The Impact Of Accounting Profession And Accounting Practice On Nigeria Economy (A Case Study Of Kayode Olayemi & Co Chartered Accountants)
Table of Content
- Title Page
- Table of Content
- 1.1 Background to the study
- 1.2 Objective of the study
- 1.3 Scope of the study
- 1.4 Research Methodology
- 1.5 Research question
- 1.6 Research design
- 1.7 Plan of the study
- 1.8 Limitation of the terms
- 1.9 Definition of terms
2.0 Literature of Review
- 2.1 The Accountancy profession
- 2.1.2 Public Accountancy
- 2.3 Formation of professionals
- 2.4 Roles of Accountant
- 2.5 Challenges for the professional making sector
- 2.6 The Nigerian economy scene and anticorruption crusade
- 2.7 Accountancy profession and economic restricting
- 2.8 The Professional Accountant and anti-corruption crusade
3.0 Research Methodology
- 3.1 Population
- 3.2 Sources collected
- 3.3 Method of data collected
4.0 Data Presentation and Analysis
- 4.1 Presentation of data
- 4.2 Analysis of data
- 4.3 Historical background of Kayode Olayemi and co-chartered accountant Ilorin.
5.0 Summary, Conclusion and Recommendation
- 5.1 Summary of finding
- 5.2 Conclusion
- 5.3 Recommendation and
1.1 Background of the Study
Accounting is a noble profession. It is discipline profession. You must be disciplined from day one as professional accountant and the discipline starts from up dating one knowledge by going into studies come rain or sunshine. The word probity and accountability are regarded as watch words of accountants.
The history of accounting is not complete without mentioning the name of an Italian Monk and mathematician LUCCA PACIOLO.
As early as 5000 BC in the Babylon empire, clay tablets were used to records facts. These ways of keeping records, crude, were means of gathering and processing facts and preserving information and they served their intended purposes.
In 1494, the system of accounting which had evolved among the merchants of Italy was formulated in a book written by an Italian monk, Luca Paciolo. This method, described as the “Italian method” was a simple one although it was possible that more sophisticated systems than outlined by Paciolo existed in larger firms and manufacturers of the time.
In 1491, in venice, Reverend father, Luca Paciolo described the double entry system by giving insight into the reasoning behind accounting records. The postulated that all the entries must have double entry, one a debtor and the other one a creditor during the period, the records were prepared to show statement for the business rather than the owner.
After Paciolo, a Dutchman advocated the profit and loss account at yearly interval. The level of civilization and technological advancement helped in the development of modern methods of accounting. Since the discovery of double entry principle, there has been tremendous development in accounting theories and methods. The introduction of micro and mini computers have brought enhanced performance but the fundamental principles remain unchanged.
In 1982, the Nigerian Accounting Standards Board (NASB) was formed to set accounting standards that would guide the operations of accounting activities in Nigeria. membership of the NASB include the following:
- Central Bank of Nigeria (CBN)
- Federal Ministry of Finance (FMF)
- Nigerian Accounting Teachers Association (NATA)
- Nigerian Association of Chambers of Commerce, Industry Mines and Agriculture (NACCIMA)
- Nigerian Stock Exchange (NSE)
- Securities and Exchange Commission (SEC)
- The Institute of Chartered Accountant of Nigeria (ICAN)
- Federal Board of Inland Revenue (FBIR)
- Nigerian Deposit Insurance Corporation (NDIC)
- Corporate Affairs Commission (CAC) etc
Accounting as a discipline and noble profession that command respect from all other discipline has gained social recognition and also exhibited versatility, boldness and sensitivity to environment in all its ramification with an all-round competence and readiness to handle issues and challenges thrown forth.
The aforementioned listed above are known as professional bodies. Now in Nigeria, there are two recognized bodies namely, Institute of chartered accountant of Nigeria (ICAN) and Association of National Accountants of Nigeria (ANAN).
1.2 Statement of the Problem
The accountancy professional over the years have been seen by the public mainly from perspective of the work of an auditor who comes to audit after the year and all they see is just a one page report to shareholder.
Another problem is any mistakes made by an accountants is known to be fraud.
More so, the fate of the young up coming accountants in Nigeria in the face off between the Association of National Accountants of Nigeria (ANAN) and institute of chartered accountants of Nigeria (ICAN) embolic and the possible effects on the profession is another thing that needs to be checked.
Another problem is the conflict of goal with reflect in both private and public sectors of the economy. The private sectors are organization own by individual where arms and objective are the provision of goods and services for profit maximization.
The public sector on the other hand are all organization which are established and run by government on behalf of the public.
In the private sector the impact can be viewed from the point that the role play boy accountant in the preparation of financial statement and that of auditor in the expression of opinion on the account prepared if the auditor qualified his report such account will have bad impression on the management and can cause fall in the stock price. However such qualified audit report may have little or no effect when considering public sector account since the account is based on fund system (i.e. service oriented rather than profit making).
The problems of the study in view of the above therefore are as follows:
- Difficulties in weighing the impact of the profession in private sector and public sector of the economy with each other.
- Problem of knowing the role of such accounting report
1.2 Objectives of the Study
The main objective of the research is to look into the accountancy profession and its impact on the economy. This project is design to enlighten the public that the work done by the professional accountants is far more than just auditing and book-keeping. The importance of profession body in full professional cannot be over emphasis in an economy.
