CHAPTER ONE

INTRODUCTION

1.1 Background to the Study

Education has remained a global phenomenon of general interest, its conceptual

expectation among scholars remains a mechanism for sufficient knowledge and

skill but the actualization and factuality of the conceptual expectation remains

questionable. Ab-initio, accounting profession has remained an ever-growingfield

of knowledge, practice and application, which is highly dependent on the efficacy

of the accountant either prospective or gradient. According to Okafor (2012), the

primary challenge of a university is to develop quality human capital for every

sector of the national economy. One of such areas of dire need is the production of

graduate accountants who are adequately prepared to meet the accounting

challenges of modern business as well as socio-political and economic needs of

government. To meet the challenge of producing well educated graduate

accountants, three complimenting competencies ought to be inculcated in the

students’ namely; education, skills and attitude, the implication of the above

assertion of this scholar is that the competency of education, skill and attitude are

yardstick and prerequisite for training an accountant. The value and importance of

the accountant in any nation remains high and in line with the observation and

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assertion of Ajayi (1997) as cited in Okolie (2014) “Accounting profession has a

very important role to play in the economic development of any nation, as a

measurement and reporting information system. The profession can cover both

Micro and Macroeconomic activities. It consist of various sub systems with related

economic events and decisions. In line with the above statement, Balejo (1997)

identified the following sub-system, Business accounting taxation, government

accounting, social accounting, auditing etc. Recently, oil and Gas accounting as

well as human resource accounting has been introduced as contemporary sub-

systems. It suffices at this point to assert in my own words that these sub-systems

as identified by Bolejo (1997) were the foundation on which the accounting

educational curriculum was built.

Consequently, the traditional accounting system and objectives has expanded from

financial reporting to an ICT incorporated professional reporting for both internal

and external users of accounting information. This expansion and development has

occasioned changes in the educational curriculum of accounting and has channeled

the profession towards a road that will lead to meeting up with global

recommendation, unionism and reorganization in-terms of a single reporting

standard and system.

However, despite all these framework and developmental strides in the profession

there exist dichotomy and doubt on the effect of accounting education on the
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performance of students. Both academic institutions and professional bodies that

handle different demands of the profession anchor the training of accountants in

Nigeria.

Okafor (2012) observed that the activities of both the institutions and professional

bodies are dependent on each other for the production of qualified accountants.

The institute of Charted Accountants of Nigeria (ICAN) and the Association of

National Accountants of Nigeria (ANAN) are recognized professional bodies while

the universities in Nigeria are educational and academic institutions all charged

with the responsibility of accounting education.

According to Anao (2009) as referenced by Okafor (2012), accounting education

in a university incorporates a package of instructional programs designed to

educate “would be” accountants, to make them versatile and adaptable to any of

the numerous roles they may be called upon to play after graduation. Andersome

(1985) opined that accounting education among other things seek to develop

concepts, rules, skills, procedures, theories and general knowledge for solving

accounting problems. In the words of Baker et-al (1995) it emphasizes the ability

to differentiate and integrate alternative problems solving perspectives, the ability

to identify accounting related information resources, the ability to structure

solutions to problems and develop communication skills as well as the ability to

analyze and interprets problem situations and figure out lasting solutions. The
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implication of accounting education is thus to give or indicate adequate knowledge

and skill on students which will affect their performance.

The universities in Nigeria that are approved by Nigeria University Commission

NUC have their curriculum designed in such manner as to give the students

opportunities to acquire the adequate and necessary skills and knowledge for

efficiencies performance. It is in line with the uncertainly of the above that I have

decided to research on the effect and impact of accounting education on the

performance of Nigeria students and this work is expected to showcase the gap,

challenge and prospects of accounting education-cum its implication on the

performance of Nigeria students.

1.1.2 History of Accounting Program in Michael Okpara University of

Agriculture Umudike

Accounting programe of Michael Okpara University of agriculture umudike started

in 2003/2004 academic session as an option under a B.Sc Agribusiness Program in

the former college of Agribusiness and Financial Management (CABFM).

Following the need to strengthen her mission and mandate, the university obtained

NUC approval to mount the B.Sc Agribusiness programme in December 2007 after

the commissions earlier resource verification exercise in Various options under

B.Sc Agribusiness Programme. The B.Sc. Agribusiness programme was expected

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to provide oppourtunities for the development of highly skilled and technically

proficient middle level man power in four specialized areas Accounting, Banking

and finance, Marketing, and Agribusiness and Management. The first class in takes

into the Various options were admitted in 2003/2004 academic session and housed

under the College of Agricultural Economics.

In realization of the need to establish the progrmmeon solid foundation, the

university senate in 2004/2005 academic session created an autonomous college of

Agricbusiness and Financial Management (CABFM) in line with the provisions of

the universities of Agriculture (Miscellaneous provisions) Decree No 48 of 1992,

section 3(d) d, f and m. this college effectively commenced during the 2004/2005

academic session with Professor Jude A. Mbanasor as its pioneer Dean and Mr. P.

N. Mbadiwe as the coordinating Head of the four options in the college. A new

Department was created with effect from 2008/2009 academic session to house

Accounting and Banking and Finance options with Dr. John Ihedinihu (Now

Professor) as the pionnerHead. A further re organization to enhance operational

efficiency in the college led to carving out Banking and Finance Department as an

independent academic unit from our Department with effect from 2010/2011

academic session.

Following senate approval of at its 143rd Regular meeting held on Wednesday, 30th

May, 2012 for the establishment of a college of management Sciences (COLMAS)

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to run full Administration Programmes in the university, the existing

undergraduate Accounting option under B.Sc Agribusiness programe was

restructured in line with both the National Universities Commission NUC

Benchmark minimum Academic Standard (BMAS) for undergraduate programs in

Administration, and the syllabi of Professional Accountancy Bodies in Nigeria .

The academic content of the department encompasses such area as Information

Technology, Ethics in Accounting, Electronic accounting, cooperate Governance

and reporting issues, international standards for financial reporting in public and

private sector organizations (IFRS and IPSAS), oil and Gas Accounting and

Forensic Accounting.

Accordingly, the department now runs full NUC accredited Accounting

Programme which started from 2012/2013 academic year. The university is one of

the four Universities in Nigeria that enjoy full accreditation from Institute of

Chartered Accountants of Nigeria (ICAN) giving her students the privilege to start

the professional training exam from the last stage of the professional examination

this accreditation was revalidated recently on November into December 2015.

Ihedinihu. (2015). and presently all courses in the college of Management Sciences

(COLMAS) Accounting included are part of NUC accredited courses contained

and approved by the Joint Admission and Matriculation Board (JAMB).

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1.2 Statement of the Research Problem

Every research work has a problem it is expected to solve, a gap (identifiable)

which it is expected to fill and validation or nullification of uncertainties.

