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The Role of Accounting in National Development in Nigeria

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The Role of Accounting in National Development in Nigeria.

ABSTRACT

The study examines the role of accounting in National Development in Nigeria. Findings from the study proved that accounting is the most important element in the process of economic development of Nigeria. It further showed that accounting has a positive role.

The study recommended that the accounting profession in Nigeria should be given high priority and valued in both public and private organizations in order to enhance the economic development of Nigeria.

INTRODUCTION

Background of the study

Accounting as a professional field encompasses a wide range of activities, practices, and concepts with accounting professionals acting in various capacities such as auditors, financial controllers, and financial executives just to mention but a few.

Hence, in their efforts to understand how and why accountants make decisions as well as the role they play in National development, accounting professionals rely on a broad set of theoretical and methodological tools that are drawn from various disciplines (Chatfield, 2013).

Accounting professionals(accountants) evaluates records drawn up by the bookkeeper and shows the results of this investigation as losses and gains, leakages, economies, or changes in value, so as to reveal the progress or failures of the business and also its future limitations and possibilities as well as the level of economic development (Lernout and Hauspie, 2004).

Fraud and corruption are fundamental problems of third world countries, particularly Nigeria where official corruption has become endemic. (Akram 2009).

The spate of worldwide corporate scandals involving Enron, Worldcom, Global Crossing, Tyco International, Xerox (USA); Parmalat (Italy), and corporate fraud perpetrated in Nigeria by management of Lever Brothers, Union Dicon Salt, Cadbury (Nigeria), and the 14 distressed banks all have a significant effect on the level o of national growth in Nigeria.

Due to this ugly effect as exposed by an audit of the Central Bank of Nigeria has shown the failure of traditional audit techniques in unraveling corporate fraud has rejuvenated interest in forensic accounting.

So also are the increasing government concerns over official corruption and the doggedness of the various anti-corruption agencies at unraveling them through the deployment of forensic accounting.

Companies are now beginning to be more determined than ever to ensure that their operations are above board and in no way connected with financial frauds which may have an effect on national development.

These have resulted in a steadily growing demand for sophisticated accounting and auditing techniques as provided by forensic accounting in detecting, correcting, and preventing fraud as well as deceptive and creative accounting practices aimed at improving National development.

Statement of the Problem

It is often said that an organization without an accountant is not a serious organization as it has no credibility.

This is because an accounting professional (accountant) is seen as the financial “gatekeeper” whose presence within an establishment underlines a commitment to sound financial principles and helps in the economic development of a Nation.

References

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Akram (2009) ,Some problems in sociology and professions. Journal of the American Academy of Art and Science. 2:669-688.
Anyanwu J.C. (1997). Stock Market Development and Nigeria’s Economic Development. Nigeria Financial Review , Pp6-13.
Appah(2010) Professional Accounting Development in Nigeria: Threats from the Inside and Outside. Accounting, Organizations and Society, 27:471-496.
Ariyo(1997). In Our Opinion: Accounting and the Society, Inaugural Lecture, Ilorin, University of Ilorin, Pp1-21.
Azubike (2009) Memners’ Handbook, Yaba, Daratel Nigeria limited, Lagos.
Azubike(2009). Research Methodology in Accounting, Houston, Scholar Book Co
Bevis (2010). The Growth of the Nigerian Stock Exchange: An Economics and financial Review,6 :6 -22.
Chatfield (2013) Research in Accounting and Finance: Methods and Prospects. The NigerianAccount, 33(2):6-14.
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Friedman and Friedman (1980) Capital Market and Institutions, New Jersey: Prentice- hallInc.
 

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