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Inside Tax is a weekly publication by the Tax experts at Akintola Williams Deloitte. It is published in The Guardian newspapers every Monday.
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As a nation, we need to invest massively in cyber-capacity development with emphasis on law enforcement agencies, policy framework developers, the judiciary and both the state and federal legislative arms of government.
The security of any organization should be a board issue as its impact affects the organisations strategic position and brand. Security has to be implemented in a top-down approach with the board setting the tone, direction and tolerable risk levels.
The ability of management to achieve the financial reporting objectives of fairness and faithful representation is greatly dependent on the design and effectiveness of the processes and safeguards that have been established within the control environment.
According to Section 41 of PITA, all taxable persons are required, without notice or demand, to file a return of their income in the prescribed form and containing specific information in relation to their income and taxes thereon with the tax authority of their State of residence
The current trend in financial reporting that has the potential to greatly diminish errors prone to human intervention and streamline the financial reporting process is automation. Automation of financial reporting eliminates many of the mundane and time-consuming processes associated with manual accounting.