Impact of Ict on Accounting Practice in Nigeria

For as long as businesses have existed, so has accounting. With time, it has become more complicated and detailed, but it is still a process of keeping financial accounts in order. Through accounting, or financial reporting, a system is set up to keep track of, maintain and audit the financial proceedings. Because accounting and financial reporting of a business is so important for its accuracy and in general, a lot of ethical, technological and legal concerns are involved. In this paper, we will look identify and explore the concerns of each of these.

Thirty years ago, most financial accounting was done manually, leading to a great deal of paperwork. Currently, most accounting information is recorded via computers and wide area networks (Journal of Accountancy, 1994a). Technology has certainly changed the face of accounting over the years. While it is unclear whether technology’s impact on accounting has been positive or negative, it is clear that technology has drastically changed the accounting profession. Often a technological advance may be an asset to a business, but a liability to the firm’s accountant. For example, information can be provided in a timely and more accurate manner, but at the price of confidentiality. Some of the impacts of technology are neither

In the modern business today, there is no more manual accounting. Instead a lot of companies and businesses all over the world are trying to use and adapt by having an accounting system that is computerised, less hassle and fast processing.

Accounting Information Systems The Crossroads of Accounting and IT by Donna Kay, Ali Ovlia Test Bank

17.Which of the following is probably the primary reason accountants should be concerned about computer crime and abuse?

The form, the use and the people involve with the financial and accounting information in a company is going to be developed in this report.

With the world and its technology advancing at such a fast pace, it is important that accountants and their firms to try to keep up. In the world of accounting, new technology is made every day in hopes to make the lives of the people in it easier. From limiting human error, to making information accessible from around the world, accountants are looking for new technology that can help them deal with the problems they are facing. With that, here are three new technology methods that are being used today that is improving that accounting process and limit the risk for the accountant. These technology methods are having a centralized database, the Optical Character Recognition Software, and the new advancements in the use of mobile

In addition to the accounting fraud that had happened, technological innovation has decreased the face-to-face communication between accountants and their client. Thereby, creating a disadvantage for the company to build a strong trust relationship with their client. Nowadays, technology is an essential part of business operation. Many accounting firms utilize technology devices such as emails and phones to communicate with their clients. However, one of the most effective communication is face to face communication

The addition of computer technology in accounting systems has not only changed the way information is accessed, stored, and controlled, but encouraged auditors to become familiar with accounting technology and software. Entities using technology for information management provided a different perspective to the role IT played in accounting. At an accelerated pace, auditors need to become educated on capturing and analyzing information technology. While training and professional performance of an auditor are addressed in the standards, the AICPA has not updated this standard since 1975 (Krahel and Titera, 2015). Auditing Standard 1010: Training and Proficiency of the Independent Auditor requires an audit "to be performed by a person or persons having adequate technical training and proficiency as an auditor" became a guideline for auditor knowledge and professional development (Public Company Accounting Oversight

Most of the inputs to the General Ledger System come from the Financial Reporting System.

Ethical issues involving information accounting is a part of doing business and a large part of personal human ethics. Accounting ethics refer to codes or moral systems used to determine right and wrong in accounting. Accountants have a challenge with the arrival of information technology to observe business ethics in the field of accounting. Technology needs to be appreciated and used by accountants in the most important ways to improve efficiency, regulatory compliance, enhance financial reporting, increase revenues, and enhance management practices. Accountants also need to be well informed with new technology and come up with the need for appreciating technology use in their firms. Technology has therefore created a

The value of information is the difference between the benefits realized from using that information and the costs of producing it. Would you, or any organization, ever produce information if its expected costs exceeded its benefits? If so, provide some examples. If not, why not?

A CPA, CMA, Partner for UHY LLP, Steve McCarty, believes in staying up to date with the advances his company, as well as the world, is making involving the technology that will be changing his profession. He is aware of constant changes and enjoys being on the cutting edge. When asked how technology has impacted his career, an enthused McCarty responded, “HUGE! When I started 15 years ago, I did not have a computer. We typed financials and prepared tax returns by hand. Technology has allowed for us to grow more efficiently, faster, and remain cutting edge. Technology has also created opportunities for our profession. Now we are hired to test client IT Systems and do walk through to help facilitate or audits” But while his response was extremely pro technology, other CPA’s seem to be in the dark on how

Information systems changed forever the way accounting tasks are processed. The days of green paper pads are gone, and instead businesses have a centralized place where all accounting transactions are entered and saved. No more looking for paper

Accounting is a unique science to understand the results of operations of an entity after its operations in market. As it has both external and internal users, in this case study internal users of Accounting System will be in focus.