According to United States Pathways Commission on Accounting Higher

Education (PCOAHE), a critical need for accounting education reformation

stimulated this statement;

“Accounting practice is changing rapidly. Its geographic reach is global, and

technology plays an increasing prominent role. A new generation of students have

arrived who are more at home with technology and less patient with traditional

teaching methods. All of this is occurring while many accounting programs and

requirement have remained constant and accounting curricula have evolved with

limited commitment or agreement about the core learning objectives. Vital

programs, courses and approaches require systematic attention to curriculum,

pedagogy and opportunities for renewal. Specific objectives to accomplish this

recommendation include the following:-

Engage the accounting community to define the body of knowledge that is the

foundation for accounting curricula of the future (and) implement curricular

models for the future Behn et al (2012).

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The observation and assertion of Lindstorm (2006) will stimulate and provoke such

question as if accounting education curriculum as well as system is influential and

effective on the students’ performance he asserts thus “that following the

accounting scandals like Enron, worldcom and the recent Nigerian Cadbry plc

cases that have painted the accounting profession black. It is however, disturbing

to know that a profession guided by certain codes of ethics, regulated by standards,

monitored by reorganised regulatory bodies could record a high rate and level of

unethical behaviour in recent time. In my own conception, the above statement is

an evidence of untrust, questionable effect and unreliability of the accounting

education system and its effect on the students’ performance. The educational

curriculum designed for accounting education by both academic institution and

professional bodies are expected to be sufficient to inculcate the principles of

practice and application of accounting.It is expected to encompass a general

development on the character and approach of the prospective accountant with

regard to ethical observance, principles of information confidentiality and

professional reporting of financial events Oko (2012). But the incidences of

irregularities, failures, gross incompetence as well as unreliability of accounting

professional reports compels one to question the impact of accounting education on

the performance of Nigeria students. If all these observances, ethics and curriculum

of academic education are applicable in Nigeria universities do they have impact

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on the students’ performance? If they do is it positive or negative? And their

performance is it in line with global practice as well as sufficient to meet the

present accounting demands?Has the accounting education system over the years

contributed to the integrity maintenance of the profession? Have the academic

performance of students changed over the years in response to the changes in

curriculum and global demand?Are the various bodies charged with the

responsibilities of educating accountants living up to expectation?

1.3 Objective of the Study

The main objective of this study is to ascertain the impact of accounting education

on the performance of accounting students in Nigeria.

Specifically objectives of this study consequently encompass the following;

i. To ascertain the efficiency of accounting education curriculum in Nigeria

Universities.

ii. To ascertain the quality, efficiency and sufficiency of accounting

educators and study materials available to Nigerian students in Nigeria.

iii. To ascertain the level of academic performance of accounting Students in

Nigeria universities.

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 iv. To evaluate the traditional accounting concepts, principles and Norms

necessary for accounting education in Nigeria.

v. To ascertain the role of professional bodies and academic institutions on

accounting education for efficient performance of Nigeria Students.

vi. To ascertain the challenges and limitations of accounting education in

Nigeria and its implication on Nigeria students’ performance.

1.4 Research Questions

To enable the achievement of the stated objectives the following research

questions have been raised.

i. To what extent is the efficiency of accounting education curriculum in

Nigeria Universities?

ii. What is the quality, efficiency and sufficiency of accounting educators

and study materials available to Nigerian students in Nigeria?

iii. What is the academic performance level of accounting Students in

Nigeria universities?

iv. What are the traditional accounting concepts, principles and Norms

necessary for accounting education in Nigeria?

v. What are the roles of professional bodies and academic institutions on

accounting education for efficient performance of Nigeria Students?

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 vi. What are the challenges and limitations of accounting education in

Nigeria and its implication on Nigeria students’ performance?

1.5 Research Hypotheses

The following hypothetical statements will be tested to be nullified or accepted

HO1 Accounting education in Nigeria has no significant relationship with the

academic performance of Nigeria Students.

HO2 There is no significant difference in the mean responses of higher

institution lecturers and professional bodies’ lecturers on the impact of

accounting education curriculum on the performances of accounting students in

Nigeria.

HO3There is no significant relationship between the academic performance of

Nigeria students and the challenges of accounting education in Nigeria.

HO4 there is no significant difference in the academic performance of Nigerian

students of Michael Okpara University from 2007-2015.

HO5 there is no significant relationship between professional bodies’ role and

academic institutions role in Accounting Education in Nigeria

1.6 Significance of the Study

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 Every research work is expected to be relevant to a set of people. Thus, this

work will be very instrumental to

i. The state and federal ministry of education since it will assure them of

the impact accounting education has on Nigeria students’ performance

and assure them of the need to allocate more resources for accounting

education regarding the challenges identified in this work.

ii. This work will be of relevance to the various educational institutions in

Nigeria on the need to apply the academic curriculum and adopt global

best practice in teaching accounting.

iii. This work will also be of relevance to further researches who might

further this study or identify a gap in this work.

iv. Finally, this work will be of relevance to the public on the validity and

the reliance level of the performance of accounting students in both

private and public sectors.

1.7 SCOPE OF THE STUDY

This work is expected to encompass the performance of Nigeria students with

regard to accounting education however due to time and other limitations the

scope of this work will be limited to accounting education and the Accounting

students of Michael Okpara University of Agriculture Umudike. Of the over

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 1000-student population size of the accounting students in the department only

the final year students and the academic staff of the department were adopted to

represent the entire accounting students and staff in Nigeria universities.

1.8 Limitations to the Study

However due to the academic demand for which this work is carried out, the

following were the limitations to this work;

Time; the time factor allocated for this work is considered very insufficient to

enable and accommodate comparative analysis with other schools as well as

attend to all necessary research.

Finance: one of the major challenges of this work is finance. This greatly

limited the diversity and extent of the research and data gathering as only one

school was used as a sample.

Other factors: other factors like academic schedule, human errors,

confidentiality of certain information by respondents were part of the

limitations of this study.

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1.9 Definition of Terms

The following uncommon terminologies and diction were used in this work and the

following definitions were adopted.

AccountingEducation: this encompasses all designed activities of learning aimed

at inculcating qualitative knowledge and skill on the ethics, principles and practice

of accounting.

BEMAS Benchmarks and Minimum Academic Standards

Curriculum: The set of courses, coursework, and their content, offered at a school

or a university. (English Mini Dictionary)

Financial Accounting Concepts: these are assumptions on which the financial

accounts of a business are prepared.

IFRS: International Financial Reporting standard

IPSAS: international Public Sector Accounting Standard

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 CHAPTER TWO

REVIEW OF RELATED LITERATURE

2.1.0 Conceptual Framework

There are diverse conceptual framework circumscribing the field of accounting as

well as education respectively. These concepts are the modus operandi and

assumptions on which the practice of accounting education is based. The

contemporary and the complexity of this work requires that the concepts of

accounting and the concepts of education be treated with utmost attention and then

a marriage between the two concepts conducted.

2.1.1 Definitional concept of Accounting

Specifically, accounting is a field of study that suffers plurality of definition in that

several persons (authorities) have given their definition of the concept based on

where they are, what they think and what people do and think about accounting.

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Thus, some professional and globally acceptable definitions of the accounting will

be adopted in this work.

