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THE IMPACT OF ACCOUNTING PROFESSION AND ACCOUNTING PRACTICE ON NIGERIA ECONOMY. (A CASE STUDY OF KAYODE OLAYEMI & CO CHARTERED ACCOUTANTS)
TABLE OF CONTENTS
Table of Content
Background of the study
1.1 Statement of the problem
1.2 Objective of the study
1.3 Scope of the study
1.4 Significant of the study
1.5 limitation of the study
1.6 Definition of terms
REVIEW OF LITERATURE
2.1 The Accountancy profession
2.1.1 Public Accounting
2.1.2 Private or industrial accounting
2.1.3 Accounting in the Non- profit making sector
2.2 Formations of professional bodies
2.3 Role of Accountants
2.4 Challenge for the professional Accountants
2.5 The Nigeria Economy Scene and the Accountant
2.6 The professional Accountants and Anti-corruption crusade
2.7 Accountancy profession and Economic Restructing.
3.2 Source of Data Collected
3.3 Method of data analysis
3.4 Historical Background of the study.
DATA PRESENTATION AND ANALYSIS
4.1 Presentation and analysis of data
4.2 Summary analysis of unstructured Questions.
SUMMARY, CONCLUSION AND RECOMMENDATION
Summary of findings
Accounting profession is the one that speaks the language of business by providing financial information needed to take economic decisions. It is that professional discipline which involves the systematic gatherings, classification, recording, analyzing, interpreting and transmission of financial information.
A distinguishing hallmark of profession is acceptance of its responsibility to the public it serves. The professional accountant have long been known for high integrity and objective as well as for their commitment to the public interest. Accounting bodies have been molding the profession to a greater height.
Accountant is the professional charged with the statutory responsibility of ensuring that proper books and records have been kept organizations. They are rested with the responsibility of expressing opinion as to whether the books and the records shows a true and fair view of the underlying financial transaction during the period under review. Throughout the world the participation, innovation and creativity of the accountant have contributed in no small measure to promote economic development.
This project work is aimed at inquiring onto the accountancy profession and the impact in an economy using KAYODE OLAYEMI CHARTERED ACCOUNTANTS & CO as a case study. From the findings; it is obvious that professional accountants have been living up to expectation. While the right steps are being taking regarding challenges and economic management. The research has been able to clarify issue on the public perception of the accountancy profession and its relevance in Nigeria economy.
BACKGROUND OF THE STUDY
Accounting as a noble profession, is a disciplined profession one must be disciplined from day one as a professional accountant and the discipline starts from up-dating ones knowledge by going into studies come rain or sunshine. The “PROBITY AND ACCOUNTABILITY” is regarded as watchwords of accountants.
The history of accounting dates back to 5000 B.C. when the temple priest of summer operated a tax system that brought under their control rests stock and estates. It then becomes necessary for these priests to develop accounting method to maintain managerial control of transaction and to give an account of their management over these holdings.
Institutionalization of accounting as a profession started in 1853 from Britain. The main objective behind this is to regulate the profession in an economy and to determine from time to time what to what would be required of an accountant to be able to qualify. Also to determine standard and degree of knowledge needed before a member could be admitted.
Accountancy as a discipline and noble profession that command respect from oil other disciplines and social recognition as exhibited versatility, boldness and sensivity to environment in all its ramification with an all-round competence and readiness to handle the issues and challenges thrown forth.
STATEMENT OF THE PROBLEMS
The accountancy profession over the year, has been seen by the public mainly from the perspective of the work of an auditor who comes to audit after the year-end and all they see is just a one-page report to shareholders.
Another problem is the fate of the young up-coming accountants in Nigeria in the face of 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 Economy is made up of both private and public sector. The private sector are organizations owned by individual whose aim and objectives are the provision of goods and services for profit maximization. The public sector on the other hand, are all organizations which are established and run by government on behalf of the public.
In the private sector, the impact can be viewed from the point of accountant in the preparation of financial statement and that of the auditor in the expression of opinion on the account prepared. If the auditor qualifies 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 sectors accounting since the account is based on fund system (i.e. service oriented rather than profit making).
The problem 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.
Problems of knowing the role of such accounting report on the economy when considering a single entity.
OBJECTIVE OF THE STUDY
The main objective of this research is to look into the accountancy profession and the impact in an economy.
This project is designed to enlighten the public that the work done by the professional accountants is very much more than just auditing and book-keeping. The importance of professional body in full professional cannot be over-emphasis in an economy.
This write up will therefore analyse the issue of association of National Accountant of Nigeria (ANAN) and Institute of Chartered Accountants of Nigeria (ICAN) and make recommendation in an economy.
SCOPE OF THE STUDY
Looking at the accountancy as a profession 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 we expected in the performance of their professional engagements.
The above mentioned area are the means through which the impact of the profession can be felt and this what the write-up is set to focus on.
SIGNIFICANCE OF THE STUDY
The study would increase the stock of accountancy profession knowledge of the research. It affords the researchers the opportunity to bring the attention of the public what the profession is all about and its relevant in an economy. The study would also serve as a useful references materials to student of accountancy and future
DEFINITION OF TERMS
ACCURACY: Exactness of an accountant
ACCOUNTANCY: Profession of an accountant
ACCOUNTING: A statement of money paid or received for goods and services.
ACCOUNTABILITY: Expectation or responsibility of giving an explanation
ANAN: Association of National Accountants of Nigeria.
DEVELOPMENT: A state of being advancing to a higher economic state of a country.
ECONOMY: System for the management and used of resources.
ICAN: Institute of Chartered Accountants of Nigeria.
INTEGRITY: The quality of being honesty and upright in character.
PROFESSIONAL: Practice of person that have acquired advanced education and special training.
LIMITATION OF THE STUDY
For convenience, case recording, analysis and interpretation of data, the random sampling method was used in gathering the relevant data for the particular study. Random sampling method is used during the course of distribution questionnaire of the respondent.
With the use of random sampling method, respondent who are to answer the questionnaire are selected since it is quite impossible and uneconomical to collect information from everybody in the environment.
This sample processes are employed in order to get the exact set of people that have things in relation to the topic for easy and quick administration, questionnaire were administered on selected group of respondent given.
In the process of carrying out this research, data collected through responded given in the questionnaire were analyze and interpreted with the use of the following data analysis methods which are tabulation and percentage.
TABULATION: involves collecting data into meaningful groups. These enable researchers to prepare qualitative data so that they are readily understandable and their significant value appreciated.
PERCENTAGE: the data collected from the response given in the questionnaire were analysed on percentage basis. This enables the researcher to assign and give percentage weight and to choose the highest percentage.
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