CHAPTER ONE
INTRODUCTION
1.1 BACKGROUND
Accounting is important not because it is a product of its environment, but rather because it shape its environment and plays a significant role in the conduct of economic, social, political legal and organizational decision and action.
In the colonial days, most Nigeria was engaged in agriculture at subsistence level.
Industrial activities were carried out by the very few number of British companies then available. There were therefore hardly any organized major economic activities and the level of economic development was cow. At this period, there was no greater need for the service of Nigeria accountants and as result, there was no established organization of accountant in Nigeria.
Most Nigeria accountant and as a result there was no established organization of accountant because almost all the manufacturing companies then had foreign connection and they recruited their high level manpower from their home country.
Following the advancement in the level of industrialization and its attendant effect on the need for qualified accountant, few Nigerian who qualified with professional bodies oversees came together and formed as association called the association of accountant in Nigeria. The growth of the profession however could be related to the establishment by act of parliament (no 15) 1965 of the institute of chartered accountant of Nigeria (ICAN) the main object of this institute as to regulate entry into the accounting profession by determine the standard of knowledge and skills to be attained by prospective accountant.
This research paper focuses on the growth and prospect of accounting profession in Nigeria. The following related discussion are embodies namely historical development of the accounting. Profession in Nigeria, the roles of the institute of chartered accountant of Nigeria (ICAN) and other related agencies and professional and its changing discussion, and analysis of the growth problem and prospect of the profession in Nigeria is conducted.
Finally, it effects some suggestion and recommendation necessary for rapid growth in the profession in Nigeria.
1.2 DEFINITON OF TERM
Certain terms are used in this research however they are defined in the context used as follow:
Accounting
This may be summarily defined as the process of identifying, measuring and communicating economic information in monetary terms.
Accountant
An accountant is one who is skilled in accounting
Profession
A vocation involving specialized training and knowledge included an under going of a period of tutelage.
ICAN
A recognized body of account in Nigeria established by act no 15 of 1965 and enterested with, the responsibility of determining. Who is qualified to be admitted as a chartered accountant.
NASB
Nigeria accounting standard board formally inaugurated on 9thSeptember, 1982 by ICAN charged with the responsibility for setting account standard which numbers of the profession will adopt in preparing and reporting financial statement to the users.
1.3 PURPOSE OF THE STUDY
Since of economy of Nigeria is a developing one, the emergency of an accounting profession providing services to industry, commerce agriculture and government cannot be over emphasized.
Hence this research study is carried out with the aim of appraising the growth and prospect of accounting profession in Nigeria problem militating against good growth and prospect will be analyzed and solution and recommendation given.
1.4 METHOD OF STUDY
In order to come out with accurate information and do justice to a topic of this nature collection of date form different sources and construction of questionnaire are used. The method of this study is described under the following headings.
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