According to Mooney (2012) Accounting is the process of representing business

transactions in financial reports.

According to Lewis and Pendrill (2004). The Committee of the American

Accounting Association (AAA), which was formed in order to prepare a statement

of basic accounting theory. In its report, which was published in 1966, the

Committee defined accounting as:

The process of identifying, measuring, and communicating economic

information to permit informed judgements and decisions by users of the

information.

So many local and international authors have rephrased this definition. Others have

gone a long way in expanding this definition as the profession expanded in terms

of scope and demands. Thus other definitions

According to Agbata (1999), accounting is the art of recording, classifying,

summarizing, reporting in significant manner and in terms of money, the

transactions and events which are in part at least of a financial nature, and the

interpretation of the results thereof.

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To Longe and Kazeen (1999), accounting is the process of recording, classifying,

selecting, measuring, interpreting and communicating financial data of an

organization to enable users make assessments and decision. Still to Ama (2000),

accounting is a set of theories, concepts (or ideas), and techniques by which

financial data are processed into meaningful information for reporting, planning,

controlling, and decision making purpose. Simply put, it is the process of

recording, classifying, and organizing accounting information, for the benefit of

management and other interested users.

According to Nwadioha (2008) Accounting is the art of recording, classifying, and

summarizing in a significant manner and in terms of money, transactions and

events which are in part at least of a financial character and interpreting the result

thereof AICPA (1961).

The above definitions are the bases on which the conceptual frame work of

accounting is based. A conceptual frame work can be defined as a system of ideas

and objectives that lead to the creation of a consistent set of rules and standards.

Specifically in accounting the rules and standards set the nature, function and

limits of accounting and accounting statements.

2.1.2 The Accounting concepts.

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According to Ekwerike (2007) accounting concepts are basic assumptions

underlying the periodic financial statements of business enterprise. According to

him SSAP2 named and identified four major concepts of accounting: going

concern, accruals, consistency, and prudence, others may include business entity,

objective evidence, and unity of measurement, substance over form, periodicity,

adequate disclosure and unity of measurement etc.

i. BusinessEntity; this concept separates the owner of the business from

the business that is the business is a legal entity of its own off the

owner(s). The aim is to ensure fairness, justice, and equity in commercial

world.

ii. GoingConcern; this concept stipulates a continuity and future existence

of a business or legal entity. It stipulates that a business will continue to

be in operation for a foreseeable future thus its operation is in expectation

of future continuity.

iii. ObjectivityPrinciple: this concept stipulates that verification of financial

activities as well as the observance of and application of the acceptable

accounting principle APP should be. It connotes true and fairness to the

stakeholders.

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 iv. SubstanceOverform; transaction and other events should be accounted

for and presented in accordance with their substance financial and

economic reality and not merely in their legal form.

v. Periodicity: accounting information should refer to a period this is

usually one year as required by law.

vi. Matchingconcept; the concept stipulates that revenue are earned when

goods are and services are delivered while expenditure are incurred when

goods and services are consumed not when they are paid for. It is

necessary for profit computation if a company or business.

vii. Consistencyconcept: the principles and polices adopted in the

preparation of account or financial statement should be maintained over a

period except for a meaningful, beneficial and reasonable reason or

changes in global application.

viii. Conservatism (Prudence): this concept stipulates that due care should

be taken in recognition of profit and provision for losses “anticipate for

no profit and provide for all losses” revenue should be reorganized in the

form of cash or other assets e.g. debtors.

ix. DualAspect: this is the principle of double entry. It stipulates that every

accounting or financial event has two sides: thedebit and credit.

x. Etc.

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 These concepts are the bases on which accounting preparations are based. These

concepts are applicable generally though subject to certain changes that may not be

material to the statement

2.2 Theoretical Framework

Theories of Accounting

There are various approaches to the theories that circumscribe the accounting

profession. These theories are based on professional assumptions and practical

principles.

Hendrickson (1968) as quoted in Ekwerike (2007) sees accounting theory as a

logical reasoning in form of a set of broad principles that provide a general frame

of reference by which accounting practice can be evaluated and guide the

development of new practices and procedures. He went further to say that

accounting theory may also be used to explain existing practices to obtain a better

understanding of them but that the most important goal of accounting theory

should be to provide a coherent set of logical principles that form the general frame

of reference for the evaluation and development of sound accounting practices.

Different authorities have adopted different approaches to accounting theories.

According to Nwadioha (2008)the theoretical approaches to accounting theory are:

Descriptive Approach
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Decision Usefulness Approach

Empirical Approach

Normative Approach

Welfare approach

Similarly, according to Ekwerike (2007) there are specifically two approaches to

accounting theory;

Descriptive /inductive approach

Normative Approach.

2.2.1Descriptive Approach

The first Approach was the descriptive approach or inductive approach. This

Approach emphasizes the practice of accounting as a basses for developing

accounting theory. It encodes observations of accountants and their activities,

deduce or observe manipulative rules and decode in terms of how accountants

account (McDonald 1972). Unfortunately this system failed because there was

consistent behavior or practice among the accountants was observed. This could be

attributed to existence of alternative accounting principles, different economies,

market and circumstances of companies which ultimately determine their choice of

appropriate accounting policies. Inductive theory is concerned with what

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accountants do rather than what they ought to do. What they ought to do is

objective while what they are doing is subjective. When deductive approach failed,

inductive approach came up. Ekwerike (2007)

2.2.2Normative Approach

The normative approach is concerned with sketching out in broad theoretical

outline what ought to be so that as each new and unfamiliar problem is

encountered it can be dealt with not as an ad hoc problem requiring unique solution

but as a new problem which must be solved within the established framework.

(McDonald 1972) the normative approach includes elements of the inductive

approach as concerned with the setting rules and standards for the accountants.

That is what is should be occurring in practice is or what accountants should be

doing and not what they are doing which possibly may not be in consonance with

the agreed norms. Ekwerike (2007). For Nwadioha (2008) the normative approach

focuses on the decisions. This focuses is seen as providing insight on the

information needs of decision makers, as a basis for developing accounting theory.

For this work, the contemporary accounting theory as identified by Ekwerike

(2007) will be adopted.

2.2.3 Contemporary Accounting Theory

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Sound accounting practice are greatly influenced by ever changing economic and

political environments, legal and information needs of the users. This is why from

time to time accounting practices are modified, improved upon or extended to meet

the ever changing and increasing information requirement of the users as a guide in

making useful economic decisions in a dynamic economy and political

environment. User orientation approach is the current position in the search for

accounting conceptual framework.

The Operant Conditioning Theory Of Learning And Education

Developed by Skinner in 1938. This theory states that an individual learn better if

the environment is controlled by a reinforcing stimulus that will strengthen

behavior such as readiness to learn, teaching styles, etc.

The constructive theory of learning

Seymour propounded the constructive approach to learning in 1980. This theory

holds that the learner acts as an active participant who should be involved in the

structuring of his own learning experiences based on his previously acquired

knowledge. This theory also postulates that the learner should be able to relate new

learning to the already acquired knowledge.

