Role Of Accountants In The Economy

1.1 BACKGROUND OF THE STUDY
1.1.1 THE ORIGIN AND HISTORY OF ACCOUNTANCY
Accounting is often taken to be a new subject having evolved from the commercial and industrial activity of the modern age.
This concept is for form the truth. At any time when economic activities move beyond the primary condition of production and exchange system of accounts have indirectly approved.
Tax assessment and account as old as 4500BC have been found (1) and there are alote of greek Roman and medical accounting rewards in existence <uca paioli who wrote the first known published book on accounting in 14941 had not claimed to be the inventor of double entry hesumnaty stated that he was describing methods which had been incentive for over 200 years.

1.1.2 THE ACCOUNTANCY PROFESSION
There had been speculation as to when accountants first began public practice lawyers who were the first to provide accounting service to their clients did same in a limited area as custodians of titles to property and to properties under wills and settlements.
One James McClelland could be said to be the first accountants to engage in practice in 1824 he published circular announcing that he was willing to undertake the following function.
i. Keeping and balancing all accounting book belonging to merchants manufactures storekeepers etc.
ii. The making up of statement report and manorial on account books disputed account and claims for the purpose of laying before are biters courts or counsel
iii. Trustee or failure for trustees of creditor

1.1.3 THE NIGERIAN STORY
It was during the colonial master days that accounting provision arrived Nigeria. On December 1960 the inaugural general meeting of the association of accountants in Nigeria was held.
This meeting led to the creation of a body to regulate the accounting provision in Nigeria through the passing into law THE INSTITUTE OF CHARACTER ACCOUNTANTS OF NIGERIA 1965.
They were given the mandate to train and determine the standard of knowledge and skill to be possessed by person who wishes to become bencher.
The condition of the economy at the mean time posses a challenging task to the accountant resources needs to be harnessed and judiciously used. Against this background it is obvious that the Nigeria aspiration to building a safe and sound economic structure will crumble in the absence of the accountant in the economy.

1.2 STATEMENT OF THE PROBLEMS
The role of accountants in the Nigeria economy is an appraised of the roles being played by the accountant towards the economic development of Nigeria. The primary objective of the research work is to identify the types of accountant operating in the Nigerian economy their contributions to the economic development of the nation together with their constraint. Other objectives is to identify if the users of accounting information are availing themselves of the services provided by accountant.
In this regard I have chosen to look at the activities of the institute of chartered accountants of Nigerian (ICAN) practicing accounting forms and accountants in industries and services organizations in conclusion the objectives of this work is;
i. To examine of the employee of labour make of the services of accountants
ii. To inform users of accounting information of the various services of accountants
iii. To guide prospecting accountants of the demands of the profession.

1.3 OBJECTIVE OF THE STUDY
As already mentioned in the introduction it would be recalled that the establishment of the institute of chartered accounts of Nigeria (ICAN) by an act of parliament in 1965 mandated it to determined the standard of knowledge and skill to be attained by person seeking strongly entry into the membership of the accountancy profession in Nigeria and raising those standard form time to time as circumstances may demand.
It is in this note that the research work therefore tried to appraise the performance of the institute in compliance with government expectations and more so the inputs of the institution of higher learning towards the actualization of these goals.

1.4 RESEARCH QUESTION
QUESTIONNAIRE FOR ACCOUNTANTS IN PRACTICES
Accountancy Department
Institute of Management Technology
P.M.N 01079
Enugu
Dear/Madam.
THE ROLE OF ACCOUNTANTS IN THE NIGERIAN ECONOMY
I am a final year student of the above named department (OND) carrying out a research study on the topic “the role of accountants in the Nigerian economy” this is strictly for academic purposes.
I will be grateful if you will kindly complete the questionnaires below for me

SECTION A (OPTIONAL)
1. Name of office
2. Qualification
3. Official rank

SECTION B
4. Name of organization
5. What is the purpose for establishing the firms
6. How many audit France have you?
7. Your statutory duties not withstanding what others services do you render to your clients
8. How for does the government make use of your services
9. Is there a general awareness on the part of the general public as to your role in the economy?
10. Does the government consult your institute in drawing up economic polices
11. Are there adequate accountants to meet the need of the economy
12. If your answer in (11) above is no could you please enumerate the efforts of your institute towards provision of adequate accountants to meet the needs of the economy.
13. Is there any agreement between your institute and institute of higher learning on a syllabus for the training accountants?
14. How many graduate trainees have you trained
15. How many student trainees are on industrial attachment with you.
16. Could you tell me in general terms what is the role of the accountants in the economy and effort being made by the institute of chartered accountants of Nigeria towards revamping the economy
Thanks your
Nnamdi B Nnam
IMT Enugu
September 2007

1.5 SCOPE (DELIMITATION) OF THE STUDY
This research work titled “The role of accountants in the Nigerian economy” cover a wide area due to obvious financial constraints and of course for purpose of management I consider it necessary to restrict the study within Enugu.
Information about the institute of chartered accountants of Nigeria was obtained from its district society Enugu by choosing these sample/representative forms and institution I have limited my research work in those areas of operations of these institutions and practicing firms that enhance the nations economic development and used inference drawn form then to apply to other institution/firms.

1.6 THE SIGNIFICANCE OF THE STUDY
The idea of setting up the institute of chartered accountants of Nigeria is to bring under one umbrella professionally qualified accountants working or practicing in Nigeria without the institute we would be having today in Nigeria as many accountancy bodies as there are today in USA UK, Canada and so on where some Nigerians traveled in search of golden fleeces and have returned with it in the form of professional accountancy qualification.
The significance of this study is to project the study of accountancy increasing the level of awareness of the general public and the employers of labour on who is an accountant and his role in economy.
This research is indeed significant because it brought into focus the many services provided by accountant geared towards meeting the economic and financial objectives of many Nigerian and consequently launching the nation into a higher level of economic development. It has nevertheless highlighted the efforts intensified by these institutions to bridge the gearing existing between the Nigerian economy and that of the industrialized countries.
It is expected that this research will be a spring board for further research on the subject “the role of accountants in the Nigeria economy”

1.7 DEFINITION OF TERMS
i. Accountant: An accountants is one who keeps/materials a history of business transaction involving money
ii. Accounting: This is the practice of keeping a reward of business transaction involving money
iii. Production: Production is the creation of goods and services to satisfy human wants
iv. Exchange: This involves giving and recurring something in place of another thing
v. Double entry: This is a system of recording every business transaction trice to show the debits and correspondent credit which is always denoted as “DR” and “CR”
vi. Profession: This is referred to as a body of a group of people who have acquired specialized skills not only through formal education but also systematic practice process