This write up will therefore analysis the issue of association of national accountants of Nigeria (ANAN) and institute of chartered accountant of Nigeria (ICAN) and make recommendation in an economy.
1.3 Scope of the Study
Looking at the accountancy as a professional constitute the premises of this project work. Professional accountants have crucial role to play in the stream of an economy.
The kind of professional services they render have direct relationship with integrity, honesty, accuracy, transparency, probity and accountability. The above qualities are what are expected in the performance of their professional engagements.
The above mentioned area are the means through which the impact of the professional can be felt and this is what the write up is set to focus on.
1.4 Significance of the Study
The study would increase the stock of accountancy profession knowledge of the research. It affords the researches the opportunity to bring the attention of the public what the professional is all about and it’s relevant in an economy. the study would serve as a useful reference materials to students of accountancy and future researchers would find this work valuable.
1.5 Research Methodology
According to advance learner dictionary “Research” means search or careful investigation or inquiry specially for a new fact in any branch of knowledge.
According to Redman and Mory in their book, they define “Research” as a systemized effort to gain new knowledge. Therefore research is basically science oriented knowledge. Therefore research is basically science oriented.
However, the attribute of scientific approach of conducting research will include:
- Logical systematic presentation of procedures
- Ability to control the variable involved in the study
- Information or data collected must be based on fact extracted or experienced.
Research methodology involves two (2) things which are:
- Data collection: This is the opinion gathered together for information
- Secondary data: these are the opinions gathered on net, books etc.
The chapter brings to light the procedures used in the gathering information which are in line with the topic and research and the historical background and the case study.
1.6 Research Question
Hypothesis is an idea or explanation of something that is based on a few known facts but the has not yet been proved to be true or correct.
For the purpose of this study, the under listed hypothesis need to be tested.
- What is accounting?
- How it come into an existence?
- How it has been a solution to problems?
- The concept and convention of an accounting?
- Powers and responsibilities of an accountant?
- Professional bodies and accountancy?
- Different between an accountant and some their professions e.g. an auditor
1.8 Limitation of the Study
The research of this nature involved operating on stationery transportation and many others. There is problem of insufficient capital in term of money, materials and time, despite this constraints, enough will be put into the write up to justified the time and resources that would be spent.
1.9 Definition of Terms
Exactness of an accountant or the act or ability to do something skillfully without making mistakes
The work or profession of an accountant.
Expectation or responsibility of giving an explanation.
Association of National Accountant of Nigeria
Is a multiple dimension progress change in structure, attitude and acceleration or a state of being advancing to a higher economic state of country.
Is a system for the management and used a resources.
Institute of chartered accountants of Nigeria
The quality of being honesty and upright in character
The quality of being completely honest
The quality of something such as an excuses or lie that allow somebody to see the truth.
Summary, Conclusion and Recommendation
5.1 Summary of Findings
Due to the burning of researchers to arrive at a result oriented work has gained more knowledge regarding accountancy profession. This is enhanced by the research conducted on relevant material and the response of the cross section of the respondents. The research has made conscious effort rendered by accountants in the society formation of professional bodies challenges and relevance of the profession in Nigeria economy.
Accountants have a good role to play in the world affair. It is his mission to perceive it analysis. It bring order to it portray and the more complex the society the more demanding the profession task. Accounting is an essential tool in economic development then becomes more relevant in Nigeria situation since the resources available (in term of quality and quantity) are by the definition of under development limited.
The impact of accounting in economic development has never be in drub. What would appear to be the new idea today therefore not the relevance of accounting to the development process but the urgent need to find a lasting solution to fierce battle between the two professional accounting bodies in Nigeria.
In the study of data analysis and presentation, the researchers used questionnaire and personal interview for this study and for easy interpretation the data collected are presented and analyzed showing accurate picture of situation.
Accounting profession as reflected in the response to the questionnaire and personal interview has continue to make positive and encouraging impact on Nigeria economy. accountants and auditors are part of this vibrant and dynamic society which is living that by intelligent planning based on reliable data many social economic and political could be overcome.
Conclusively accountants need not only to be specialist in a highly important technical skill but also as citizen of culture and wide ranging interest will and are there to take part in an effort to help the nation which requires their skill in the measurement and communication of financial and economic data.
In the light of the research carried out, the following could be considered as the researchers recommendation in the direction of making accountancy an ideal profession in Nigeria.
- Accounting bodies should ensure that there is enough publication to enhance public perception of the function to be discharge by the professionals in accounting field.
- The individuals of timber and caliber of accountancy in Nigeria should come together to find a lasting solution to the fierce battle between the two professional accounting bodies in Nigeria. i.e. ICAN and ANAN.
- The contributions of the professional accounting bodies to the development of Nigeria economy needs to be further enhanced and improved by enlighten members of the accountancy profession up-to-date their accountancy knowledge be highly conscious of this nation. The profession must make good education at all level. Its cardinal principle, the idea of having other professional joining accountancy profession at the top level should be reviewed. Constitutional backing should be granted to profession accountants to enhance more fruitful results in their anti-corruption crusade in all the agencies of government.
Accounting body used to coordinate the accounts of all the agencies of government (corporations and parastatals) at all level should be established to achieve prudent management of available but limited resources so that accountability and probity as the watch word will be maintained.
The Impact Of Accounting Profession And Accounting Practice On Nigeria Economy (A Case Study Of Kayode Olayemi & Co Chartered Accountants)
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