ago I read about the financial crisis in Greece, and the proposed bid by the European central bank to resuscitate the economy through quantitative easing. I later learnt that this fell through because Greece was excluded from the European central bank’s quantitative easing program because of its low credit rating; even after the European Central bank increased its monthly purchase of assets from around €13billion to €60 billion until at least September 2016. This was the first time I was hearing of a quantitative easing program, so obviously, I had to read up on it. So I am writing this post to share my findings. I hope you enjoy.
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At our pension fund, we receive quite a copious amount of applications for annuity each day. Although this is detrimental to the business, we have no choice but to grant the retirees’ request because they have a right to choose either a programmed withdrawal (ie monthly payment of pension benefits until around 30 years) or an annuity (monthly payment, but usually way higher than the programmed withdrawal). [Read more…] about Programmed Withdrawal vs Life Annuity
Hi people, I received terrible news concerning one of our retirees. She had been processing her retirement benefit for over a year now, gathering the relevant documents and all. Alas the time for payment came, and just a few days after she received approval from Pencom, she passes away. The story was very touching because she had two little ones, but her two sisters were the ones that filed for her death benefit. In Nigeria, ones that happens, then the poor little ones won’t get to share out of the money. If she had drawn up a will, specifically instructing her lawyer to ensure that all her pension benefit and any other payment be legally transferred to her children, then all these quagmire would not have been encountered.
[Read more…] about Why to get a will
