Forensic Tool Kit ( FTK ) is a computer software that can trace deleted emails, crack down encryption and trace any form of financial transaction. It makes Forensic Accounting work easier and faster.

FORENSIC ACCOUNTANTS USES ACCOUNTING, AUDITING AND INVESTIGATIVE SKILLS TO GIVE AN EXPERT ADVISE ON ISSUES OF FRAUD DETECTION AND PREVENTION.

CHECKMATING THE GROWING EFFECT OF CYBER THREAT ON ENTERPRISES AND GOVERNMENTS. ORGANIZATIONS NOT ONLY NEED TO DEVELOP SUFFICIENT CAPABILITIES TO PROTECT THEMSELVES BUT ALSO TO DO SO AT A REASONABLE AND PREDICTABLE COST. THE FORMATION OF A THREAT INTELLIGENCE PRACTICE ENABLED BY TECHNOLOGY WORKS TOWARDS THESE GOALS BY CENTRALIZING CYBER THREAT INTELLIGENCE THROUGH A SINGLE TRUSTED ENTITY WITHIN THE ORGANIZATION. WE USE ECLECTIC IQ PLATFORM TO QUICKLY DISCERN ACTIONABLE AND RELEVANT INTELLIGENCE USING A CORE SET OF WORKFLOWS AND PROCESSES WITHIN A SINGLE COLLABORATIVE WORKSPACE. ECLECTIC IQ PLATFORM IS A THREAT INTELLIGENCE PLATFORM THAT DELIVERS ANALYST CENTRIC TECHNOLOGY TO CONSOLIDATE, ANALYZE, MANAGE ACTION AND DISSEMINATE INTELLIGENCE AND REPORTS. SO, INTEGRATE YOUR BUSINESS / ORGANIZATION TO AN ECLECTIC IQ PLATFORM TODAY.

OSEMIHA & ASSOCIATES LTD IN PARTNERSHIP WITH PATMOS SECURITY SOLUTIONS OFFER INFORMATION TECHNOLOGY SECURITY SERVICES WITH A COUNTER THREAT UNIT ( CTU ) INTELLIGENCE, WE CAN HELP YOU ANTICIPATE YOUR CYBER ATTACKERS, DETECT THEIR TRADECRAFT, DISRUPT THE KILL CHAIN AND ERADICATE THEIR PRESENCE IN YOUR ENVIRONMENT. SECONDLY, OUR ASSESSMENT AND AUDIT OF CYBER RISK MANAGEMENT CAN HELP UNCOVERS PASSIVE ATTACKS AND IDENTIFY VULNERABILITIES SUCH AS UNAUTHORIZED ACCESS AND OTHER NON COMPLIANCE ISSUES THAT CAN HELP PROTECT YOUR BUSINESS.

The Importance of ICT for the Knowledge Economy: A Total Factor Productivity Analysis for Selected OECD Countries In: Proceedings of the Conference on Emerging Economic Issues in a Globalizing World. Abstract; Science, technology and innovation have become key factors contributing to economic growth in both advanced and developing economies. In the knowledge economy, information circulates at the international level through trade in goods and services, direct investment and technology flows, and the movement of people. Information and communication technologies (ICT) have been at the heart of economic changes for more than a decade. ICT sector plays an important role, notably by contributing to rapid technological progress and productivity growth. Firms use ICTs to organize transnational networks in response to international competition and the increasing need for strategic interaction. As a result, multinational firms are a primary vehicle of the everspreading process of globalization. New technologies and their implementation in productive activities are changing the economic structure and contributing to productivity increases in OECD economies. Economic competitiveness depends on productivity level and in the knowledge economy, ICT sectors determine the productivity level. As a result , we can say that the power of economic competitiveness of a country depends on the productivity of its ICT sector. There are two ways to improve the Total Factor productivity {TFP} of ICT and to improve the power of competitiveness. First of all, if the selected countries solve their inefficiency problem by reallocation of resources, they can improve their TFP of the ICT sector and as a result they can be more competitive. Secondly, the technological improvement in these countries creates an expectation about increasing TFP of ICT sector for future. If there will be a sustainable technological improvement by innovation, it will cause a sustainable increase in the TFP of ICT sector and as a result it will cause a sustainable increase in competitiveness.