2.2.4 Accounting Profession in Nigeria and Accounting Education

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According to Wintoki (1997) and Coker (1990) the development of accounting in

Nigeria can be traced to the time when the Companies Ordinance of 1922 was

enacted. Tasahe second major development of accounting education and training in

Nigeria took place in the early 1960s, when the Colleges of Arts, Science and

Technology were established in Ibadan, Enugu and Zaria in 1963, (Uche 2003).

The development of the accounting profession in the country has been assisted by

the establishment of the department of accounting in the Nigerian universities,

polytechnics and colleges of technology (Badejo, 1997; Ajayi, 1996).

Unquestionably, the colonial masters that colonized Nigeria came with so many

things and influenced the Nigeria environment with it thus the accounting practice

of the British. In this regards, the local accountants were trained on their job.

However, some of them left the country to study accounting and accounting related

courses, while those who did not travel abroad took the external examination of the

Institute of Chartered Accountants of England and Wales. Just after the country’s

independence the idea of establishing a professional body of accountants in the

country became a burning issue in the minds of a few accountants. This led to the

establishment of “The Association of Accountant of Nigeria”, which was

incorporated under the Companies Act of 1958. The main objectives of the

Association were to provide a central organization for accountants in the country,

to maintain a strict standard of professional ethics, and to provide for the training,

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examination and local qualification of students in accounting (Ofoibike, 1992;

Maduka&Adebowale, 2009). It was not until 1965 that an Act of Parliament was

passed establishing the Institute of Chartered Accountants of Nigeria (ICAN). In

1993, another accounting body known as Association of National Accountants of

Nigeria (ANAN) was established. Based on the foregoing, it is not surprising that it

was the Nigerian members of the Association of Chartered Certified Accountants

(ACCA) that first moved to set up a professional accountancy body in Nigeria in

1957. In that same year, they applied to form a local branch of the ACCA. This

plan was endorsed by the ACCA in London in 1960. Nigerian members of ACCA

saw clear advantages in the newer idea of forming a local accountancy body that

would bring all Nigerians with overseas accountancy qualifications of equivalent

standards together (Uche, 2003; Ogbomo, 1997). The first indigenous accountant`s

certification body – the Institute of Chartered Accountants of Nigeria (ICAN) was

incorporated in 1965. ICAN enjoyed the monopoly of accounting

professionalization for well over two decades but could not rise up to the challenge

of bridging the ever widening gap between the national demand for and supply of

qualified and certified accountants. Such failure not only encouraged the incursion

of other professional accounting bodies but also paved the way for rivalry, and

struggle for supremacy (even litigation), between ICAN and other professional

accounting bodies (Uche, 2007). The Association of National Accountants of

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Nigeria (ANAN) was incorporated in 1993. Three other professional bodies have

since joined the fray namely the Chartered Institute of Taxation of Nigeria (CITA),

the Chartered Institute of Cost and Management Accountants (CICMA) and the

Institute of Certified Public Accountants of Nigeria (ICPAN), whichwas

incorporated in 2005.

2.2.4 Nigerian Accounting Education System

The accounting education sector is mainly a dual educational sector that has a dual

responsibilities managed and governed by two educational sub sectors; the

academic institutions (Nigeria universities) and the accounting professional bodies

(ICAN and ANAN) Thus, a clear distinction exists between the professional mode

and the academic mode of education, training and professionalization of Nigerian

accountants. Before now a professional accounting body, the Institute of

Chartered Accountants of England and Wales was the sole administrator and later

became the pioneer and master for the development of the profession in the

country even before independence in 1960. Though the training of the pioneer

indigenous accountants was handled locally by the Nigerian affiliates of foreign

accounting firms, the examination and certification was carried out by the Institute

of Chartered Accountants of England and Wales.

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The professional mode of accounting education places emphasis on in-house, on-

the-job training based on a program of internship in approved accounting firms.

The academic mode of accounting education prevails in polytechnics and

universities. This mode places emphasis on a mix of broad based accounting

education incorporating core accounting skills development courses as well as

related ancillary courses drawn from other disciplines in the management sciences.

This project concentrates on university based accounting education delivery in

Nigeria. The key issues include the structure and depth of university accounting

programs, the accounting degree curricula, the staffing of accounting departments,

the pedagogical approaches adopted in accounting education delivery, the state of

teaching and research infrastructure, the issue of funding and strategies for

improving the overall quality and relevance of the program to the current socio-

economic needs of the country.

2.2.5 University Based Accounting Education

University based accounting education was started by the University of Nigeria in

1961 when it opened its doors to the very first batch of university undergraduate

accounting students in Nigeria. The number of universities in the country has

increased very substantially, so has the number of universities offering degree

programs in accounting as at 2011, there were 118 universities in the country and

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recently 129 as at 2015 (JAMB brochure). Of these 56 presently offer first (B.Sc)

accounting degree programs. The average intake per accounting department per

academic session is 300 (MOUAU) Most of the Federal and State owned

universities offer post graduate level accounting programs including the Master of

Business Administration (MBA) with specialization in accounting, the Master of

Science (M.Sc.) and the Doctor of Philosophy (PH.D) in accounting which

Michael okapra University of Agriculture Umudike is one.

2.2.6 The Curricula of Accounting Education in Nigeria

It is typical of universities to regularly overhaul the curriculum of accounting

degree programs both at the undergraduate and postgraduate levels of study.

Professional accountancy bodies also review their syllabus over time. In addition,

it is common practice by professional accounting institutes, to grant exemptions to

holders of accounting degrees, in writing professional exams.

Designing the curriculum of a program is the determination of the courses,

modules and training to be taken and successfully completed before receiving

certification to attest to the fitness of person(s) so designated. Certification is an

indication of possessing requisite skills, training and competence to practice a

profession or vocation. The courses to be taken may be varied from time to time.

The changing nature of human beings and society reinforces the necessity for

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regular curriculum reviewBabajide et al (2014). The two educational assistants to

accounting education: professional bodies and academic institutions have their

curricula designed in line with global and contemporary demand of the accounting

profession. While the Professional bodies prepare theirs to suit the practical

demand of the profession in line with the demands of IASB and IFAC the

academic prepare theirs to suit the theoretical knowledge under the tutelage and

watch of National Universities Commission NUC. The curriculum specification for

the academic qualification and issuance of certificate is a minimum of 8 semester

studies in the University or 5 years studies in the polytechnic (one year industrial

training inclusive) during this period of stay in either the polytechnic, the

professional bodies go to accredit the academic institutions as is obtainable with

ICAN.

Academic and Professional Accountancy training institutions in Nigeria tend to

give mutual recognition to each other. The Institute of Chartered Accountants of

Nigeria (ICAN) regularly accredits undergraduate accounting program of

universities and polytechnics institutions from time to time; this also serves as a

means of ensuring quality because, besides the National Universities Commission

(NUC), statutory professional bodies are also empowered by Federal Law in

Nigeria to, carry out professional accreditation evaluation of the academic program

of tertiary educational institutions in Nigeria. Earning a degree from an accredited

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institution entitles the holder exemptions from writing some courses in the ICAN

professional exams. Some Nigerian Universities also recognize ICAN professional

qualification by granting direct entry admission to certain levels to their holders,

depending on the stage of completion. For example, an associate accounting

technician (holders the ICAN ATSWA) could gain a direct entry admission to year

two of a 4-year course while an associate of the institute (ACA) could gain direct

admission into the year three of a 4-year course. Babajide et al (2014).

