Religious core values and ethical sensitivity: an empirical investigation of university undergraduates in Nigeria

This paper examines the role the teaching of a set of religious core values to university undergraduate students could play in shaping their ethical sensitivity. Using a sample of accounting and business students of a religious based university and a survey instrument that contains four scenarios, the results show that there is no significant difference between accounting and business students concerning acceptability of questionable accounting and business practices. We also find no significant difference between male and female students in their ethical sensitivity. Furthermore, we find accounting students not more ethically sensitive than business students regardless of their courses in codes of professional conduct. These results suggest that the core values have positive effect in shaping the ethical sensitivity of the students in the same direction irrespective of course of study and sex. We conclude that the teaching of religious core values can improve the ethical sensitivity of students. However, we could not draw any policy implications due to a number of limitations of the study which include small sample size. We therefore recommend further studies that would consider those limitations

Linking Accounting/Auditing Environment and the Remittances of Africans in Diaspora

This paper investigates empirically the link between the inflow of Diasporas remittances and the environment of accounting/auditing in 10 African countries. The result using Spearman’s rank correlation indicates the existence of a positive relationship (correlation coefficient rs is 0.36), but the strength of the relationship is weak (significant level of 0.05). The quality of accounting and auditing as represented by their environment is a stimulus that could enhance the inflow of Diasporas remittances. The study therefore recommends that African countries should strategically and proactively refocus attention on developing accounting/auditing environment in order to attract reasonable volume of remittances

Adopting International Financial Reporting Standards (IFRS) in Africa: benefits, prospects and challenges

This paper presents the findings of an empirical study on the benefits, prospects and challenges of adoption of International Financial Reporting Standards (IFRS) in some African countries. A questionnaire was administered to gather data from respondents made up of users and preparers of accounting information using the Twitter social network. The objective was to find out the perception of users and preparers about what the benefits, prospects and challenges of IFRS adoption are in African countries. The results of the study indicate that IFRS adoption in Africa will have the potential to be beneficial to a wide range of stakeholders. The benefits notwithstanding, there are however, a number of challenges to be faced in the process of adoption of the new standard including the ethical environment in Africa. The study recommends among others that a rigorous IFRS capacity building programme should be embarked upon by all regulatory bodies, firms and training institutions in order to provide the needed manpower for IFRS implementation, monitoring and compliance

Accounting infrastructure and accountability in the management of public expenditure in developing countries: A focus on Nigeria

Accountability in the control and management of public funds is one of the most sensitive aspects of the activities of government in all democracies. Hence, the 1999 Constitution of the Federal Republic of Nigeria contains provisions relating to legislative powers and control over public funds. However, the required level of accountability in public expenditure has not been achieved in Nigeria. The situation has remained worrisome even though the country does not lack in the appropriate laws and regulation required to bring sanity into the system. Though there have been some bold steps and initiatives in the recent past by the government by strengthening existing institutions and creating new ones with responsibility for fraud and other controls, the issue of weak accounting infrastructure has not been addressed. The paper argues that accountability in public expenditure can more easily be realized within the context of a sound accounting infrastructure and a robust accounting profession and not in the multiplicity of laws and anti-corruption agencies; all of which are reactive in nature. Therefore, the paper reports on the current state of accounting infrastructure in Nigeria, and conclude with an assessment of the existing agencies and current reform initiatives in ensuring accountability in public expenditure in Nigeria

Searching for a Pathway to Priming Accountants for Ethical Compliance with International Financial Reporting Standards: The Core Value Paradigm

The accounting profession has over the years prescribed solutions (via code of professional ethics) to often complex ethical problems. This has left the profession in a state of continued crises of confidence as evidenced by the celebrated fraud cases across jurisdictions. The problem is likely to be more pronounced following the introduction of the principles-based International Financial Reporting Standards (IFRS). To be effective, ethical reform initiatives should directly address the inner life and character of accountants through education of the right type. The objective of this paper, therefore, is to bring into focus the relevance of Covenant University Core Values in priming accountants for ethical compliance with International Financial Reporting Standards. According to the empirical results of the study(based a cross-sectional sample of stakeholders from the Lagos area of Nigeria) the CU core values paradigm is relevant and effective in priming ethical behaviour. The paradigm offers the right approach as the acquisition of understanding of ethical issues turns away from a focus on the external world of rules to the more holistic approach of internalizing a set of values which ensures that accountants maintain consistent ethical behaviour. Thus, the paper recommends the Covenant University Core Value dimension to learning and teaching as a pedagogical starting point in building ethical behaviour in accountants for compliance with IFRS. However, there are a number of limitations of the study which include small sample size. Further studies that would consider the limitations are recommended

