FINANCIAL MANAGEMENT AND REPORTING FOR FIDUCIARY ACCOUNTANTS
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- NGN 5000
FINANCIAL MANAGEMENT AND REPORTING FOR FIDUCIARY ACCOUNTANTS
Abstract: Financial management and reporting are critical components of fiduciary accounting, ensuring accuracy, transparency, and accountability in managing clients' financial resources. This study aims to (1) analyze the current practices in financial management and reporting among fiduciary accountants, (2) evaluate the effectiveness of these practices in maintaining financial integrity, and (3) identify areas for improvement in financial reporting standards. Employing a survey research design, the study gathers comprehensive data from fiduciary accountants to understand their approaches and challenges. The sample size of 230 participants, determined using Taro Yamane’s formula, ensures a statistically significant representation with a 95% confidence level and a 5% margin of error. The case study selected is a prominent wealth management firm in Lagos, known for its stringent financial reporting practices. The reliability coefficient score for the survey was 0.89, indicating high reliability. Findings indicate that while fiduciary accountants adhere to rigorous financial management and reporting standards, they face challenges such as evolving regulations and technological advancements. The study recommends enhancing reporting frameworks and integrating advanced financial management software to improve accuracy and efficiency.
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