The accounting education curriculum stipulates thus;

The Accountancy curriculum is designed to enable students acquire a detailed

theoretical and practical knowledge and thorough understanding of accounting

procedures and practices required of an Accountant. This should place the

graduates in Management positions in industry, commerce and the public

sector.

The graduates of Accountancy should be able to:

(i) Prepare the final accounts of all kinds of business organizations including

group accounts.

(ii) Set up and operate an accounting system for any of business in an economy.

(iii) Analyze and interpret corporate reports.

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 (iv)Advise on investment decisions in the capital market.

(v) Prepare audit programs.

(vi) Lead a stock-taking team for audit purposes.

(vii) Prepare budgets, propose and appraise standard costs, and analyze

variances for control purposes.

(viii) Provide information for price fixing and marketing strategies.

(ix) Collect, collate and analyze data for feasibility reports and project

appraisal.

(x) Carry out special investigations on how company resources have been

utilized.

(xi) Advise on and carry out formation and registration of new companies.

(xii) Employ modern technology in carrying out managerial functions.

(xiii) Prepare Tax returns, tax computations and advise on tax savings. NBTE

(2014)

International Education Standards for Professional Accounting Education

In order to ameliorate the above short comings of accounting education in the

contemporary word, the International Federation of Accountants (IFAC) developed

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new International Education Standards that will address pre-qualification education

of professional accountants. This new standards are aimed at producing competent

professional accountants worldwide since the global accounting profession is

moving steadily towards a common base of standards in Accounting, Auditing,

Public Sector Accounting and Ethics. IFAC member bodies were expected to

comply with the standards by January 2005.

The Introduction to International Education Standards for Professional

Accountants provides background information about the purpose, scope and

development of the International Education Standards for Professional

Accountants. In the areas of entry requirements for candidates beginning the

qualifying process for becoming professional accountants, content of professional

education programs for candidates required to qualify as processional accountants;

professional skills and general education required for candidates to qualify as

professional accountants; professional values and ethics that professional

accountants need to acquire during their programmes of education and practical

experience. The aim of this standard is to ensure that candidates for membership of

an IFAC member body are equipped with the appropriate professional values and

ethics to function as professional accountants as well as possess the practical

experience and training IFAC member bodies require their members to obtain to

qualify as professional accountants. The aim of this standard is to ensure that

32 | P a g e
candidates for members of IFAC have acquired the practical experience considered

appropriate at the time of qualification to function as competent professional

accountant. Assessment of professional competence of a candidate‟s professional

competence before admission to the profession; and continuing professional

education and development, which requires that member bodies of IFAC establish

a continuing professional education and development (CPED) requirement for all

accountants. This is an important aspect of serving the public interest and fosters

values of continuous learning and greater professional competence among

professional accountants so as to better meet client and employer needs. Apart

from formal education at the University, Polytechnics and Colleges, members of

the accountancy profession undertake further trainings through Continuous

Professional Education (CPE), The Mandatory Continuing Professional Education

(MCPE) and Executive Mandatory Continuing Professional Education (EMCPE).

These are discussed briefly below:

Continuing Professional Education (CPE)

The CPE was designed to provide sound professional training to members and

non-members on all subjects covering accounting, management, finance, taxation,

banking, and more. The CPE has been in existence since the early 1970s but was

stopped in 1995 for re-positioning but was re-introduced in year 2000 by the

institute of Chartered Accountants of Nigeria. The CPE programmes cover

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numerous areas: (i) Current issues in retirement and pension planning; (ii)

Corporate fraud prevention and detection (iii) Outsourcing as an efficient

economic growth agent, (iv) e-commerce, (v) Human capital accounting, etc.

The Mandatory Continuing Professional Education (MCPE)

The MCPE is an all or every qualified member‟sprogramme of the Institute of

Chartered Accountants of Nigeria whose membership is current. However, the

following members of the institute may be exempted from the programme:

1. Those who are 65 years old and above and who have indicated to the

institute in writing their intention to retire from practicing the profession, and

2. All other members who are certified as medically unfit.

This program was introduced into the accountancy profession in Nigeria in July

1996 as an improvement on the voluntary Continuing Professional Education

(CPE) programme which the institute had successfully organised for many years to

enrich the knowledge of members. The MPCE programme was a bold attempt by

ICAN to assist and equip all Chartered Accountants with the requisite modern

tools needed to keep abreast with and adapt to the enormous evolving changes,

through continuous formal training and re-training. Like other professional bodies

in Nigeria MCPE is directed at:

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 1. Maintaining an adequate level of up-to-date technical knowledge among

Chartered Accountants.

2. Assist members of the profession to adapt to the evolution of new techniques,

changing responsibilities and economic conditions nationally and

internationally;

3. Demonstrate the Institute’s social responsiveness by encouraging members of

the accounting profession to have adequate current technical knowledge and

skill in the drive towards maintaining professional excellence at all times; and

4. Maintain the competence and relevance of the Chartered Accountants in

present socio – political and economic environments in the country.

By nature, the MCPE Programmesis designed to provide members with the

necessary and up-to-date information about the Accountancy Profession, both

nationally and internationally. While striving to bridge the gap between theoretical

thoughts and the practice of accounting, the programme enhances members‟

knowledge and professional competence through structured course initiated,

organized or approved by the institute for members in auditing/consulting;

industry/commerce; public sector accounting; information technology. Therefore,

in addition to formal lectures by erudite scholars in the academia, industry and the

profession, group discussions and sharing of live experiences are greatly

35 | P a g e
encouraged. The Faculty is advertised from time to time. MCPE attendance in

person and full participation in the following activities is compulsory for

professional accountancy members:

(a) Structured/OrganisedProgrammes,

(b) The Institute’s Annual Budget Seminars,

(c) Approved relevant Seminars/Course organized by Professional firms of

Chartered Accountants and Employers,

(d) Annual Conferences of the Institute,

(e) Participation in some selected institute’s activities,

(f) Attendance at courses organized by other recognized professional bodies

and organizations locally or otherwise approved by the Institute.

In addition to the enrichment of knowledge and acquisition of new skills, every

member whose records confirm attendance and participation in MCPE

programmes up to the approved minimum credit hours, is considered eligible, apart

from other laid down requirements, to:

(i) Remain on the membership Register,

(ii) Obtain a Practicing License,

(iii) Renew a Practicing License,

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 (iv) Apply for transfer to Fellowship,

(v) Recommend/and endorse students‟ applications for registration, exemptions

and/or examinations and induction programmes,

(vi) Obtain a member‟s practicing seal.

