PROSPECT AND CHALLENGES OF ESTABLISHING A BARBING SALON

Prospect

Establishment of barbing salons is probably the main source of self-employment for many youths in the country today. Everywhere one goes within a city or local community, barbing salons are a common feature, and they are owned and operated by the youths. Establishing a barbing salon is a viable business and have a very huge prospects as both old and young can hardly live without having a haircut, thus providing an avenue for wealth creation through the establishing of this noble outfit.

 

        Challenges

Owning any sort of small business in a struggling economy like Nigeria is difficult with barbing saloon inclusive. With passion for beauty and hair care, one can wade through this challenges and make a leaving. The following are the biggest challenges faced when running a salon:

1. Fees: The fees incurred when maintaining any type of small business add up as weeks and months progress. Maintaining chairs is sometimes the hardest. But many hair and beauty salons go for state of the art equipment. The more lavish and adjustable your hairs, the more it will cost. Everything depends on decor, and the clients you're trying to attract. Offering up products to sell is also an expense, but one that you're quickly reimbursed on.

2. Employee Incentives: If a hair dresser or salon employee believes they will be taken care of by your establishment, they will feel inclined to stay with you through good times as well as bad. Consider offering incentives, such as bonuses or even health insurance. The right POS software for beauty salons can help you keep track of who contributed what to the salon.

3. Schedules: Flexible scheduling is another employee incentive that lets beauticians feel more in control of their environment. It can also let them build a greater following, letting return customers come in when they're available. Scheduling shows your employees that you care about their needs. Point of Sale software for beauty salons allows you to keep both customer and employee incentives in line with the click of a mouse.

4. Regular Customers Vs Walk-ins: Speaking of customers - there are two kinds who will typically come into salon: return and walk-ins. The majority of your business may rely on return business; those who come in and see the same beautician every few weeks or months. Having discounts for returns is a great way to show how you love anyone who gives the salon repeat business. Walk-ins should always be welcomed too. Display prices at the front desk or near an entrance, along with promotions. This will help attract new business. POS software for beauty salons makes keeping records of discounts and promotions extremely simple.

5. Staying Competitive: Above all else – beauty salons, just like many other small businesses, have to stay hip. Teach your beauticians the latest in haircare design and product information. Offering different services (haircuts, dying, nails, etc.) will appeal to a variety of potential customers.

6. Financial Problems As summarized by Stevenson and Lundström (2001) access to financing is one of the oldest small business enterprises policy issues; it has a history of at least half a century (e.g., the US Small Business Act of 1953; Canada’s Small Business Loans Act of 1961). Small firms were disadvantaged in capital markets because they lacked the collateral security or knowledge to secure conventional financing, were perceived as higher risks and deemed less profitable. Therefore, small firms lacked access to the resources necessary to expand, modernize or grow. Inegbenebor (2006) stresses that even though banks are a major source of funds for small and medium enterprises in the developed world, in Nigeria, this is not the case.

7. Managerial skills Lundström (2005) stated that the ability to enterprise underlines the technical and business conditions necessary for running companies. As such, entrepreneurs need a collection of competencies in order to manage these functions. For example research and development (R&D), financial control and market management all demand education and experience. Rapid developments also require current advanced knowledge in multiple business sectors. The management of business also demands efficient training in leadership, production, financial control, marketing, etc. Ude (1999) claimed that small business owners mostly in developing countries have the problem of mastering the art and science of managing their business and this has posed a great problem to small scale enterprises development, growth and sustenance. Most often, the owners of small scale enterprises pay more attention in acquiring skills in producing one item or the other while they pay little or no attention on how to acquire knowledge in managerial skills concerning their businesses. According to Okafor (1984) this managerial problem comes to manifest especially when their businesses have grown, they find it difficult to cope with new challenges they are faced with. As a result of this, some of them remain at the small level instead of growing with the expansion that is supposed to be associated with business if properly managed.

