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Below are the list of course for the M.Sc. Accounting program for the University of Nigeria. Click on the toggle buttons to read each course overview and then procced to download the course modules individually.
A review of basic accounting procedures and systems, accounting concepts, conventions, policies, bases, and methods; The economic foundations of accounting: nature, elements, evolution, rationale, and approaches to accounting theory; theories of regulations; dimensions of accounting theory including theories relating to the accounting structure; the development of accounting standards; the objectives of income measurement. International Financial Reporting Standards (IFRS) and the components of financial statements, concept of capital maintenance and the concept of net income, valuation of assets and liabilities, emerging issues in accounting theory.
Design of accounting systems; tools for and techniques of analysing and designing accounting systems with emphasis on system controls and reporting; concepts of implementation and support with emphasis on system quality assurance, evaluation and attestation; accounting enterprise models and linked systems’ information technology; analysis and design of inter-functional process flows through re-engineering to exploit technology capabilities; management of knowledge based systems, accounting data and information in organisations.
Regulatory and Statutory Framework of Accounting: Detailed contents and application of International Financial Reporting Standards (IFRS) and International Accounting Standards (IAS); Generally Accepted Accounting Principles (GAAP); arguments for and against regulations; legislative and quasi-legislative requirements: Companies and Allied Matters Act, 1990, Insurance Act, 2003, Banks and Other Financial Institutions Act, 2003. NAICOM Act, Prudential Guidelines for Banks and Non-banking Financial Institutions, Nigerian Stock Exchange Regulations, Securities and Exchange Commission’s (SEC) and Investment and Securities Acts (ISA).
Capital Re-organisation & Reconstruction: Capital reorganisation and its accounting treatment; capital reconstruction and its accounting treatment; structural reorganisation and reconstruction.
Bankruptcy and Liquidation: Proceedings in bankruptcy; bankruptcy of individuals and partnership: preparation of statement of affairs and deficiency account; liquidation of company: preparation of statement of affairs and deficiency account; liquidators and receivers’ accounts.
An overview of business ethics; the foundation of ethical thought; emerging business ethical issues; ethical corporate behaviour and its development, ethical leadership; ethical decision-making, ethical dilemmas in organisation, social responsibility of business and corporate fundamental principles; conceptual framework guiding compliance with the fundamental principles; threats and safeguards; corporate governance theories; NSE’s and CBN’s codes of corporate governance; board conflict management, board governance mechanisms. Ethics in functional areas like marketing, finance, human resource and information technology; environmental ethics, and corruption. Impacts of ethics on the on the current business environment; International codes of ethical standards and organisations such as OECD, World Bank, EU, GRI, etc.
Statutory basis of auditing; audit responsibilities; audit standards; audit report; relationship between internal and external auditors; audit failures; public sector audit; audit planning and control; specialised audits and investigation; audit theories and contemporary issues in auditing; advanced principles in external and internal auditing – practices and techniques; evaluation techniques for internal control; determination of audit risks and choice of technique; sampling and sampling techniques; auditors’ reports: modifications and emphasis of matters, planning, quality control and review process; audit of group financial statements, holding companies, subsidiaries with different auditors, associated companies, joint auditors, standards of assurance engagement, appraisal of expectation gap; the effects of auditing standards, the International Financial Reporting Standards, audit assurance assignments; professional ethics, legal liabilities associated with auditing; public sector audit: emerging issues and developments in auditing and assurance; impact of technology in auditing; auditing in IT environment, financial reporting and auditing standards; modern approaches to internal auditing; investigations: procedure for different forms of investigation, fraud investigations, back duty Investigations, investigations under the Companies and Allied Matters Act; solvency and due diligence; principles and applications of professional ethics (professional appointments; conflict of interest; second opinions; professional fees and other types of remuneration; marketing professional services; the names and letterheads of practising firms; gifts and hospitality; custody of client assets; independence-assurance engagements; assertion-based assurance engagements; restricted-use of reports; multiple responsible parties; guidance on some specific issues; application of framework to specific situations; objectivity and independence in financial reporting; similar non-audit roles; consultancy.
