Key Features:
No of Chapters: 5
No of Pages: 133 Pages
Methodology: Chi Square
Introduction:
A chartered accountant is a qualified number of the institute of Chartered Accountant of Nigeria (ICAN), a body established by the Act of Parliament No. 15, of 1965, with a primary objective of determining the standard of knowledge and skills to be obtained by persons seeking to become members of the accounting profession in Nigeria. By implication a chartered accountant must have successfully undergone intensive academic and professional training as required by the rules and regulations of the institute to be able to contribute professionally to the economic needs of the society.
The training and examinations which a member of the institute must have successful completed before admission provides a business education of the highest order. Remaining a member of the institution, in good standing, required of a chartered accountant, continuing commitment to integrity, independence and objectivity and an abiding interest in seeking to remain up to date in the legal, technical and professional matters that affect his work.
Any environment where resources are committed to the attainment of economic objective will certainly require the services of a chartered accountant. As a result, chartered accountants are invaluable tools in environments such as:
i. Government establishment
ii. Commerce and industries, and
iii. Educational institutions.
The services required of a chartered accountant in the above organization depend on the particular need of the organization concerned, which may be in any of the following services areas.
a) Accountancy Services
• Setting up a sound accounting system including computerization of manual system.
• Preparation, maintenance and adequate record keeping of all financial transactions.
• Preparation of annual accounts and reports viz: profit and loss accounts, balance sheets source and application of funds, etc.
• Establishment and operation/maintenance of payroll systems.
• Assisting in the improvement of internal control systems
• Assisting in the improvement of internal control systems.
b) Auditing and Investigations Service
- Auditing of financial statements to comply with statutory requirements.
- Investigations of financial matters.
c) Taxation Services
• Preparation of tax computations and agreeing tax liabilities with
d) Management Services
• Analysis and interpretation of accountants to show areas of weakness, strengths and emphasis
• Project analysis and appraisals
• Cash/working capital management
• Design and maintenance of accounting and management information systems.
• Development of computer systems.
• Conducting feasibility studies and preparation of feasibility reports.
• Personal recruitment and manpower development
• Company formation and registration and general advice on company secretarial matters including filling of annual returns.
It is interesting to note that chartered accountants can be further sub-classified into practicing and non-practicing. The main difference between these two classifications is that the non- practicing chartered accountants can undertake all the services listed above as do the practicing, except for auditing of financial statements to comply with statutory requirement. In other words, the practicing chartered accountant is a member of the institute who applied for and was granted licensed to practice by the council while the no-practicing accountant is one that has not been granted such a license. A number is not eligible for this license until he has a continuous period of thirty months before or after or partly before and after becoming a member of the institute been employed in a responsible accountant in public practice in Nigeria or elsewhere.
Chartered Accountants besides their professional training are also members of the large community. Like every rational man, they make decisions, interact, react to their environment, which can either be legal, economic, political, social, technological or otherwise. They also make rational choices amongst competing alternatives. Infact, one of their functions in management include project analysis and appraisals, i.e they advice on investable areas amongst industries and even companies within the same industry. The fact that they are not excluded from the investing public also means that they can analyse investments that they are aware of and appraise them in order to streamline their preferences.
The institute of Chartered Accountants of Nigeria (ICAN) defines investments as assets acquired by an enterprise for purpose of capital appreciation or income generation without any activities in form of production, trade or provision of service. But at the individual level, which includes the chartered accountants, investments, involves trading on shares, securities and stock market which are already existing in the stock market (Financial Assets). It also includes engaging in ventures involving commitment of economic resources to attainment of specified objectives.
For one, including the chartered accountants, to engage in investment activities, there is needed to be aware of the investment profile and also to be to appraise the investment in other to make a choice. However, this project is designed to know the investment awareness and preferences amongst practicing and non-practicing chartered accountants in Nigeria.
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