Ethics refers to a discipline in which matter of right and wrong, good and evil, virtue and vice are systematically examined (Brinkmann, 2002).
In Nigeria, according to Aguolu (2002) the Institute of Chartered Accountants of Nigeria in 1979 issued the ‘Codes of Professional Conduct of Members’ (revise in1989) outlining the codes of conduct for its members in matters of professional practice. Such codes of conduct relates to the requirements of the part of members in matters of: independence; integrity; confidentiality; maintenance of technical competence; conformity to technical standards and; maintenance of ethical conducts. Professional values, ethics and attitudes are the professional behavior and characteristics that identify professional accountants as members of a profession
Furthermore, Ade (2012) posit that Any organization that lacks ethical considerations may not survive for a long time to achieve its desired goals and objectives and that of its stakeholders. Therefore, accountants as professionals responsible for the preparation of financial reports need to adhere to the codes of ethical accounting standards to produce reliable, relevant, timely, accurate, understandable and comprehensive financial reports (Ogbonna, 2010).
Financial reporting forms the basis for economic decision making (Nzotta, 2008). The various shareholders need financial reports for decision making on the investment and financial aspect of the organization. The financial reports produced by the accountant should be based on certain fundamental qualities for various users to understand the content of the report. The companies and Allied Matters Decree 2004, the banks and other financial institution Decree 2004 and the Nigerian Deposit Insurance Corporation Act 2006 place additional burden on an accountant in that he has to certify compliance with accounting standards, prudential guidelines report, certain deviations and even send copies of his management report to the Central Bank of Nigeria.
A number of factors influence the ethical behaviour of an accountant in the course of his assignments: family background, religious belief, economic issues, familiarity issues and monitoring and regulatory issues (Adeyeye, 2010). It is imperative to monitor and positively control these variables for accounting profession to sustain its relevance in a dynamic business world. Accounting profession code of ethics has overtime, moved from a focus on moral responsibility for a public good to that of technical specification for a product or service. This reflects a change in public values where technique has replaced character as an important virtue (Valayuthan, 2003).
To ensure good professional discipline, the Institute of Chartered Accountant of Nigeria (ICAN) has adequate ground rules as to what constitutes professional misconduct. The institute has an investigation panel to enquire into cases of alleged professional misconduct. But where there is conflict between ethical guidance and the foreign one, the local ethical guidance takes precedence.
Furthermore, Ethical offences attract penalties which range from reprimands to expulsion from membership. Members are at liberty to seek clarification on ethical issues from the institute. Members in practice are required to comply with local laws and should adhere to the ethical guidance. Compliance with ethical guidance does not of itself constitute misconduct, but in answer to a complaint,members may be called upon to justify any department from the guidance.
Ethical standards if strictly adhered to, become internalized and reflect extensively in professional assignments (Nwanyanwu, 2010).
Accounting is a profession that rests heavily on the need to exhibit a high sense of accountability and stewardship, hence the emphasis that all members be guided by professional code of conduct (Nwagboso, 2008).
The professional bodies without punishment to erring members but the adequacy or otherwise of the fines and/or other punishment has been questioned. In these days of rapid technological and environmental developments, ethical issues spanning the boundary lessons of accountancy practice have been noticed and there are no ready answers.
Economic growth means an increase in the capacity of an economy to produce goods and services, compared from one period of time to another. Economic growth is a process by which a nation wealth increases over time.
EXAMINE ETHICAL ISSUE IN ACCOUNTIN AND ITS ECONOMIC GROWTH OF AKWA IBOM STATE
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