Internal Audit and Review; nature and extent of internal review assignments, procedure of designing audit programmes, computer audit and its effect on auditing techniques, control measures on computer auditing, meaning of management letter and what it entails, elements of auditor’s report, types of audit opinion. Financial Statement and Institutional Frauds, meaning of Financial Statement Fraud and its causes, Meaning of Financial Statement Analysis, Difference between Horizontal and Vertical Analysis of Financial Statement, Role of Ratio Analysis in detecting financial statement fraud, Meaning of Embezzlement and its major types, Meaning of Loan and Real Estate Fraud, Cheque Fraud, and Credit Card Fraud various schemes, red flags, detection, and prevention strategies on them. Money Laundering, its process and various red flags associated with it, types of businesses suitable for money laundering, international efforts to combat money laundering, scope of criminal offences of money laundering, forensic accountants’ obligations in the prevention and detection of money laundering, elements of an anti-money laundering programme. Litigation and Expert Witnessing, functions of expert testimony, legal qualification of the Forensic Accountant expert witness, role of Forensic Accountants during expert witnessing, content of the forensic expert witness engagement letter and the attributes of a Forensic Accounting Expert witness. Meaning and items that constitute basic trial tips, Do’s and Don’ts during cross-examination, tactics used to discredit an expert witness during cross examination, Ethical and Moral behaviour expected from Forensic Accountant, ethical considerations in forensic report writing, ethical consideration in publication of forensic accounting paper, content of an expert witness report.
Basic accounting for non-profit organisation; basic characteristics of government accounting; structure of governmental accounting in Nigeria; the treasury; audit department; consolidated revenue fund, capital and development fund; planning, programming and budgeting system (PPBS). An overview of government accounting: differences between accounting for government and commercial enterprises; cash basis of accounting in public sector; accruals basis of accounting in public sector; modified cash basis of accounting; budgeting in the public sector; public accounts committee and budget approval; virement of the approved budget; format and contents of financial statements; financial statements of specific public sector organisations – Federal, State and Local Governments, Military, Teaching Hospitals and Parastatals. Advanced study of generally accepted accounting principles and procedures of government units and not-for-profit organisations: fund accounting systems: consolidated revenue fund; capital and development funds; special assessment funds; inter-governmental service funds; application of costing methods to public funds; federal government accounting; accounting for local governments; application of costing methods to public funds; budgetary accounts; accounting for health and educational institutions; PPBS; zero base and other budgetary methods on current issues.
Legal elements of financial statement fraud, management and auditors’ responsibilities, improper revenue/sales recognition, inadequate disclosure of related-party transactions, improper asset valuation, improper deferral costs and expenses, financial statement red flags, and inadequacies in managements’ discussions and analysis. Detection and investigation of possible financial statement problems, off Statement Financial Position (Off Balance Sheet) activity, liquidity, financial performance indicators, unreported intangibles and lease auditing.
Introduction to key topics in research in accounting, including philosophy of science, theory, validity, method choice, population, and sample selection; Identification of research and problems including statement of hypothesis and research questions and objectives. Sources of data and data collection instruments, analysis, and interpretation of data; Application of statistical tools such as Chi-square, t-test, ANOVA, and various other models. The art of problem identification and analysis, data gathering, analysis and report writing with emphasis on the approach at every stage; Quantitative and qualitative research and analysis. The study of the specification of econometric models in economic and accounting theories research; stochastic disturbances, and the link between conceptual variables and observable economic data; Estimation of single equation: linear, non-linear models by least squares (OLS) and other methods and simultaneous equation models. Particular attention is given to specification of problem, identification of errors and application of the various tools to aid analysis in accounting research.
