Impact of Ict on Accounting Practice in Nigeria - 1663 Words

The impact of ICT on accounting practice in Nigeria CHAPTER ONE Introduction 1.1 Background of the study In the recent past centuries, before the inception of Information and Communications Technology (ICT), the accountants of an organization were using a socially acceptable behavioural method of reporting accounting and economic reports, carried out during accounting year ends, the preparation of accounting records, book such as the profit and loss account, the balance sheet, cash book, cash flow statement, income and expenditure accounts. The application of Information and Communication Technology (ICT), on accounting practice in Nigeria has become a subject of fundamental importance and concerns to†¦show more content†¦Therefore; if accountants adopt the use of ICT on accounting practice in Nigeria, then greater speed, accuracy, timeliness and cost will be cut down on their task as a professional. 1.3 Objectives of the study ICT is presume to have affected accounting practice positively in so many ways, research in these area have shown that ICT and its perceived importance due to its usage across several groups of business firms, especially in the field of Auditing. The study is aim at achieving the following objectives: i. To assess the impact of ICT on firms’ financial transaction reporting. ii. To evaluate the challenges associated with information and communication technology in accounting profession today. iii. To assess and explore the impact of ICT usage since it can directly impact audit judgment, effectiveness and efficiency which form the basis for accepting the financial statement as to it true and fairness. 1.4 Research questions Has ICT impacted on accounting practice since its introduction? Are they any challenges faced by accounting practices as a result of the adoption of ICT? Does the use of ICT have a resulting impact on the on the performance of audit exercise? 1.5 Hypotheses The followings null and alternative hypothesis is guide to this work Ho1: ICT have created no significant impact on accounting practice Ho2: There are noShow MoreRelatedAfrican Development And Income Inequalities3098 Words   |  13 Pagespoverty. I will argue that tribalism imbedded in African culture has had a significant role in the lack of economic development and income inequalities. Information and Communication Technologies (ICTs) play a major role in the success of economies. 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