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FINANCIAL REPORTING AND ETHICSone – third, and when the number of members is 6 or less, the quorumshall be 2 members.7.5.16 Resolutions (Section 233)There are two types of resolutions. These are ordinary and specialresolutions.Ordinary Resolution (Section 233.1)An ordinary resolution is one which has been passed by a simplemajority of votes cast by such members of the company voting in personor by proxy at a general meeting (Section 233(1)).Special Resolution (Section 237)This is a resolution which is passed by a majority of three – fourths ofthe votes/ proxies of persons present at a general meeting.Registration and Copies of Resolution (Section 237)Printed copies of certain resolutions or agreements must be sent to theCommission within 15 days of passing such resolutions for registration.7.5.17 Directors and Secretaries of a Company (Sections 244 - 298)Directors (Section 244)Since a company is an artificial person, its management has to beentrusted to human agents. These are the directors and managers of acompany.Disqualifications for DirectorshipThe following persons are disqualified from being directors:(a)(b)(c)(d)An infant (that is a person below 18 years of age);An insolvent person;Any fraudulent persons as per section 254 of the Act; orA body corporate or a firm, consisting of members each of whomis qualified under (a) to (d) of Section 295.Removal of Company Secretaries (Section 296)A company secretary can be removed or suspended by the board incompliance with Section 296 (2) where he is involved in fraud andserious misconduct. However, the board shall report the matter to thenext general meeting for ratification.162
THE ENVIRONMENT: CORPORATE, PROFESSIONAL AND REGULATORYDuties of a Company Secretary (Section 298)The duties of a Company Secretary are as follows:(a) Attending the meetings of the company, the board of directorsand its committees; rendering secretarial services and advisingon compliance with the applicable rules and regulations;(b) Maintaining the register of members, change of names and otherrecord of meetings, etc. as required by the Act;(c) Rendering proper returns and giving notifications to the CorporateAffairs Commission; and(d) Carrying out such administrative and secretarial duties as maybe required by the directors of the company.The secretary shall not without the authority of the board exercise anypower vested in the directors.7.6 PROFESSIONAL AND LEGAL REQUIREMENTS IN FINANCIAL REPORTINGAND AUDITING7.6.1 Financial Statements and Audited Books of AccountsEvery company shall keep accounting records which shall sufficientlyshow and explain the transactions of the company, so as to:(a)(b)Disclose with reasonable accuracy at any time the financialposition of the company; andEnable the directors to ensure that financial statements preparedunder this part as to the form and contents comply with theCompanies and Allied Matters Act, Cap. C20 LFN, 2004.The accounting records shall in particular contain:(a) Day to day entries of all sums of money received and expendedby the company and the matters in respect of which the receiptsand expenditure relate; and(b) Record of the assets and liabilities of the company.If the business of the company involves dealing in goods, the accountingrecords shall contain:(a) Statement of stocks held by the company at the end of year of thecompany;(b) All statements of stockings from which any such statement ofstock as is mentioned in paragraph (a) of this sub – sections hasbeen or is to be prepared; and(c) Except in the case of goods sold by way of ordinary retail statementof all goods sold and purchased, showing the goods, the buyersand sellers in sufficient details to enable all these to be identified.163
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FINANCIAL REPORTING AND ETHICS1.3.3
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ACCOUNTING AND REPORTING POLICIESsu
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ACCOUNTING AND REPORTING POLICIES(j
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ACCOUNTING AND REPORTING POLICIES(i
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ACCOUNTING AND REPORTING POLICIES2.
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3AMALGAMATION, ABSORPTION ANDRECONS
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AMALGAMATION, ABSORPTION AND RECONS
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4ANALYSIS AND INTERPRETATION TION O
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ANALYSIS AND INTERPRETATION OF FINA
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5ACCOUNTING STANDARDS5.0 LEARNING O
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ACCOUNTING STANDARDS(i)(ii)(iii)(iv
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ACCOUNTING STANDARDSThere is no SAS
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ACCOUNTING STANDARDS5.2.4 Borrowing
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ACCOUNTING STANDARDS(iii)Certain pe
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ACCOUNTING STANDARDSby venture capi
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ACCOUNTING STANDARDSIFRS 7 Financia
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ACCOUNTING STANDARDSactivity, non-c
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ACCOUNTING STANDARDSin the year inc
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ACCOUNTING STANDARDS(v)(vi)(vii)whe
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ACCOUNTING STANDARDS(v)Actions requ
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Page 113 and 114: 6ETHICAL FRAMEWORK, CONCEPTSAND VAL
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Page 177 and 178: PROFESSIONAL ETHICSabout conflicts
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Page 181 and 182: PROFESSIONAL ETHICSA. III onlyB. II
Page 183 and 184: 9DECISION MAKING IN ETHICS9. 0 LEAR
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Page 187 and 188: ETHICAL THREATS AND SAFEGUARDS(d)We
Page 189 and 190: DECISION MAKING IN ETHICS4. A perso
Page 191 and 192: 10ETHICAL THREATS TS AND SAFEGUARDS
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Page 201 and 202: ETHICAL THREATS AND SAFEGUARDSimmin
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Page 207 and 208: 11CORPORATE GOVERNANCE11.0 LEARNING
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CORPORATE GOVERNANCEtrust, possible
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CORPORATE GOVERNANCEAn agent has im
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CORPORATE GOVERNANCE(a)(b)(c)(d)(e)
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CORPORATE GOVERNANCE11.6.1 The law
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CORPORATE GOVERNANCEILLUSTRAUSTRATI
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CORPORATE GOVERNANCEimitated. They
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CORPORATE GOVERNANCE(a)(b)Greenbury
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CORPORATE GOVERNANCE11.9.2 Boards d
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CORPORATE GOVERNANCErelationship wi
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CORPORATE GOVERNANCE(e)(f)(g)(h)(i)
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CORPORATE GOVERNANCE(vi)Inquisitive
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CORPORATE GOVERNANCE(e)ConsultancyA
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CORPORATE GOVERNANCEThe incoming au
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CORPORATE GOVERNANCEIn summary, acc
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CORPORATE GOVERNANCEAccording to Th
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CORPORATE GOVERNANCE3. A body corpo
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12SOCIAL AND ENVIRONMENTALISSUES IN
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SOCIAL AND ENVIRONMENTAL ISSUES IN
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APPENDIX ISUGGESTED SOLUTIONS TO RE
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SUGGESTED SOLUTIONS TO REVISION QUE
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SUGGESTED SOLUTIONS TO REVISION QUE
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APPENDIX IICOMPREHENSIVE QUESTIONS
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COMPREHENSIVE QUESTIONS AND SUGGEST
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APPENDIX IIICASE STUDY 1Karsashi, a
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CASE STUDIES(iii)(iv)The floor sale
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CASE STUDIESShare price and dividen
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CASE STUDIESSUGGESTED SOLUTION(A) A
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CASE STUDY 3The following informati
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CASE STUDIESCASE STUDY 4Ologobojo i
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APPENDIX IVTable 1:SUMMARY OF INTER
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SUMMARY OF INTERNATIONAL ACCOUNTING
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APPENDIX VGLOSSARY OF TERMSAbsorpti
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GLOSSARY OF TERMSEthical Objectivis
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APPENDIX VIBIBLIOGRAPHYChambers Ham
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APPENDIX VIISTUDY AND EXAMINATION T
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STUDY AND EXAMINATION TECHNIQUES7.3
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INDEXAAbsorption, 17, 19, 39, 40, 4
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INDEXProfessional Behaviour, 136, 1
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