Nexus of Accounting Profession and Corporate Governance in Nigeria

Abstract

This study attempts to investigate management bottlenecks in compliance , implementations of accounting principles, regulations and evaluation of accounting activities .The study adopted descriptive research and methodology to inquire on the state of corporate governance and accounting profession in Nigeria. The study reveals that despite the gorgeous principles of corporate governance and accounting professional gatekeepers and, others, corporate governance tends to be stifled. The study used secondary data such a journals and articles to examine the likely causes or drawbacks in achieving good and sustaining corporate governance in Nigeria which include: Management overriding in form of creative accounting , window dressing, nepotism, conflict of interest between the agent and the principal etc. The study highlighted on the core principles of corporate governance such as: Fairness, accountability, transparency, responsibility honesty etc. It also accentuates challenges of corporate governance in Nigeria, and the way-forward based on the investigation on the above subject, the study discovered that: Corporate governance is achievable only on commitments of entity’s directors, professional gate keepers, there association between practice of good governance professional skepticisms, ethic, code of conducts and conformability. Commitments of corporate governance directors and other professional gatekeepers impact greatly on corporate governance, there is often conflicts of interest between the equity owners, executive and management of corporate entities there by denying the equity owners’ right and equitable treatments. The study recommends that: Stock exchange operators should restructure new scheme of assessment of quoted or prospecting entities, adopting suitable policies and maintain strict and prompt compliance on the subject. Accounting bodies should unit and have one voice regarding professional transformation as it applies to ethics, code of conducts, creative accounting, and window -dressing accounting. Entities should base human resources employment on skills, performances and experiences, rather than only on certificates or degrees. Stock exchange operators and professional accountants and other gatekeepers of corporate firms should collaborate to ensure that paper and physical assets and liabilities of quoted and prospecting entities are verified and certified prior their endorsements. Also make provisions for entity’s executive and management to be co-owners to equity owners. Then corporate entities should adopt responsibility reports and reward systems in corporate affairs by reason of functions, performances and activities.