The Role of Accountants as Professionals in National Development

There is a nexus between Accounting and economic well-being. The nexus flows frorr. the role, which Accounting information traditionally plays, on the one hand in securing accountability, and on the other, in improving and facilitating optimal decision making in any situation where choice amongst alternatives is involved. It means therefore that the accounting function is inseparable from the task of managing the National economy The Accountants as professionals and as practical Economists have vital roles to play in shaping the tune of National development. But the nature of the roles the Accountants can play has always been a closed book. This is one of the reasons why the services of professional Accountants have not been employed on a large scale in the task of National Development. This paper has therefore discussed the nature of the roles of professional Accountants in national development and the gains that could accrue from performing such roles

COMPANY ATTRIBUTES AND THE TIMELINESS OF FINANCIAL REPORTING IN NIGERIA

Abstract This study examines the impact of company attributes on the timeliness of financial reports in Nigeria based on a sample of 61 companies’ annual reports for the years 1999-2008. The data were analyzed and results estimated using Ordinary Least Square (OLS) Regression which was complimented with the panel data estimation technique. The findings reveal that the age of company is the major company attribute that influences the overall quality of timeliness of financial reports in Nigeria. It was also observed that there is a significant difference in the timeliness of financial reporting among industrial sectors in Nigeria. The banking sector is found to be more timely in financial reporting. Though the results suggest that regulations are not enough to ensure that the quality of financial reports are timely in Nigeria, reporting lag may however be reduced by the existence and strict enforcement of rules and regulations of regulatory bodies. Key words: Audit Firm, Age, Companies Attributes, Company Size, Financial Reports, Financial Year, Information, legal Requirements, Nigeria, Nigeria Accounting Standards Boards Act, Profitability, Timeliness, Stakeholders

The Insurance Industry and Nigerian Economic Development

Insurance arises from a contract between an insurer and an assured/insured, whereby the former undertakes to provide against a risk on behalf of the latter. The main function of insurance companies is to provide compensation against risk and also to provide long-term capital to government and corporate bodies. These functions are very crucial to the economy. Arising from the above, this study investigates the contribution of insurance companies to the economic development of Nigeria. The data used in the study was obtained from the annual reports and statement of accounts of the Central Bank of Nigeria (CBN). The data was analyzed using the method of Ordinary Least squares (OLS). The main finding of this study is that the insurance industry has not actually contributed much to Real Gross Domestic Product in Nigeria betWeen 1970 and 2002. The study suggests that the government should provide the enabling environment for the industry to thrive, to carryout enlightenment campaigns and to increase the capital base of the operators in the industry

Directors and Corporate Governance in the Banking Sector: Evidence from Nigeria

A healthy corporate governance culture is imperative in the banking sector where the retention of public confidence remains of utmost importance. In this regard, the board of directors are the essential fulcrum upon which the mechanisms of corporate governance and management rest. In Nigeria, however, poor corporate governance has been identified as one of the major factors in virtually all known instances of distress in banks. This is taking place against the backdrop of the existence of Code of Corporate Governance for organizations (including banks) in Nigeria. This contradiction is evaluated in this study which seeks to identify the challenges of corporate governance faced by directors in the Nigerian banking sector. Using the ex-post facto research design, this study draws on the views of executive and non-executive directors of banks in Nigeria, applying simple percentages, averages and rank order as statistical tools for the analysis of data. The study reveals the major challenges of corporate governance as the ineffectiveness of audit committees and lack of shareholder activism. The study recommends, amongst others, that shareholder activism should be legally required and encouraged and the level of such activism should be reported upon by the chairman in his statement and the auditors in their reports. Similarly, audit committee should be responsible for hiring, firing and recommending the fees for non-executive directors and external auditor

CORRUPTION AND COST OF GOVERNANCE IN NIGERIA

Nigeria is a country with great potentials. However, these potentials have been punctuated by a myriad of problems. The problems are not necessarily that of lack of resources, but of corruption and hence high cost of governance. The past and present leadership of the country recognized the ugly situation this has put the country and had devised mechanisms to stem the tide for good. The mechanisms put in place by governments in the past have not achieved the desired results. On the basis of the analysis of the political economy of the country, the paper suggested ways to solving the problem - reinforcing the current anti-corruption drive of the government by making the structures/institutions put in place to fight corruptio-n to be truly independent of the executive arm of government and promptly bringing culprits to book, and reduction in governmental units both at the state and local levels to economicalZv manageable size. These the paper argues would reduce corruption in the country and hence lower the cost of governance