ENPHANCIES ON THE IMPACT OF ACCOUNTING PROFESSION AND PRACTICE ON THE ECONOMY
|BANKING AND FINANCE|
No of pages
|MS Word & PDF|
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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 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 sensitivity 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:
i. Difficulties in weighing the impact of the profession in private sector and public sector of the economy with each other.
ii. Problems of knowing the role of such accounting report on the economy when considering a single entity.