Executive Mandatory Continuing Professional Education (EMCPE)

The EMCPE was planned for members of the institute who occupy top positions in

their organizations. The accountancy profession recognizes the very stretched

schedule of this class of members and how that situation impacts negatively on

their ability to attend the regular MCPE programmes and. Hence, the Executive

MCPE was packaged to enable such top executives attend the seminars and

workshops in most congenial setting and earn the required credit hours.

Formal Education as Panacea for Professional Accountancy Training in

Nigeria

1. The Nigerian Universities, Polytechnics and Colleges should strengthen

education curricula to incorporate larger doses of its principles and ethics;

2. Totally abolish poorly authored texts from the classroom. Accounting

teachers should themselves observe the professional ethics of due care and

diligence!

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 3. Accounting teachers should strengthen their own professional competence

through belonging to a recognized professional accounting body, or at least

subscribe to standard professional journals.

4. Provides a well-stocked and update libraries in institutions.

5. Accounting teachers should acquire some degree of professional teaching

skill. Institutions should organize professional teaching workshop and seminars

for their academic staff.

6. Accounting teachers should, as part of their self-development activities,

explore opportunities to expose themselves through attachment/liaison to

practicing audit firms or industrial/commercial organizations during vacations.

7. National and international standards should mainly form the basis of

teaching Advanced Financial Accounting at the final year of degree/higher

diploma.

8. The Professional Institute should strengthen its Research and Technical

functions so as to give effective back-up to its members on a continuing basis.

9 The Financial Reporting Council Nigerian (FRCN) should proceed to rapidly

update its standard development programme or convergence with IFRS.

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 10. The Professional Institute should strengthen its disciplinary mechanism to

sanction its erring members effectively and promptly.

11. It has been shown that creative accounting is a widespread practice in many

countries, and that the cases that get exposed are only a tip of the iceberg .

There is evidently need to tighten prevailing regulatory mechanism, through the

creation of oversight bodies such as Public Company Accounting Oversight

Board (as in the USA) and the financial Reporting Council (as in the UK).

Finally, the professional Bodies should find a way to enforce their respective

CPE and MCPE programmes more strictly.

2.2.7 Need for Accounting Education in Nigeria

In as much as there is money and there is need to report for them the

inevitability of accounting remains unquestionable. Every business operates

with money and someone must take responsibility for the money thus this

automatically drives in the need for accounting education awareness and need.

Because resources exist in limited supply, people try to conserve them, to use

them efficiently and also to identify and encourage those who make efficient

use of them. Through an efficient use of resources, the standard of living

increases. Accounting plays an important role in obtaining a higher standard of

living because it helps to identify efficient and inefficient users of resources

39 | P a g e
 (Anibaba, 1990; Dyer, 1999).Also identifying the need for accounting

education, Wolcott (2010) noted that “There is little doubt that the current

content of professional accounting education, which has remained substantially

the same over the past 50 years, is generally inadequate for the future

accounting professional.A growing gap exists between what accountants do and

what accounting educators teach….Accountants who remain narrowly educated

will find it more difficult to compete in an expanding profession” The training

and education of an accountant take such a form that would mould him in such

a way as to make him display such rare attributes as the maintenance of a strict

standard of professional skill, expertise and ethics, as not to want to be

associated with failure, fraud or embezzlement or unnecessarily wanting to rock

the boat, (Inanga 2000; Sterling 2003). Globally, accounting education involves

the impartation of knowledge in accounting principles and standards to

individuals. It could also take the form of contributing to a body of an

established knowledge or procedure.

Unarguably the need for accounting is not only limited to the business world

but every human action, activity, event, and engagement is anchored on the

need for responsibility and the measurement or yardstick for measurement of

responsibility lies on the presentation of an enviable, transparent account of

stewardship thus making accounting a yardstick for performance evaluation.

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 Consequently considering the global changing role of accountants and the ever

increasing demand in the accountancy profession, there is need for accounting

education to educate prospective accountants on the global demands and needs

with the changing roles

Accounting Education isout to inform, review a set of process and inculcate in the

trainee, a high standard of professional education as demanded by his calling

(Ibironke, 2003). In the emerging order, education has become the single most

important factor that determines living standards. New growth processes are

increasing the demand for skill labour far more rapidly than for unskilled labour

and the distribution of opportunities for education is becoming the prime

determinant of income distribution (Durukwuaku, 1997; Ogbomo, 1997)

The need of the Nigerian economy for the education and training of accounting

manpower was summarized by Inanga, (2000); Wintoki, (1997); Ogbomo,

(1997) as follows;

i. To ensure that Nigerian accountants are of comparable standard with

their counterparts across the world; to guarantee that each qualified

accountant is well trained, acquires sufficient skills required of a

professional accountant and that the skills are demonstrated in his

operations

41 | P a g e
 ii. To maintain and sustain the dignity and respect of the Nigerian

accountancy profession; to ensure that each accountant can justify the

standard of the certificate awarded; to produce enough manpower to man

accounting jobs.

iii. To produce professionals with sound training to meet the shortage in the

country of competent accountants;

iv. To establish and enhance the profession as it relates to the application

and developments of accounting disciplines.

v. To develop and upgrade the professional skills, and competence of

members.

vi. To enable them participate actively in an environment that is business

oriented and complex and to catch up with technological advancement in

the areas of accounting and financial management, possibly through

financial display of statistical information that has relevance to the

society.

2.2.8 Previous Constraints to Accountancy Training and Education in

Nigeria

As identified byOkolie and Izedonm (2011) education curriculum in our

Universities and Polytechnic often tends to be constricted, outdated and

inappropriate. A research conducted among US Universities has affirmed that

42 | P a g e
 the programs of study tend to be motivated by the interests of faculty and not by

the market demands. Other problems that have beset the accountancy profession

include:

i. The academic content is often inadequate, deficient in creativity and

consisting predominantly of lecture method. There is insufficient use of

other educational methods such as discussion, group work, multi-media

exposition, personal exploration and discovery, case study, etc.

ii. Too much emphasis on “rule-based, memorization, test-for content, and

preparation for the certifying examination” model. This fails to prepare

the student for the uncertain business world that lie ahead their

graduation,

iii. Insufficient Information Technology (IT) in the curricula and little or

no integration of IT into the teaching of courses with most of the teachers

lacking IT competence,

iv. Insufficient amount of “ethics” and “corporate governance” contents in

the curricula,

v. Students are not sufficiently exposed to standard literature on the subject.

The teachers‟ self-authored “books” and mimeographs are often

prescribed to the exclusion of authoritative texts. Often, these have not

been subjected to peer review or a proper publishing regime,

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 vi. There is little room for skill development in the absence (or a total lack)

of industrial attachment built into the training scheme,

vii. Inadequate student exposure to national or international standards to

support the principles taught, hence, students are ignorant of current

world trends,

viii. Many staff members have no relevant practical exposures and cannot

give appropriate examples to illustrate or support theory and principles,

ix. Many staff members do not belong to recognized professional bodies;

thus have no access to professional journals, and hence they are

hopelessly out of date!

xi. Chronic disabilities on the part of small-time practitioners who lack the

time and the means to pursue continuous self – development.

xii. Insufficient or half – hearted enforcement of the Continuing Professional

education (CPE) Programs.

