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PROJECT TOPIC: IMPACT OF INTERNET COMMUNICATION TECHNOLOGY (ICT) ON THE ACCOUNTING PROFESSION IN NIGERIA. A STUDY OF THE INSTITUTION OF CHARTERED ACCOUNTANTS OF NIGERIA (ICAN

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CHAPTER ONE

 

INTRODUCTION

 

  1.1 BACKGROUND OF STUDY

Accounting is the process of identifying, classifying and recording, and presentation of financial economic activities of an entity with the aim of facilitating decision making by the users of the information Fidelis (2013). This process is usually done manually with the use of separate ledgers to record financial transactions. It involves the use of paper, books and pen to record and prepare financial statements and manual calculations. This task is tedious and time consuming and can therefore lead to several human errors. This occurrence might be minimal in small entities such as sole proprietorship. Kwanchukwu (2004). However, in big entities such as a public limited liability company, these errors can occur more often without possibility of being detected which can affect the entity on the long run.

There is no doubt that the manual system of accounting is cheaper than the automated accounting system which is one of the reasons why small businesses still use it. But as a business grows, there is the need for a shift from manual accounting system of financial transactions to automated processes i.e. Information and Communication Technology especially in today’s generation where most transactions are performed with the use of electronic gadgets such as Computers, Computer software and the internet Onaolapo et al. (2012). The Accountant only needs to enter the transactions into the software which simply performs computations and presentation thereby relieving the accountant of such task. Any company with large size seeking to be efficient and effective in it financial operations would need to adopt an automated system of accounting. For a company to attain efficiency and effectiveness,


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