8. Infrastructure and Technological Application As summarized by Aiyedun (2004:4) “this is another area worthy of note concerning the problems facing small business enterprises in Nigeria”. Inadequate and inappropriate technology; or non use of modern equipment, lack of engineering capacity to translate scientific research results into finished goods and maintain existing machinery as well as low level of entrepreneurial capacity in their production has posed a major treat to the growth and development of small scale enterprises in developing countries. Most of small business enterprises in Nigeria still use crude methods in their production of goods and services thus resulting to their goods being looked upon as inferior ones. Some of the small business owners still lack the appropriate training in using modern technologies for their businesses. Governments at various levels should encourage proper development of infrastructure and technology, that is, the relevant qualified and well-trained technical and management manpower, as well as the physical plants, materials and other facilities required to respond to the needs of small business enterprise.

CHALLENGES AND PROSPECTS OF INTERNAL AUDIT IN NIGERIA BANKS

CHALLENGES AND PROSPECTS OF INTERNAL AUDIT IN NIGERIA BANKS

(A STUDY OF ACCESS BANK)

ABSTRACT    

The study focused on the “Challenges and Prospects of Internal Audit in Diamond Bank PLC. The main purpose of this study is to determine the challenges and prospects of internal auditors in Nigerian Banks. This work made use of two specific objective, two research question and also two hypotheses. The study conducted a survey research design .Questionnaires was self-distributed among the senior managers and auditors. The population was made up of eight (8) senior managers and internal auditors in Diamond Bank PLC. Simple percentage and T-test were used to run my data analysis ,the finding is that internal auditing as a profession faces significant challenges that makes them not to have enthusiasm towards their profession. From the study, the following recommendations were made: Management should have quality technology and materials available for internal auditors.  Management should provide training ground for internal auditors.

CHAPTERONE

INTRODUCTION

1.1 Background to the Study

It is said that finance is the mainstay of an economy without finance there will be no investment and capital to start up a business and also no meaningful development could be done without finance and proper management, as a result of that diamond bank has a system of control which ensures smooth running of their bank of which internal auditing is an integral part.

Internal auditing ensures that all activities of the organization are carried out employee according to laid down procedures, the introduction of new technologies e.g. the invention of computerized internal audit system which posed challenges to the internal audit system and internal audit staff and their duties the prospect of this challenges is to update their knowledge and adjust to the current practice and also to overcome those challenges in the face of manipulation and also to perpetrate fraud is desirable, more so the requirement of new auditing  standards will make staff of internal audit to update their knowledge and adjust to the current practice. Auditing is a key factor in controlling every kind of organization with financial and economic aspect serve as a sort of check and balances and administrative procedure of any organizational set up.

The need to maintain effective and efficient internal audit system, cannot be over emphasized especially in a period like this, when Nigeria government is making effort towards ensuring that wastage, privilege, misappropriation and checked or avoided to ensure that asset are being secured.

As one of the cornerstone of a career in accounting internal auditor gives strong understanding of the financial faces and processes, many may view it as a mundane and repetitive job but what they do not realize is the challenges and complexity that comes with job which are: shortage of talent, distinguishing yourself from the crowd, developing your career and market outlook.           

Diamond bank plc as a private ltd liability company on March 21 1991 was incorporated on December 20 1990.Ten years later, in February 2001 it became a universal bank. In January 2005 following a highly successful private placement share offer which substantially raised the bank equity base diamond bank became a public LTD company. Since then 1990, diamond bank has challenged the market environment by introducing and setting new bench mark through international standard.

They bank also have a strong cooperate banking ethics that is helping fuel the growth across Nigeria through supporting many businesses. It serves over 150000 business including cooperate client as well as Micro Small and Medium Scale (MSME).it is also the first Nigerian bank to operate in francophone west Africa

The Carlyle group, the global alternative asset manager became a significant share holder in November 2014 following its 1.47 investment in bank. The auditor came across many challenges while carrying out their duties but with some prospect that can be able to carry out their duties effectively and efficiently.