An overview of Fraud and Audit, Meaning of Forensic Audit, Need and Objectives of Forensic Audit, Fraud and Forensic Audit, Audit Evidence, Audit Expectations Gap. Regulatory Obligations of Auditors, Forensic Accountants and their Reports, Auditor Independence, Auditor and Forensic Accountants Reports, Detection and Analysis of Fraud Symptoms. Investigation of Fraud Offences, Financial Statement Fraud and Detection, Financial statement, and ratio analysis: Beneish Ratios, Audit Planning, Risk Assessment and Materiality. IT, the Controls Environment, and Computer Fraud. Managing Big Data and Investigations, How Big Data helps combat fraud, Fraud analysis techniques using Big Data. Design of and Substantive Procedures Application for transactions and balances, External confirmations. Review of subsequent events, Review of Contingent liabilities, Communicating the audit outcomes. Introduction to Cyber Crime, International Guidance to Cyber Forensics Laws, Digital Forensics and Cyber Laws, Digital Forensics and Cyber Crime, Ethical Hacking, Digital Incident Response.
An Overview of Forensic Accounting; Meaning of Forensic Accounting, Historical Evolution of Forensic Accounting, Difference and Similarities between Forensic Accountants, Financial Auditors and Fraud Auditors, Users of Forensic Accounting Information and their specific needs, Role of Forensic Accounting in the Legal System. An Overview of Fraud Investigation; Meaning of Fraud and Difference between Corporate Fraud and Management Fraud, Meaning of Fraud Triangle and its major components, Fraud Schemes and Various Red flags Associated with the Scheme, Classical and Other Approaches to Fraud Prevention Control Programmes, Fraud Examination and its distinction with Forensic Accounting and Financial Statement Audit. Forensic Criminology and Legal Studies; Meaning of Forensic Criminology and its role in the administration of Justice, Brief History of Forensic Criminology, Difference between Forensic Criminology, Applied Criminology and Police Science, Classical Criminology and its components, Meaning of White Collar Crime and its historical evolution, Roles of EFCC, ICPC and other Investigative Agencies on Financial Crime, Meaning of Organizational Crime and its effect on social image of Organization, Modalities of controlling Organizational Crime.
National and international accounting and business issues; global capital market issues; international finance system; international accounting and business topics: the nature and scope of international business; international business environment; financial control of multinational concerns; international accounting standards in relation to preparation of financial statements; conversion and accounting for foreign currencies; capital flight; transfer of dividends; costing of foreign products; funds for foreign directors; preparation, transition and analysis of financial statements for companies that have branches of foreign multinational companies; accounting standards: major accounting standards bodies of the world including their history, methods and standards. The Financial Reporting Council of Nigeria (FRC) formerly known as the Nigerian Accounting Standards Board (NASB) and the Financial Accounting Standards Board (FASB-USA) and the Financial Accounting Standards (FASs), the Accounting Standard Board (ASB-UK) and the Statements of Standard Accounting Practice (SSAPs); the International Accounting Standards Board (ISAB) and International Financial Reporting Standards.
The nature of the firm and corporate objectives. Finance functions and finance environment; Sources of finance; Leasing, Venture Capital, and issuance of new securities; Capital market operations-regulations, target rates of return, efficiency, and role of intermediaries in sources of finance. Time value of money: Annuity, Sinking fund and Amortization. Implementation of firm’s goals for choice among alternative investment projects (the capital budgeting problems). Capital budgeting under certainty and uncertainty conditions; Financial Analysis.
Published Group Accounts: Preparation of consolidated Statement of Financial Position, Statement of Comprehensive Income and group cash flow statement involving one or more subsidiaries, sub-subsidiaries, and associates, under the acquisition methods (IFRS 3 and IAS 27). The accounting treatment of joint ventures and associates (IAS 28 & 31), using equity method and proportional consolidation method. Foreign currency transactions (IAS 21 & SAS 7) to include overseas transactions and investment in overseas subsidiaries. Disposal of shares in a subsidiary.
Amalgamation and Absorption: business combination and takeovers; method of business combination; types of consideration in business combination; acquisition of controlling interest; accounting treatment under amalgamation and absorption scheme.