2.2.9 New Challenges – New Dynamics

As identified by Okafor (2012) As indicated earlier, the academic mode of

accounting education delivery is adopted in universities. The underlying

conceptual argument for this approach is the need to expose the future accountants

44 | P a g e
to a broad based liberal education which provides for a combination of core

accounting courses with a sufficient dose of related courses in management

sciences to enhance the business decision making capacity of future accountants.

Most of the accounting graduates of universities tend to pursue careers in the

accounting profession. To accommodate this interest, university accounting

programs provide for a combination of undergraduate courses which not only

qualifies students for university graduation but also maximizes the level of

exemptions granted to the graduates in accounting professional examinations.

Moreover, employers of labor expect universities to turn out accounting graduates

who have acquired reasonable levels of accounting skills to enable them add value

to their future employers. The increasing need for collaboration between the

university and the professional accounting constitutes in academic program and

curriculum development should therefore be acknowledged.

The role of the accountant is now changing from that of maintaining proper

accounting processes to that of making proper financial decision making. Lack of

professional skills and proper ethics in the discharge of accounting functions in

numerous corporate organizations, have contributed largely to most of the recent

global financial crisis. For example Osisioma, (2010), Anao, (2009) and Albrecht

et.al, (2006) have each implicated failure in accounting practice for corporate

failures such as those of the energy giant Enron (2002), WorldCom (2002), Global
45 | P a g e
Crossing (2002), Texaco (1987), Adelphia (2002), United Airlines (2002), Kmart

(2002) Parmalat and others.

Nigeria has obviously had its fair share of financial scandals as evidenced in

former Lever Brothers Nig. Plc (now Unilever Plc): the Union Dicon Salt Plc,

and the confectionary giant, Cadbury Nigeria Plc. There are certainly other

instances of financial scandals both in Nigeria and elsewhere that are not openly

admitted. The collapse of these corporations arising essentially from failures in

their accounting practices has far reaching implications for accounting

education in universities as well as for the accounting professional bodies. It is

an indictment of the quality of the accounting education system and therefore a

clarion call for researchers and universities to evaluate the quality and relevance

of accounting education delivery in Nigeria.

i. The Curricula

The fundamental considerations in developing accounting curriculum in

universities should derive from a detailed accounting services needs assessment

of different interest groups in society namely business organizations,

government and international agencies. To appropriately accommodate the

diverse needs of the different groups, university accounting curricula should

provide for a broad knowledge base, the acquisition of accounting skills and the

46 | P a g e
 development of appropriate behavioral attitudes in students. The postgraduate

curricula are mainly for intensive academic and research exposure geared

towards producing top business executives and university academia. The

strength of the curricula lies in the attempt to tie it to research literature, case

studies and improvement in intellectual skills and attitudes.

ii. Institutional Influences

Three inter-related forms of institutional influences impact on the development

of Nigerian university accounting curricula. These are the quality and

orientation of university accounting educators, the National Universities

Commission (NUC) and the professional accounting bodies particularly the

Institute of Chartered Accountants of Nigeria (ICAN). .

University accounting educators have ultimate responsibility for designing the

accounting degree curricular. In doing so, effort is made to achieve a good mix

of exposure to foundation management science courses, core accounting

courses, courses which develop analytical and decision making ability as well

as courses which promote sound ethical behavior and professionalism. .

The NUC is the chief quality regulator for university education in Nigeria. It

has developed “Benchmarks and Minimum Academic Standards (BEMAS) for

each university academic discipline including accounting (NUC, 2004). At the

47 | P a g e
 undergraduate level, BEMAS specifically provides for an accounting degree

curricula comprising five basic components to be covered over a minimum

duration of four academic sessions.

Specifically, BEMAS for the first degree accounting program provides for

foundation courses in economics, humanities, management sciences and general

administration. Courses to develop communication and analytical skills which

include the use of English, basic mathematics, statistics, business law, library

studies and courses in information and communication technology ICT).

Courses to develop specific accounting skills like financial accounting, cost and

management accounting, auditing and investigation, taxation, public sector,

accounting, international accounting and financial management. Course(s) in

research methodology to develop analytical/research skills and Industrial

attachment for exposure to practical job experience. Unfortunately, the

industrial attachment component of the curriculum has practically been put on-

hold due to an explosion in the number of students admitted into the accounting

departments which makes it impossible for universities to secure required

openings for students` industrial attachment. Hence the industrial attachment

component of the curriculum in Nigeria is now neither in force nor mandatory

for graduation. .

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 The five accounting professional bodies in Nigeria mentioned earlier are the

major accounting professional bodies responsible for capacity building in

professional accounting discipline. ICAN seems to have the greatest impact on

the B.Sc first degree accounting curricula of Nigerian universities. The focus of

ICAN is to ensure that the accounting needs of different forms of business

organizations, the multinational enterprises, as well as various arms of

governments are addressed, in the accounting curricula of Nigerian

Universities. ICAN influence is enforced by its regular accreditation visitations

to universities offering accounting degree in Nigeria, which enables it to offer

advice if not guidance on curriculum development of the institutions. Both

ICAN and ANAN organize Mandatory Continuing Professional Education

(MCPE) regularly for their members which include a large number of

accounting lecturers. The MCPE is very educative in terms of research and it

helps lecturers to keep abreast of developments in the accounting profession.

iii. Staffing of Accounting Departments

The BEMAS (NUC, 2004), provided for a maximum staff student ratio of 1:30

for accounting departments. Similarly, it prescribed a minimum academic staff

49 | P a g e
 mix, by rank, of 20% professorial cadre, 35% senior lectureship cadre and 45%

for other academic staff. The acute staffing shortfalls in accounting departments

are manifested in various dimensions – in terms of numbers, in terms of

experience (seniority) and in terms of technical/professional exposure of

available academic staff. The prescribed staff mix is hardly achieved in any of

the accounting departments.

The table reveals that the academic cadre is bottom heavy with over 90% of the

staff clustering in the lower cadre and only 9.7 occupying positions in the upper

cadre. The impact of this lopsided structure on the quality of graduate output

and the capacity of accounting department to undertake in-depth research is

clearly obvious. The table also reveals that very few, if any, of the universities

has attained the prescribed minimum academic staffing standards in the

accounting discipline. The problem has given rise to most professors operating

as fulltime lecturers in one university and part-time lecturers in many other

universities. By a policy statement in 2004 the NUC directed that all university

lecturers should obtain their Ph.D degrees by the end of 2009, and should also

register with relevant professional bodies in their discipline to encourage

exchange of ideas between professionals in industry and lecturers in

universities. This directive underscores the observation of Anao (2009) that

“many academic staff of accounting departments has no relevant practical

50 | P a g e
 exposure and therefore cannot give appropriate example to illustrate or support

theory and principles”

iv. Teaching Aids and Pedagogy

For effective teaching and learning outcome, accounting teachers require a wide

range of teaching aids and instructional materials ranging from public address

system, projectors/slides, accounting packages to sophisticated multimedia

facilities. Very few accounting departments have an acceptable range of

modern teaching aids and lecture delivery facilities. In addition to the lack of

modern teaching aids, the pedagogical approach generally adopted in

accounting education delivery is grossly inadequate and unacceptable because it

lacks creativity, and does not encourage in-depth analysis and detailed

interpretation of problems. Most often, lecturers rely exclusively on the lecture

method of delivery which has obviously become the compelling choice because

of the intimidating class size in most accounting courses. In addition, the

foundation courses are not taken by accounting students only, but by the entire

students of business administration/management sciences and other faculties.

