Friday, 10 June 2016

The Impact Of Accounting Profession And Accounting Practice On Nigeria Economy.


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.



TABLE OF CONTENTS
Certification
Dedication
Acknowledgement
Table of Content
Abstract

CHAPTER ONE
INTRODUCTION
1.0        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

CHAPTER TWO
REVIEW OF LITERATURE
2.0        Introduction
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.

CHAPTER THREE
RESEARCH METHODOLOGY
3.0        Introduction
3.1    Population
3.2    Source of Data Collected
3.3    Method of data analysis
3.4    Historical Background of the study.

CHAPTER FOUR
DATA PRESENTATION AND ANALYSIS
4.1    Presentation and analysis of data
4.2    Summary analysis of unstructured Questions.
  
CHAPTER FIVE
SUMMARY, CONCLUSION AND RECOMMENDATION
5.0        Summary of findings
5.1    Conclusion
5.2    Recommendations
5.3    References.

 PROPOSAL
THE IMPACT OF ACCOUNTING PROFESSION AND ACCOUNTING PRATICE ON NIGERIA ECONOMY (A CASE STUDY OF KAYODE OLAYEMI CHARTERED ACCOUNTANTs & CO.)
        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.
                       
CHAPTER ONE
INTRODUTION
1.0        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 ACCONTABILITY” 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.

2.0       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:

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