TABLE OF CONTENT
Title page
Certification
Acknowledgement
Table of content
CHAPTER
ONE
1.0 Introduction
1.1
Background to the study
1.2
Objective of the study
1.3
Scope of the study
1.4
Research question
1.5
Plan of the study
1.6
Limitation of the terms
1.7
Definition of terms
CHAPTER TWO
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
CHAPTER THREE
RESEARCH METHODOLOGY
3.0
Population
3.1
Sources collected
3.2
Method of data collected
CHAPTER FOUR
4.0
Data presentation and analysis
4.1 Presentation of data
4.2 Analysis of data
CHAPTER FIVE
5.0 Summary, Conclusion and Recommendation
5.1 Summary of finding
5.2 Conclusion
5.3 Recommendations
References
CHAPTER
ONE
1.0 INTRODUCTION
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:
i.
Central Bank of Nigeria (CBN)
ii.
Federal Ministry of Finance (FMF)
iii.
Nigerian Accounting Teachers
Association (NATA)
iv.
Nigerian Association of Chambers of
Commerce, Industry Mines and Agriculture (NACCIMA)
v.
Nigerian Stock Exchange (NSE)
vi.
Securities and Exchange Commission
(SEC)
vii.
The Institute of Chartered Accountant
of Nigeria (ICAN)
viii.
Federal Board of Inland Revenue (FBIR)
ix.
Nigerian Deposit Insurance Corporation
(NDIC)
x.
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:
i.
Difficulties in weighing the impact of
the profession in private sector and public sector of the economy with each
other.
ii.
Problem of knowing the role of such
accounting report
1.3 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.....
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