Impact of ict on accounting practices

The Impact of Information Technology on Accounting

This study also serves as a guide for further research work on the field of ICT impact. Transaction that would have taken an accountant months or years to prepare would be done quickly and faster and thereby cutting high cost that would have resulted in preparing these reports Pricewaterhousecoopers, June An audit keeps a company honest and also reassures employees and investors as to the financial status of the organization.

Internal bank account reconciliation, for example Internal — External — Internal check External bank account confirmation returned directly to the auditor Various techniques are used to gather audit evidence: The result of this study maybe useful to auditing firms when trying to consider the technological need to improve the skill of their students in accounting practice.

An audit memo will inform your employees about the audit process, as well as what will be expected of them during the audit. Most of the popular accounting systems can also be tailored to specific industries or companies. This study can also help in analyzing ICT environment that govern the preparation, presentation of financial statement and audit evidence.

These chapter critically review related literature. The system has been set; it is the duty of accounting profession to device a means of improving on the Information and Communication Technology ICT. Increased Functionality Computerized accounting systems have also improved the functionality of accounting departments by increasing the timeliness of accounting information.

Audits provide companies with more opportunities for external financing and investment options.

Impact of Ict on Accounting Practice in Nigeria

Does information and communication technology affect profitability in financial reporting? The statistical tool adopted in testing hypothesis was analyzed using chi-square.

The level of ICT investment by the firm will help in the result and data presentationand generalized accounting practice. The major findings of this research revealed that, the positive impact of information technology outweighs the negative impact and both banks and customers benefit from it.

In the board meeting It is very clear that, the computerized accounting system have improved the functionality of accounting departments by increasing the timeliness of accounting information.

The bank focused on three main areas investment banking, retail finance and transaction service, the customer segments of the bank comprises of corporate and institutional clients, small to medium scale enterprises and individuals.

Audit plans should consider all areas of the business and focus resources on those with the highest risk. The complex nature of the banking system its products and services have made it necessary for banks to embrace this change as quick as possible.Accounting information accounting management system to promote the reform of the entire accounting theory and accounting practice of a fundamental change in the accounting information the accounting theory and practice will have a profound impact.

The Impact Of Ict On Accounting Practice In Nigeria c Essays and Research Papers. Search. Impact Of Information Technology On Financial Accounting Practices has been carried out to study the impact of IT on the financial accountancy practices.

One possible reason is that the practices has been no more immune to the. The risk that the auditor gives an inappropriate audit opinion when the financial report is materially misstated.

Audit risk has three components; inherent risk, control risk and detection risk. Introduction The purpose of this commentary is to explore how information and communication technologies (ICT) have forever changed many aspects of business and accounting practice and, as a result, offer new and exciting research opportunities to accounting professionals and academics.

Research on the Impact of Accounting Information on Accounting Theory and Practice.


on the Impact of Accounting Information on Accounting Theory and Practice Yang Fuhong School of Finance, Shandong Polytechnic University, Jinan, China, Keywords: Accounting Information; Accounting Theory; Accounting Practice Abstract.

The biggest impact IT has made on accounting is the ability of companies to develop and use computerized systems to track and record financial transactions.

Impact of ict on accounting practices
Rated 0/5 based on 12 review