Lease Accounting: Accounting by lessee, lease liability, Accounting by Lessor, Sales, and lease back (IFRS 16).
Accounting for Financial Instruments (IFRS 9): Accounting for issue of shares, Recognition, Measurement, Presentation (IAS 32) and Disclosure (IFRS 7).
The evolution and structure of the company income tax system from a public policy perspective. Emphasis is on legal, economic, social, and practical considerations. Tax reforms in Nigeria, Taxation of entities – partnerships, estates, and trusts; taxation of gifts and estates; capital gains tax, analysis of tax laws, weight or authority, ethnical issues, planning and administrative procedures; capital allowances, treatment of Losses; petroleum profit tax; pioneer companies’ tax and modified value added tax; taxation of specialised companies Such as Banks, Insurance, Shipping and Airline Companies; double taxation arrangements. Theory and principles of Nigerian Tax System; determination of taxable income for individuals and taxable profits for companies; basis of assessment and capital allowance; loss relief; taxation of incomes from partnerships; taxation of employment income and the PAYE system of taxation. The Federal Inland Revenue Service and Company Taxation in Nigeria: objections and appeal procedure, tax reforms in Nigeria and the Federal Inland Service Establishment Act of 2007, capital gains tax, value added tax, taxation of specialised companies, taxation of non-residents in Nigeria and double taxation arrangements, transfer pricing methods, tax related fiscal policies, withholding tax system, petroleum profit tax, and case studies.
Tax Audit: Meaning of tax audit; objective of tax audit; types of tax audit- desk audit and field audit. Tax auditors’ roles and responsibility. Tax Audit Processes: Pre-assessment stage; assessment stage; selection of taxpayer; Type of Tax Exercise- routine sector, routine zonal and special purpose audit. Scope of income tax audit. Tax Investigation; Avoidance and Evasion. Tax audit report: limitation of tax audit and challenges faced by tax auditor.
Tax Accounting: Meaning, Tax accounting and internal revenue code (IRC); Tax laws versus IFRS (Tax principles vs. accounting principles). Introduction to accounting recording terms (accounting books and data). Tax Accounting for individual and business. Allowable and non-allowable expenditure (CITA). Introduction to computation of company income tax. Value added tax and tax planning. Tax provision and financial statement; components of income tax expense
Meaning and conceptual framework of social and environmental accounting; basic concepts and terminologies in social and environmental accounting; the nature of social and environmental accounting; rationales for social and environmental reporting; natural resources accounting; approaches adopted in social and environmental accounting; differences between natural assets and environmental assets; environmental liabilities and costs; identification and recognition of environmental cost; applying environmental accounting to capital budgeting; preparation of the environmental accounts; Statement of Comprehensive Income of the oil sector; preparation of Statement of Financial Position of oil sector; sustainability and corporate responsibility; social and environmental accounting in the private and public sectors; qualitative and quantitative social and environmental accounting disclosures; evaluation of social and environmental accounting reports; Structural elements of environmental laws and regulations, international standards in environmental cost accounting.
An overview of business law; legal aspect of business, law of contracts, agency, carriage of goods, hire purchase, and other related laws; in depth examination of the company act and company miscellaneous matters.
Importance of risk management and internal control systems; principles, objectives and responsibilities of risk management, organisation and control of risk management process; decision of enterprise risk management and internal control; elements of sound system of internal control; responsibilities of the management board and employees in maintaining sound risk management; effectiveness of risk management and internal control systems; responsibilities of the management board, supervisory board, internal auditing and external auditor; board’s disclosures and statements on risk management and internal control systems.
This course in Public Financial Management provides you with the requisite insights to the implementation and implications of the Public Finance Management Act (PFMA) of 1999 (as amended) when acting as middle or senior financial manager in the public sector. The course covers the following topics: Introduction to financial management, financial framework applicable to public officials; Strategic planning, Strategic planning and budgeting, Costing, Expenditure classification, Performance measurement, Asset management, Risk management, Internal control, Payment processes, Supply chain management, In-year management, monitoring and reporting, financial reporting, and accountability.
