Background of the Study
Professional ethics is critical in financial accounting practice, ensuring integrity, transparency, and accountability in financial reporting. In Nigeria, the Institute of Chartered Accountants of Nigeria (ICAN) plays a significant role in establishing ethical standards for accountants. ICAN-certified accountants are expected to adhere to a code of ethics that emphasizes principles such as objectivity, confidentiality, and professional competence (Adebayo & Olanrewaju, 2024).
Despite the existence of ethical guidelines, cases of unethical practices, including financial misstatements and fraudulent reporting, persist in Nigeria’s financial landscape. These infractions erode public trust and compromise the credibility of financial reporting. This study evaluates the adherence to professional ethics among ICAN-certified accountants and its impact on financial accountability and transparency in Nigeria.
Statement of the Problem
Unethical practices among financial accountants undermine the reliability of financial reporting, leading to a lack of public trust and accountability. Although ICAN has established ethical codes, adherence among certified accountants varies, raising concerns about the effectiveness of these standards.
This study addresses the gap in understanding the extent to which ICAN-certified accountants comply with professional ethics and its implications for financial accounting practice in Nigeria. It also explores factors contributing to ethical breaches and suggests measures for improvement (Eze & Obasi, 2023).
Objectives of the Study
To assess the level of adherence to professional ethics among ICAN-certified accountants in Nigeria.
To examine the impact of ethical compliance on financial accountability and transparency.
To identify challenges affecting ethical conduct among ICAN-certified accountants and propose solutions.
Research Questions
What is the level of adherence to professional ethics among ICAN-certified accountants in Nigeria?
How does ethical compliance affect financial accountability and transparency?
What challenges hinder ethical conduct among ICAN-certified accountants?
Research Hypotheses
ICAN-certified accountants significantly adhere to professional ethics in Nigeria.
Ethical compliance positively impacts financial accountability and transparency.
Challenges such as inadequate enforcement mechanisms reduce adherence to professional ethics.
Scope and Limitations of the Study
The study focuses on ICAN-certified accountants practicing in Nigeria between 2015 and 2025. It evaluates adherence to ethical standards, challenges, and implications for financial reporting. Limitations include limited access to self-reported data and potential biases in respondents’ perceptions.
Definition of Terms
Professional Ethics: Principles and standards governing the conduct of professionals in their field.
ICAN: The Institute of Chartered Accountants of Nigeria, the regulatory body for accountants in Nigeria.
Financial Accountability: The obligation to provide accurate and transparent financial information.
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