THE IMPACT OF CULTURAL DIFFERENCES ON FIDUCIARY ACCOUNTING PRACTICES
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- NGN 3000
THE IMPACT OF CULTURAL DIFFERENCES ON FIDUCIARY ACCOUNTING PRACTICES
Abstract: Cultural differences significantly influence fiduciary accounting practices, affecting communication, trust, and financial management. This study aims to (1) investigate the impact of cultural differences on fiduciary accounting, (2) identify the challenges fiduciary accountants face when working with clients from diverse cultural backgrounds, and (3) develop strategies to enhance cross-cultural fiduciary accounting practices. A survey research design was adopted to collect data from fiduciary accountants working in multicultural environments. A sample size of 200 participants was derived using Taro Yamane’s formula, ensuring a 95% confidence level and a 5% margin of error. The case study centers on a multinational corporation in Abuja, known for its diverse client base. The reliability coefficient score for the survey was 0.86, indicating good reliability. Findings reveal that cultural differences can lead to misunderstandings and conflicts, but fiduciary accountants who are culturally competent can mitigate these issues effectively. The study recommends that fiduciary accounting firms incorporate cultural competence training into their professional development programs and adopt flexible communication strategies to accommodate diverse clients.
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