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This study,THE IMPACT OF ICT ON ACCOUNTING PRACTICE contains concise information that will serve as a framework or guide for your project work. The project study is well-researched for academic purposes and are usually provided in complete chapters with adequate References.






1.1     Background of study

Today, business world is changing rapidly. Frequent investments and rapid pace of changes in IT along with increased costs of research and development (R&D) all are reasons for globalization (Fishamar, 2002). During past decades, role of IT has changed in relation to how corporations manage and control their resources (Teng and Calhoun, 1996). Organizations are reacting to a wide range of ITs through different practices and with varied proportions based on opportunities and bottlenecks faced (Johnson et al., 1986). Decisions on foundation of IT structure need to be linked to making decisions on designing organization of IT within organizations. As a result, IT plays a vital role in new trade, especially with respect to accounting performance (Efendi et al., 2006). IT alters the nature of practices of business and accounting basically (Hunton, 2002). The first advantage of relationships between accounting and IT is that they will be accepted gradually; without IT, accounting is not accomplished easily, and it is assumed that IT is a base for accounting data, allowing certain distortions on performance to be inquired (Granlund, 2007). Therefore, IT and accounting systems will constitute main acknowledged part of accounting research. Although it has been that IT plays an important role in accounting field, few studies have been performed on relationships between them.

In the recent past centuries, before the inception of Information and Communications Technology (ICT), the accountants of an organization were using a socially acceptable behavioural method of reporting accounting and economic reports, carried out during accounting year ends, the preparation of accounting records, book such as the profit and loss account, the balance sheet, cash book, cash flow statement, income and expenditure accounts.

The application of Information and Communication Technology (ICT), on accounting practice in Nigeria has become a subject of fundamental importance and concerns to all business enterprise and indeed a prerequisite for local and international competitiveness. It is obvious that the way accountants plan and take decision on what and how to provide their service in the accounting profession has been affected immensely by Information and Communication Technology (ICT). This has continued to change the manner in which accounting practice and their corporate relationships are organized worldwide and the variety of innovative device available to improve and facilitate the speed and quality service delivery.

1.2    Statement of the problem     

The growth within management of accounting and Information system is presumed to be coming alive with the advent of Information Technology (IT).The use of various forms of information and communication technology such as software and ancillary equipment like computer hardware, database, internet, intranets, Extranet, Telecommunication, Oracle,Statistical Package for Social Sciences (SPSS),  Structural Adjusted Program (SAP), Automated Teller Machine (ATM), debit cards, electronic commerce, Peachtree and Tax Software (Turbo Tax) to mention but a few,  seem to have posed a problem to accounting practice.

These have translated into some forms of problem as the manner in which accountants can potentially add value to economic entities and societies is undergoing a metamorphosis. Another problem is that the accounting practice now requires higher level of critical-thinking skills, such as designing business processes, developing e-business model, providing independent assurance and integrating strategic knowledge.

It is observed that, when Information Technology (IT) first arrived on accounting profession, accountants initially automated existing processes rather than envisioning how information Technology could be used to conduct business in new and innovative ways. The system has been set; it is the duty of accounting profession to device a means of improving on the Information Technology (IT).

Therefore; the adoption of Information Technology in accounting practice in Nigeria have resulted into greater speed, accuracy, timeliness and cost, which will obviously reducethe task required on professional accounting.

1.3     Objectives of the study

The extent to which accounting practice have changed as a result of introduction of information and communication Technology (ICT)is immense. IT has impacted the accounting practice  positively in diverse ways, asvarious study in this area have largely shown that ICT and its perceived importance due to its usage across several groups of business firms, especially in the field of Auditing. This study is however aimed at the following objectives:

  1. To assess the impact of ICT on firms’ financial transaction reporting.
  2. To evaluate the challenges associated with information and communication technology in accounting profession today.
  3. To assess and explore the impact of ICT usage since it can directly impact audit judgment, effectiveness and efficiency which form the basis for accepting the financial statement as to it true and fairness.
  4. To evaluate the impact of ICT on accounting practice since its introduction
  5. To determine how the use of ICT have impactedand improved the performance of audit exercise
  6. To assess the possible challenges faced by accounting practices as a result of the adoption of ICT

1.4           Research questions

The research question formulated for this study is below:

  1. Has the introduction of information and communication technology improve accounting practice?
  2. Does information and communication technology affect profitability in financial reporting?
  3. Does the organization embark on training the accountant in other to accommodate the change?
  4. Does the use of ICT have a resulting impact on the on the performance of audit exercise?

1.5     Hypotheses

The followings null and alternative hypothesis is guide to this work

Ho:There is no relationship between the introduction of information and communication technology and efficiency in accounting practice

H1: There is relationship between the introduction of information and communication technology and efficiency in accounting practice

1.6     Scope of the study

Due to the ambiguity of accounting practice in both big and small affirms across the country Nigeria, this research which looks into the impact of ICT on accounting practice will be streamlined tothe accountants and audit departmentsof First Bank of Nigeria PLC, Isolo Branch and Lagos State Ministry of Finance, LagosState.It will consist of accountants in the accounting and audit department of the bank.

This work will be restricted to cover the impact within accounting practice and profession. The level of ICT investment by the firm will help in the result and data presentationand generalized accounting practice. Furthermore, this study can also help in analyzing ICT environment that govern the preparation, presentation of financial statement and audit evidence.

1.7     Definition of operational terms

Information and Communication Technology ICT refers to “the automated means of originating, processing, storing, and communicating information, and includes recording device, communication system, computer system (including hardware and software components and data), and other electronic devices” (AICPA 2006a, AU 319.02).Audit ICT usage refers to the manner in which auditors uses ICT throughout the process of their audit.

Auditing is the examination and verification of a company’s financial and accounting records and supporting documents by a professional so as to give his profound opinion as to the true and fairness of the financial statement of that company.

Accounting information system (AIS) is a system of collection, storage and processing of financial and accounting data that is used by decision makers.

Enterprise Resource Planning (ERP): is an integrated information system that serves all departments within an enterprise.

Automated teller machine (ATM): is an electronic banking outlet, which allows customers to complete basic transactions without the aid of a branch representative or teller.

1.8     Proposed Organization of work

Chapter one:  These comprises of the Introduction of the research work which includes the Background of the study, Statement of the problem, Objective of the study, Research question, Hypothesis, Scope of the study, Organization of the work.

Chapter two: The chapterwill review the related literatures with critical review of the conceptual framework, the review of prior study as related to the software, the impacts of ICT at various level, the benefits of ICT.

Chapter three:This chapter examines the methodology used in this study, thereby analyzing the research design, population of study, sample size, source and method of data collection, method of data analysis and decision rule.

Chapter four: This chapter seek to present the result and analyse the data.The analysis will focus on Data presentation and test of Hypothesis.

Chapter five: This chapter willseek to summarize the findings in this research, with a view of concluding the research, making necessary recommendations and stating the limitations of the study.


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