1.2 Statement of problem:

Robert (2016) observed that there are several big challenges facing the internal audit as a whole some of them represent opportunities as well as obstacles to overcome. The difficulty in filling internal audit positions with talented candidates for example has led to increase in pay to many internal auditors the internal auditors perform their duties successfully also enhance good internal audit control as well as maintain some standard of good services which their client have engaged their services, there is need for utilization of effective management functions, However this internal auditors face some challenges while carrying out their duties such a Robert 2016 noted this challenges.

Proper document are not given to them on time.

They are not adequately equipped.

lack of requisite system

inability to adequately recommend and establish production method

It should be noted that a lot of studies have been conducted on the challenges of internal auditors in diamond bank as a whole but It is hoped that this study will contribute to debate and perhaps shed further light on the impact of reducing the challenges audit faces in diamond bank so as to make the working environment conducive for them while carrying out their duties and also to reduce the challenges auditors faces while carrying out their duties in an efficient and orderly manner.

1.3      Objectives of the Study:

The main objective of this study is to find out the challenges and prospect of internal audit in Nigerian banks. The specific objectives are to ascertain the challenges faced by internal auditors in Nigerian Banks. To ascertain the prospect of internal audit in Nigerian Banks.

1.4      Research Question

What are the challenges faced by internal auditors in Nigerian Banks.

What are the prospect of internal audit in Nigerian Bank comply with banks complies with bank management policies and regulation.

1.5       Research Hypotheses:

H0 There is no significant challenges faced by internal auditor in Nigerian Banks.

H1There is significant challenges faced by internal auditor in Nigerian Banks

H0 There is no significant prospect of internal audit in Nigerian Banks

H1There is significant prospect of internal audit in Nigerian Banks

1.6       Significance of the Study:

They significance of the study form the contribution it will add to knowledge on the often debated topic of evaluation challenges and prospect of internal audit. This work will be of great benefit to:

Researchers and student: because it reveals the relevance of auditors and for student it also contributes significantly to the internal auditing debate.

Auditors: it will be useful to auditors because it tells them about their challenges and how to face them and also prospect toward them carrying their duties.

Management of Banks: the study is to help management appreciate auditors and understand the challenges the face in carrying out their duties, so also to provide prospect for auditors so that they can help to improve audit facilities or technology and so that  they will make the work enjoyable and they wouldn’t want to risk losing billions of money.

Government: agencies, companies, bankers researchers student who might be interested in knowing about the concept challenges and prospect of internal auditors it will cover the whole aspect of internal audit the objectives, types, reliance and prospect etc this huge amount of information will be an indispensable material to the above mentioned beneficiaries.

Public:It will also help the public in the sense that they will able to know the statues of the company so that they can make decision on either to invest in the company or not so as to avoid risk.

1.7       Scope of the Study:

It was the wish of the researcher to cover many areas of the banking sector but for the purpose of this study the researcher is only restricted to the role of auditors in detection, prevention and control of fraud in banking sector with the case study of diamond bank plc.

1.8       Limitations of the Study:

The researcher encountered a lot of hindrances and problems while carrying out this work. The major limitation was pressure of time in terms of academic work and demand of the research. The researcher was combining academic work with activities relating the research. Finance to source relevant materials was also a major hindrance. However these problems did not affect the quality of the research   

1.9       Definition of Terms:

Auditor:   An auditor is a person usually professional, appointed by banks to audit its financial statement and therefore make an opinion on the truth and fairness of the financial statement Auditor in this study refers to the internal auditors

Bank: A organization or place that provide financial services Bank in this work refers to as diamond bank Financial Statement: This is a form of annual report and accounts that includes a statement of comprehensive income and loss, statement of financial position and also other statement including directors report and cash flow statement, finance statement in this work refers bank financial statement.