Preparing financial statements requires preparing an adjusted trial balance, translating it into financial reports, and auditing them. Learning Objective Explain the necessary steps to take before preparing the financial statements and the purpose of the statements Key Points The purpose of financial statements are to provide both business insiders and outsiders a concise, clear picture of the current financial status in the business. Therefore, the people who use the statements must be confident in its accuracy. Closing the books is simply a matter of ensuring that transactions that take place after the business's financial period are not included in the financial statements. Adjusting entries are generally made in relation to prepaid expenses, prepayments, accruals, estimates and inventory. When an audit is completed, the auditor will issue a report regarding whether the statements are accurate. To ensure a positive reports, some companies try to participate in opinion shopping. This practice is generally prohibited.. Terms audit An independent review and examination of records and activities to assess the adequacy of system controls, to ensure compliance with established policies and operational procedures, and to recommend necessary changes in controls, policies, or procedures adjusting entry Journal entries usually made at the end of an accounting period to allocate income and expenditure to the period in which they actually occurred. opinion shopping The process of contracting or rejecting auditors based on the type of opinion report they will issue on the auditee.: Preparing Financial Statements When a business enterprise presents all the relevant financial information in a structured and easy to understand manner, it is called a financial statement. The purpose of financial statements are to provide both business insiders and outsiders a concise, clear picture of the current financial status in the business. Therefore, the people who use the statements must be confident in its accuracy. Adjusted Trial Balance - Closing the Books The process of preparing the financial statements begins with the adjusted trial balance. Preparing the adjusted trial balance requires "closing" the book and making the necessary adjusting entries to align the financial records with the true financial activity of the business. Closing the books is simply a matter of ensuring that transactions that take place after the business's financial period are not included in the financial statements. For example, assume a business is preparing its financial statements with a December 31st year end. It acquires some property on January 14th. If the books are properly closed, that property will not be included on the balance sheet that is being prepared for the period on December 31st. Adjusted Trial Balance - Adjusting Entries An adjusting entry is a journal entry made at the end of an accounting period that allocates income and expenditure to the appropriate years. Adjusting entries are generally made in relation to prepaid expenses, prepayments, accruals, estimates and inventory. Throughout the year, a business may spend funds or make assumptions that might not be accurate regarding the use of a good or service during the accounting period. Adjusting entries allow the company to go back and adjust those balances to reflect the actual financial activity during the accounting period. Failure to record the adjusting entries can result in understatement of expenses and overstatement of income, which ultimately can affect the amount of taxes paid. For example, assume a company purchases 100 units of raw material that it expects to use up during the current accounting period. As a result, it immediately expenses the cost of the material. However, at the end of the year the company discovers it only used 50 units. The company must then make an adjusting entry to reflect that, and decrease the amount of the expense and increase the amount of inventory accordingly. Translate the Adjusted Trial Balance to Financial Statements Using the trial balance, the company then prepares the four financial statements. These statements are: The Balance Sheet: A summary of the company's assets, liabilities and equity; The Income Statement: A summary of the business's income, expenses, and profits The Statement of Cash Flows: A report on a company's cash flow activities, particularly its operating, investing and financing activities; and The Statement of Changes in Equity: A report that explains the changes of the company's equity throughout the reporting period Information flows from the unadjusted trial balance to the trial balance then to the income statement. The company may also provide Notes to the Financial Statements, which are disclosures regarding key details about the company's operations that may not be evident from the financial statements. Wachovia National Bank 1906 financial statement Audit the Financial Statements Once the company prepares its financial statements, it will contract an outside third party to audit it. An audit is an independent review and examination of records and activities to assess the adequacy of system controls, to ensure compliance with established policies and operational procedures, and to recommend necessary changes in controls, policies, or procedures. It is the audit that assures outside investors and interested parties that the content of the statements are correct. When an audit is completed, the auditor will issue a report with the findings. The findings can state anything from the statements are accurate to statements are misleading. To ensure a positive reports, some companies try to participate in opinion shopping. This is the process that businesses use to ensure it gets a positive review. Since Enron and the accounting scandals of the early 2000s, this practice has been prohibited.

At Osemiha & Associates Ltd, we undertake the preparation of financial statements, financial statement analysis, auditing, procurement services and export services.

