Download complete project materials on Enhancing Ethical Values Of Accounting Profession from chapter one to five
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CHAPTER ONE
1.0 INTRODUCTION
1.1 BACKGROUND OF THE STUDY
Ethics have been defined as a system of moral principles or set of behaviors and when applied to a profession, they become the rules that govern or influence the behavior of members of the profession.
Ethics is concerned with what is good for individuals and society and it also described as moral philosophy. A professional accountant is required to observe standard of professional conduct whether or not the standards required are written or not.
He/she is specifically required to refrain from misconduct which is difficult to define precisely but which includes act or default which is likely to bring discredit to him/her in general. The institute of chartered accountant of Nigeria (ICAN) has adequate rules as to what constitutes professional misconduct.
The institute has an investigation panel which make inquiries into cases of alleged professional misconduct; there is also the accountant’s disciplinary tribunal to consider and determine cases of alleged misconduct.
The statement of accounting principles and standard stated that an accountant should at all times comply with ethical guidance as practicable guidance in professional ethic issued by the foreign accountancy bodies of which he belongs.
Ethical offences attract penalties which range from reprimand to expulsion from membership. Members in practice are required to comply with the laid down ethical guidance. Compliance with ethical guidance has an impact on public perception of the work of the accountants.
Students of accounting profession are also bound by the ethical requirements of the institute, failure to follow the ethical guidance does not itself constitute misconduct but in answer to complain, a member may be called upon to justify any departure from the guidance.
The fundamental principle risks arising from objectivity, independence, confidentiality, nature of ethical enquires, procedures for dealing with complaints as well as investigated cases are amongst matters that are going to be considered in this research work.
1.2 STATEMENT OF THE PROBLEM
Following the various standards and ethical guidance requirements and rules laid down by the institute of chartered accountant of Nigeria (ICAN), it is pertinent to examine how much has been achieved in the area of efficiency and reliability of the services rendered by accountants and the obstacles that militate against realization of the objectives behind those ethical value.
However, it has been apparent that most of the standards have not fully achieved their desired goals or objectives. Therefore, there is a need to ake a critical look at the adherence to those standards. It must be noted that one of the indices of achievements or the numbers of the professional accountant that have professionally served without any miss‑information, misrepresentation of facts either intentionally, negligently or otherwise and the number of celebrated and investigated cases against the accounting profession. The statistics on these are not only hard to come by, but where and when available they are unreliable.
1.3 OBJECTIVES OF THE STUDY
The objective of this study is:
1. To examine the standards issued by the institute of chartered accountant of Nigeria.
2. To analyze critically the problems militating against the standards and the ethical values with the aim of finding a lasting solutions to them.
3. To highlight some of the hindrances affecting the smooth
running of the institute.
4. To find out the reasons for inadequate performance of the institute of chartered accountant of Nigeria (ICAN).
1.4 RESEARCH QUESTIONS
In pursuit of this study on “Enhancing Ethical Values of Accounting Profession”, the following research questions have been developed;
How does the ethical code and sanction led to the enhancement
of accounting profession in Nigeria?
How has ethical code and sanctions have been able to contribute to the immensely development of accounting profession in Nigeria?
How has the ethical code of conduct department enjoy reasonable degree of independence?
How has the accounting student, graduate of accounting and professional accountants been able to exercise reasonable care and skills in the conduct of their routine assignment?
What are the rationales behind the establishment of ethical
code of conduct?
1.5 SIGNIFICANCE OF THE STUDY
The outcome of this study will be of great importance and assistance to the following:
1. Government: This study will be of great importance to the accounting profession as well as guidance to the government at all levels for the formulation and implementation of policies that will affect or concern accounting profession.
2. Profession: it will enable the accounting professional to improve upon their services both efficiently and effectively so as to ensure reliability of the users.
3. General Public: the findings shall be a source of enlightenment to the public about the problems associated with ethical values of accountant and the possible solutions.
4. Accountants: the outcome of this project will assist accountants to know their problems and how to tackle them.
5. The Institute of Chartered Accountant of Nigeria: it is the researcher believes that at the end of the work, the conclusion and recommendations arrived at will be of great importance to the institute of chartered accountant of Nigeria in particular, also to individuals and students.
1.6 SCOPE OF THE STUDY
The scope of this study is the extent to which a problem area is covered in a single research study. The scope of the study is as follows;
1. The research work is limited to the Institute of Accountants of Nigeria (ICAN).
2. The research work focuses on enhancing ethical values of accounting profession.
3. This research work covers a period of four (4) years, from 2014 to 2017.
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