Market evaluation of non-assets under uncertainty and implication for capital budgeting. Analysis and illustration with problems of alternative investment criteria. Alternative approaches to value of the firm and the cost of capital; financial planning and forecasting, discussion of corporate financial problems, e.g. leasing, mergers and acquisitions. Capital projects analysis and the impact of risk, tax and inflation, structure of interest rates. Working capital management, capital structure and leverage analysis, direct policies; corporate re-organizations, mergers, and acquisitions; inventory monitoring.
The first part of this course deals with the concept, nature and dynamics of corporate policy, policy implementations and evaluation. The second part focuses on the objectives and concepts of strategy, the theory and practice of strategic formulation and implementation, the strategic planning process, the techniques for appraisal, development of strategic options, strategic thinking for innovative and creative ideas, corporate portfolio analyses, assessment of corporate structures, dynamics, positions, actions, and reactions by competitors.
Introduction: Meaning of Estate tax and Gift tax; estate administration, transfer of property at death and estate tax credit. Taxpayers and tax base, computation of net estate (Gross Estate, Net Estate, Deduction and Exceptions); Rate of Estate and Gift tax; Filing Requirements and Payment of Tax; Penalties; Approaches to Taxation: Compare basic global taxation regimes as they relate to the taxation of dividend income, interest income, realized capital gains, and unrealized capital gains.
Tax Regime: Different types of taxes; Effect of Tax Regimes on Future Wealth Accumulation; Investment Return and Investment Horizon; Accrual and Deferred Capital Gain Taxation
Domestic Estate Planning: Estate; Wills; Probate; Sole ownership; Joint ownership with right of survivorship and intestate
Legal system and Will: Provision of common law on wills; Provision of Civil law on wills; Provision of Sharia law on wills; Community Property Regime; Separate Property Regime and Forced Heirship.
Wealth Transfer Taxes: Net worth Taxation; Net wealth Taxation; Lifetime gratuitous transfer; Testamentary gratuitous transfer; Annual Wealth Taxation and Blended Taxation
Seminar Presentation involves academic report writing on current issues in accounting and related areas through lectures, seminar discussion, field study, etc. Students are required to present two seminar papers. The efforts put in by students would be evaluated. Students will be required to choose a topic of their choice in accounting, conduct some research and write a formal report of their findings in form of lengthy project writing. The areas to be chosen by the students should preferably be in the current issues surrounding the theory and practice of accounting. The students will be assigned two supervisors to guide him/her up to the completion stage. Each seminar relates to an examination of current issues in the area of specialisation in consultation with supervisors.
This involves the conduct of a research and writing the report in form of a Dissertation. The Dissertation will be subjected for a formal proposal, internal, and external (viva) defences. For a Dissertation to be accepted, it must be assessed and scored at a minimum of 50%.
Application of principles from various fields in economics and business to management decision making; Price mechanism, allocation of resources, profit drivers of the firm, revenue and cost drivers, interactions among market players, firms’ strategy, understanding market forces, the meaning of competition, pricing and profits, market power – good or evil, playing games I – Competition versus Cooperation, playing games II – Entry and Exit, Firms versus Markets; Make or Buy, auctions and market design, economics of information.
The purpose of the course is to provide a comprehensive instruction in contemporary Financial Economics at an advanced level. The course will emphasise theoretical as well as the empirical aspects of each topic in the syllabus. The course covers the following topics: Introduction to financial economics; Investment and Financial Markets; Financial Derivatives; Agency Problem and Financial Contracting.
This course is a continuation of the first semester ECO 531, and its aim is to provide students with the knowledge and expertise in fund management, stockbroking, investment banking, corporate treasury, and other financial sector roles. It dwells on the following issues: Corporate Finance; Banking and Institutions; International Finance; Behavioural Finance; Financial Development, Financial Crisis and Financial Sector Reforms.
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