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The Birth of Professional Accounting Organizations and the Influence on the Transformation of Accounting Practices in Nigeria

Author

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  • Oluseye Omoniyi ADEDOYIN

    (Babcock University, Department of Accounting, Ilishan-Remo, Ogun State.)

  • Prof. Folajimi Festus ADEGBIE

    (Babcock University, Department of Accounting, Ilishan-Remo, Ogun State.)

Abstract

This article examined the influence of the establishment and development of professional accounting organizations (PAO) on the evolution of accounting practices in Nigeria. The study examined the various roles played by prominent institutions such as the Institute of Chartered Accountants of Nigeria (ICAN), the Association of National Accountants of Nigeria (ANAN), and the Chartered Institute of Taxation of Nigeria (CITN) in shaping, regulating, and advancing the accounting profession in the country. The objective of the study is to examine the role of professional accounting organisations in Nigeria in leading the transformation of accounting practices. The study was conducted through desk-based research, utilizing a content analysis approach to examine applicable scholarly papers and official statements made by regulators, as well as global and national accounting organizations. The study found that there exist the collaborative efforts of ICAN and ANAN in establishing accounting education standards in Nigeria, despite the supposed disagreement between the two organisations. The study also identified how accounting organisations have contributed to the achievement of sustainable development goals (SDG) by facilitating the management of economic entities, analysing the environmental impact of costs and benefits, promoting the adoption of innovative practices, and formulating policies to mitigate environmental damage. The study concludes that though there are imprints of these organisations on accounting practice in Nigeria, the transformative journey of professional accounting organizations in Nigeria unfolds as a dynamic narrative that encompasses historical context, regulatory changes, educational requirements, and future-oriented strategies for sustaining and enhancing the impact of the accounting profession in the country. The study recommended the need for these professional organizations to upscale their ability to adjust to technology advancements, champion global integration, allocate resources towards education and upscaling of members skills, and strengthen ethical behaviour.

Suggested Citation

  • Oluseye Omoniyi ADEDOYIN & Prof. Folajimi Festus ADEGBIE, 2024. "The Birth of Professional Accounting Organizations and the Influence on the Transformation of Accounting Practices in Nigeria," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 8(6), pages 1161-1176, June.
    • Handle: RePEc:bcp:journl:v:8:y:2024:i:6:p:1161-1176
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    References listed on IDEAS

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    1. Ibrahim Adagye Dauda & Bala Azagaku Ombugadu & Sylvester Umbugadu Aku, 2015. "Threats and Challenges to Accounting Profession: A Draw Back to the Development of Accounting Practices in Nigeria," International Journal of Academic Research in Accounting, Finance and Management Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Accounting, Finance and Management Sciences, vol. 5(4), pages 96-104, October.
    2. Valerii Zhuk & Serhii Ostapchuk & Natalia Golub, 2023. "Causes and Consequences of the Formation and Development of the Institute of Professional Accountants," Oblik i finansi, Institute of Accounting and Finance, issue 2, pages 23-28, June.
    3. Lawyer Chukwuma Obara & Efeeloo Nangih, 2017. "Accounting Practices and Performance of Oil and Gas Industry (Upstream Sector) in Nigeria: An Empirical Analysis," International Journal of Academic Research in Accounting, Finance and Management Sciences, Human Resource Management Academic Research Society, International Journal of Academic Research in Accounting, Finance and Management Sciences, vol. 7(2), pages 215-222, April.
    4. Igbekele Sunday Osinubi, 2020. "The three pillars of institutional theory and IFRS implementation in Nigeria," Journal of Accounting in Emerging Economies, Emerald Group Publishing Limited, vol. 10(4), pages 575-599, August.
    5. Uche, Chibuike U., 2002. "Professional accounting development in Nigeria: threats from the inside and outside," Accounting, Organizations and Society, Elsevier, vol. 27(4-5), pages 471-496.
    6. Rangarirai Mbizi & Obert Sifile & Faustin Gasheja & Daniel Twesige & Edson Gwangava & Shepard Makurumidize & Kudzanai Matowanyika & Shakemore Chinofunga & Kalisa Sunday, 2022. "Accountants in Africa and the evolving fourth industrial revolution (4IR): Towards a competency framework," Cogent Business & Management, Taylor & Francis Journals, vol. 9(1), pages 2117153-211, December.
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