Financial Statement Analysis Overview of Financial Statement Analysis Financial statement analysis involves the identification of the following items for a company's financial statements over a series of reporting periods: Trends. Create trend lines for key items in the financial statements over multiple time periods, to see how the company is performing. Typical trend lines are for revenues, the gross margin, net profits, cash, accounts receivable, and debt. Proportion analysis. An array of ratios are available for discerning the relationship between the size of various accounts in the financial statements. For example, you can calculate a company's quick ratio to estimate its ability to pay its immediate liabilities, or its debt to equity ratio to see if it has taken on too much debt. These analyses are frequently between the revenues and expenses listed on the income statement and the assets, liabilities, and equity accounts listed on the balance sheet. Financial statement analysis is an exceptionally powerful tool for a variety of users of financial statements, each having different objectives in learning about the financial circumstances of the entity. Users of Financial Statement Analysis There are a number of users of financial statement analysis. They are: 1. Creditors. Anyone who has lent funds to a company is interested in its ability to pay back the debt, and so will focus on various cash flow measures. 2. Investors. Both current and prospective investors examine financial statements to learn about a company's ability to continue issuing dividends, or to generate cash flow, or to continue growing at its historical rate (depending upon their investment philisophies). 3. Management. The company controller prepares an ongoing analysis of the company's financial results, particularly in relation to a number of operational metrics that are not seen by outside entities (such as the cost per delivery, cost per distribution channel, profit by product, and so forth). 4. Regulatory authorities. If a company is publicly held, its financial statements are examined by the Securities and Exchange Commission (if the company files in the United States) to see if its statements conform to the various accounting standards and the rules of the SEC. Methods of Financial Statement Analysis There are two key methods for analyzing financial statements. The first method is the use of horizontal and vertical analysis. Horizontal analysis is the comparison of financial information over a series of reporting periods, while vertical analysis is the proportional analysis of a financial statement, where each line item on a financial statement is listed as a percentage of another item. Typically, this means that every line item on an income statement is stated as a percentage of gross sales, while every line item on a balance sheet is stated as a percentage of total assets. Thus, horizontal analysis is the review of the results of multiple time periods, while vertical analysis is the review of the proportion of accounts to each other within a single period. The following links will direct you to more information about horizontal and vertical analysis: 1.Horizontal analysis 2. Vertical analysis The second method for analyzing financial statements is the use of many kinds of ratios. You use ratios to calculate the relative size of one number in relation to another. After you calculate a ratio, you can then compare it to the same ratio calculated for a prior period, or that is based on an industry average, to see if the company is performing in accordance with expectations. In a typical financial statement analysis, most ratios will be within expectations, while a small number will flag potential problems that will attract the attention of the reviewer. There are several general categories of ratios, each designed to examine a different aspect of a company's performance. The general groups of ratios are: 1. Liquidity ratios. This is the most fundamentally important set of ratios, because they measure the ability of a company to remain in business. Click the following links for a thorough review of each ratio. 2. Cash coverage ratio. Shows the amount of cash available to pay interest. 3.Current ratio. Measures the amount of liquidity available to pay for current liabilities. 4. Quick ratio. The same as the current ratio, but does not include inventory. 5. Liquidity index. Measures the amount of time required to convert assets into cash. 6. Activity ratios. These ratios are a strong indicator of the quality of management, since they reveal how well management is utilizing company resources. Click the following links for a thorough review of each ratio. 7. Accounts payable turnover ratio. Measures the speed with which a company pays its suppliers. 8..Accounts receivable turnover ratio. Measures a company's ability to collect accounts receivable. 9. Fixed asset turnover ratio. Measures a company's ability to generate sales from a certain base of fixed assets. 10.Inventory turnover ratio. Measures the amount of inventory needed to support a given level of sales. 11. Sales to working capital ratio. Shows the amount of working capital required to support a given amount of sales. 12. Working capital turnover ratio. Measures a company's ability to generate sales from a certain base of working capital. 13. Leverage ratios. These ratios reveal the extent to which a company is relying upon debt to fund its operations, and its ability to pay back the debt. Click the following links for a thorough review of each ratio. 14. Debt to equity ratio. Shows the extent to which management is willing to fund operations with debt, rather than equity. 15. Debt service coverage ratio. Reveals the ability of a company to pay its debt obligations. 16. Fixed charge coverage. Shows the ability of a company to pay for its fixed costs. 17. Profitability ratios. These ratios measure how well a company performs in generating a profit. Click the following links for a thorough review of each ratio. 18. Breakeven point. Reveals the sales level at which a company breaks even. 19.Contribution margin ratio. Shows the profits left after variable costs are subtracted from sales. 20. Gross profit ratio. Shows revenues minus the cost of goods sold, as a proportion of sales. 30.Margin of safety. Calculates the amount by which sales must drop before a company reaches its breakeven point. 31. Net profit ratio. Calculates the amount of profit after taxes and all expenses have been deducted from net sales. 32.Return on equity. Shows company profit as a percentage of equity. 33. Return on net assets. Shows company profits as a percentage of fixed assets and working capital. 34. Return on operating assets. Shows company profit as percentage of assets utilized.

