SALES AND PURCHASE OF BUSINESSES (BUSINESS COMBINATION)

 1.0 INTRODUCTION The term “business combination” is used to describe an arrangement where two or more businesses owned are operated as separate entities join together to become a single entity under a single ownership. The implication of this is that the separate businesses will discontinue their ownership and come under a single ownership. Business combination…

Read more

INSURANCE RISK MANAGEMENT

 INTRODUCTION From time immemorial, man has sought ways of controlling risk to which individuals either private or grouped together as commercial and business ventures are exposed. Until about 20 years ago, the concept of risk management was regarded as a subject and an arm of practical management. It is a multidisciplinary subject which brings together…

Read more

PROCEDURES FOR AUDITING TRANSACTIONS III – LIABILITY VERIFICATION

1.0 INTRODUCTION In general terms, liabilities refer to obligations that result from past transactions to pay for assets or rendering of services. Liabilities can be classified into two major groups as follows:  Current liabilities – liabilities or debts that are payable within a short period of time, usually, within one year; Long-term liabilities – liabilities…

Read more

CLASSES OF GENERAL INSURANCE BUSINESS

 INTRODUCTION Most people and most organizations, in every kind of society need some sort of insurance cover. The only exceptions are people without property and dependents. Everyone else has possessions or potential liabilities that need to be protected. Insurance contract represents only one way in which people can guard against misfortune. For example, most primitive…

Read more