TABLE OF CONTENTS
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
2.7 Accountancy profession and economic restricting
2.8 The Professional Accountant and anti-corruption
3.1 Sources collected
3.2 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
5.3 Recommendation and
OF THE STUDY
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.
history of accounting is not complete without mentioning the name of an Italian
Monk and mathematician LUCCA PACIOLO.
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.
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 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.
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.
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
of Finance (FMF)
Accounting Teachers Association (NATA)
Association of Chambers of Commerce, Industry Mines and Agriculture (NACCIMA)
Exchange Commission (SEC)
vii. The Institute of Chartered Accountant of Nigeria
viii. Federal Board of Inland Revenue (FBIR)
Insurance Corporation (NDIC)
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.
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
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.
problem is any mistakes made by an accountants is known to be fraud.
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.
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
public sector on the other hand are all organization which are established and
run by government on behalf of the public.
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).
problems of the study in view of the above therefore are as follows:
weighing the impact of the profession in private sector and public sector of
the economy with each other.
knowing the role of such accounting report
OF THE STUDY
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.
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.
1.4 SCOPE OF THE
at the accountancy as a professional constitute the premise of this project
work. Professional accountants have crucial role to play in the stream of an
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
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.
OF THE STUDY
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.
to advance learner dictionary “Research” means search or careful investigation
or inquiry specially for a new fact in any branch of knowledge.
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.
the attribute of scientific approach of conducting research will include:
a. Logical systematic presentation of procedures
b. Ability to control the variable involved in the
c. Information or data collected must be based on fact
extracted or experienced.
Research methodology involves two (2) things which
1. Data collection: This is the opinion gathered
together for information
2. 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.
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.
purpose of this study, the under listed hypothesis need to be tested.
What is accounting?
How it come into
How it has been
a solution to problems?
The concept and
convention of an accounting?
responsibilities of an accountant?
bodies and accountancy?
vii. Different between an accountant and some their professions
e.g. an auditor
OF THE STUDY
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.
DEFINITION OF TERMS
ACCURACY: Exactness of an accountant or
the act or ability to do something skillfully without making mistakes
ACCOUNTANCY: The work or profession of
ACCOUNTABILITY: Expectation or
responsibility of giving an explanation.
ANAN: Association of National Accountant
DEVELOPMENT: is a multiple dimension
progress change in structure, attitude and acceleration or a state of being
advancing to a higher economic state of country.
ECONOMY: is a system for the management
and used a resources.
ICAN: Institute of chartered accountants
INTEGRITY: the quality of being honesty
and upright in character
PROBITY: the quality of being completely
TRANSPARENCY: the quality of something
such as an excuses or lie that allow somebody to see the truth.