⌂ Home 👤Osamiha ⚙ Help Press ? for keyboard shortcuts. Close Ad Mail Contacts Calendar Notepad Messenger News Feed Yahoogroups proauditgroup@yahoogroups.com +2348033530475 Search emails Yahoo! Groups Bomb scare in Abuja as AGF, workers scamper for safety PUBLIC PROCUREMENT CRITERIA / HIERARCHY OF PROCUREMENT DOCUMENTS IN ACCORDANCE WITH THE LAWS OF NIGERIA AND INTERNATIONAL STANDARDS S/no Description of Procurement Document 1 The constitution of the Federal Republic of Nigeria as the supreme law of the land 2 All laws made by the National assembly that is relevant to Public Procurement including but not limited to , PUBLIC PROCUREMENT Act 2007, CIPSMN Act 2007, EFCC act, ICPC Act , FINANCE AND MANAGEMENT Act etc etc 3 Public Procurement Policy as Approved by the National Procurement Council 4 Procurement Objectives 5 Public Procurement Manuals 6 Respective Procurement Processes and Procédures bidding Documents ETC . 7 Other Procurement documents (Instructions, circulars etc. that are required for Procurement from Federal Government ,Finance Ministry , Audit , Head of service etc 8 Public Procurèrent Records which is what MDAs generate while doing their work and which is the subject for review or investigation and /or Audit for transparency, accountabilty ,fairness, value for money etc after the work has been done and generally used to détermine the performance of respective Procurement officers and the MDAs in accordance with the established criteria.. NOTE 1 If you follow the above mandatory criteria/ HIERARCHY of procurement Documents and read them together when required , to analyze Public Procurement issues in Nigeria, you can easily see ,know and understand that FEC can legally award contract based on thresholds established for FEC by the council on Public Procurement but the NATIONAL COUNCIL ON PUBLIC PROCUREMENT cannot do so for MDAs under any circumstance and is not designed to do so under the above criteria. 2 FOR the records, The National council on Public is an independent legal body that is lower IN RANK when compared to the FEC and cannot award contracts for MDAs but deals only with procurement policies and provision of specific approvals stated in the law for the assigments of BPP.

WATCH OUT FOR “BATTLE OF THE FORMS” AS YOU RECEIVE TENDER DOCUMENTS FROM BIDDERS ü “Battle of the Forms” refers to clash of standard forms exchanged between a buyer and a seller during contract negotiations/Tendering Process . ü The rules of offer and acceptance are difficult to apply in certain circumstances is also known as the battle of the forms, and is a situation wherein parties want to enter into a contract, but are put in a difficult position in an attempt to use the rules of law so as to ensure that the contract is on terms of their choosing. This is what happens when some bidders refuse to fill your own tender forms as submitted to them by standard and begin to introduce their own Watch out for this in Bank Guarantee etc LEGAL ASPECTS OF PROCUREMENT WHAT IS THE STATUS OF YOUR KNOWLEDGE OF THE FOLLOWING ISSUES AS A PROCUREMENT EXPERT/AUDITOR ? You can examine your self and ask questions on line and those who know will interact with you. Thanks and best regards. Patrick ü To be able to distinguish between express and implied contract terms in contracts. ü Understanding of elements of offer and acceptance. ü Understanding the legal aspects surrounding tendering processes. ü Description of the types of tenders and the collateral obligations that arise from the tendering process. ü Capacity to explain pre and post-award obligations. ü Understanding the principles of consideration. ü Capacity to explain the intention to create legal relations. ü Understanding what is meant by the 'battle of the forms'. ü Classification of contractual terms into conditions, warrantees and innominate terms. ü Classification of common law and statuary exclusion clauses. ü Explanation of force majeure clauses. ü Distinguishing between penalties and liquidated damages. ü Explaining the meaning of 'Retention of Title'. ü Distinguishing between duress and undue influence. ü Distinguishing between misrepresentation & mistake, and describe the effects of each. ü Applying the legal rules and remedies where there are voidable / vitiating factors. ü Description of different methods of contract termination. ü Explaining breach of contract and its effects, and propose remedies. ü Assessing unliquidated damages. ü Explaining the remedies for breach of a sale/procurement of goods, works and services contract. ü Identification and evaluation of litigation as a method of commercial dispute resolution. ü Distinguishing between mediation and conciliation. ü Defintion of adjudication. ü Defining arbitration. ü Distinguishing between sale of goods, supply of goods and service statutes. ü Understanding the legal aspects of Procurement as it applies to delivery and payment. ü Understanding the legal aspects of examining and accepting of goods. ü Description of the nemo dat rule and acceptions to this rule. ü Explaining the 'doctrine of privity' of contract. ü Understanding indemnity clauses and agency arrangements. ü Understanding the creation of an agency agreement. ü Description of the rights and duties of an agent. ü Describe framework agreements. ü Identify and describe the open, restricted, negotiated and competitive dialogue procedures. ü Explain the implications of disclosure from a legal perspective as it relates to the procurement process. ü Describe and explain exemptions. ü Explaining the implications of breach of confidentiality. ü Explaining the impact of restraint of trade clauses. ü Explaining Incoterms and contracts of carriage. ü Explaining jurisdiction issues. ü Explaining letters of credit. ü Description of the shipping documents required for sale of goods in an international context.

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