Threats and Challenges to Accounting Profession: A Draw Back to the Development of Accounting Practices in Nigeria

Abstract

This study examines the practice of accounting profession in other to identify those threats and challenges serving as obstacle to its development in Nigeria. To achieve this, three hypotheses were tested. A simple chi square was used to relate these threats and challenges to the development of accounting profession in Nigeria. The views and perceptions of the major actors in the field of accounting in Nigeria which includes Academic Accountants, Professional Accountants and the Accounting Regulators were sought. Relevant data were collected and analyzed and from the analysis, findings have shown that, accounting profession is actually faced with certain threats and challenges which actually affects its development. The study therefore concludes that these threats and challenges could be an obstacle on the future of accounting profession. It recommends that, while the academics and the professional accountants are called upon to be committed and proactive as they handle their various functions of theory generation, field practices and advancement of accounting knowledge, regulators should consider objectivity and sincerity as they work out rules for the practice of accounting profession.