The large class sizes as well as the diverse mix of students in such classes create

learning gaps particularly in the accounting foundation courses. A deep

understanding of such courses provides the foundation for advanced

professional courses in the discipline. Teaching methods which emphasize

51 | P a g e
 guided discussion, group work, exposition, case study, guest lectures, and field

study should seriously be applied. Unfortunately only teachers’ with solid

understanding of the course contents, as well as wide experience can effectively

apply these effective course delivery techniques

Effective understanding of accounting requires cognitive knowledge, problem

solving ability and analytical aptitude. Cognitive learning builds up knowledge

of concepts, rules and procedures needed for problem solving in a domain

(Anderson, 1976, 1985). Attitudes are beliefs which influence individual’s

choice and actions (Feldman, 1986, Enniss, 1987, Gague, 1984; Nolan et. el

1967, and Allport, 1935). Problem solving is the most effective classroom

technique for developing ability for independent thinking, analysis and

decision-making. It is generally considered synonymous with inquiry,

discovery and insightful learning

Modern accounting practice is computer driven. Based on that fact, the NUC

(2004) advised all staff to be computer literate to enable them understand the

accounting packages existing in the global world and to effectively

communicate same to students. There is evidence that the accounting

departments in many of the leading universities have well equipped computer

laboratories. It is doubtful however if such facilities are optimally utilized due

to the low computer literacy standards of both the teachers and the students.
52 | P a g e
 For effective learning, the NUC (2004) expects that the following equipment

should be provided for the accounting discipline. – accounting packages,

internet and e-mail facilities, photocopying machine, official car and driver,

library with relevant and current books, journals and periodicals. In addition,

the library is expected to be computerized and indexed to facilitate

information/data retrieval. Fortunately, the size, quality and functionality of

office, class room accommodation, library materials, computer laboratory and

other teaching facilities available in many accounting departments of Nigerian

universities have improved significantly in recent times.

v. Funding

University education is cost intensive in terms of both capital expenditure and

operating costs. The ability of a university to provide quality education in

accounting is dependent on the level of funding available to pay commensurate

salaries to staff and provide sufficient supporting facilities. Nigerian

universities are funded from subventions/grants of their proprietors as well as

from internally generated funds (IGF). The wage bill of leading universities in

the country is very high. In most of the universities, the amount available is

grossly inadequate to pay salaries and provide necessary support services.

Inadequate funding of universities has been the major cause of frequent strike

actions by university staff unions especially the Academic Staff Union of

53 | P a g e
 universities (ASSU). Under funding invariably lead to under provision of basic

teaching and learning facilities, inability to attract quality academic staff,

abandonment of academic research, low staff morale, poor work attitude and

consequently failure to attain program objectives.

2.2.9 Other Issues and Problems

The issue of who has ultimate responsibility for developing appropriate human

capacity in accounting has continued to generate public debate. Some people

argue that tertiary institutions, particularly the universities should play the key

role. Others argue that the professional accounting bodies should dictate the

tune. The correct and current thinking however is that both universities and the

accounting profession have important roles to play (Anoa, 2009). It is the

responsibility of the university to build a strong academic base on which the

graduate accountants can stand to benefit maximally from the technical

competence training and practice exposure provided by accounting professional

trainers.

The accounting curricula of a B.Sc. degree in accounting tend to be narrow in

the coverage of core accounting courses. Moreover such curricula are often not

revised often enough to reflect the changing accounting needs of business

enterprises (Anoa, 2009). A new trend seems to be emerging whereby the

54 | P a g e
 university degree syllabi appear to be driven by the ICAN syllabus. This trend

could jeopardize the basic role of a university first degree which is to provide

broad based education. The fall-out of this trend is that students spend more

time preparing for ICAN examination while in the university instead of

focusing on the B.Sc curricula.

Another aspect of the narrowness of the accounting curricular is insufficient

coverage of courses in ethics, financial management and corporate governance.

This short coming is particularly worrisome in this age in which most global

financial crisis and big corporate failures have been attributed to failures in

accounting audit and financial management practice (Osisioma, 2010; Anao,

2009, Albrech et al, 2006). Similarly, the curriculum, as presently structured,

does not provide enough exposure to Information and Communication

Technology (ICT) courses which equip students to address the modern day ICT

challenges in accounting services delivery.

Another serious limitation of the program is lack of exposure to practical work

experience as originally envisaged by the industrial attachment component of

the curricula. Overwhelmed by the onerous task of securing industrial

attachment positions for the ever increasing number of accounting students,

most universities have abandoned the former practice, which made industrial

attachment exposure a prerequisite for graduation in accounting. Lack of

55 | P a g e
 industrial attachment training for university accounting students obviously

increases the skepticism of employers about the technical competence of fresh

university accounting graduates.

The ability of a university to provide qualitative education depends ultimately

on the extent of fund available to it. Fund is required to improve the teaching

and learning infrastructure, and to ensure the employment/retention of top flight

lecturers. Under funding is more acute in accounting departments because of

inability of universities to compete with industry for the very limited number of

quality and experienced accountants available in the country. Some lecturers

start their first employment with a university and later move to industry in

search of better remuneration packages. The reverse should have been the case,

if adequate funding and remuneration packages are available in universities.

SimilarlyOkolie and Arowoshegbe (2014) identified the following problems

and challenges to accounting education in Nigeria:

i. Institutions

Sir Eric Ashyby headed the commission on post-secondary and Higher Education

in Nigeria in 1960. It was the commission that recommended that commercial

programmes should be offered by higher schools and universities, (Ajayi, 1997).

56 | P a g e
The development of the accounting profession in the country has been assisted by

the establishment of universities, polytechnics and colleges of technology. The

system of accrediting accounting departments by National Universities

Commission (NUC), National Board for Technical Education (NBTE) and ICAN

have helped to improve the standard and quality of programmes in the institutions

in providing accounting education for the manpower requirements for the

governments and parastatals, industry and commerce and for the accounting

professional offices, (Ogundele 2010; Adegbiyi 1997). Also the establishment of

Nigerian Accounting Standard Board in 1982, which has now metamorphosed to

Financial Reporting Council of Nigeria (FRCN), is saddled with the responsibility

of setting local accounting standards in conformity with international standards.

This is to ensure uniformity and improved standard in the financial reporting

process in Nigeria. Although there has been steady growth in the number of

institutions offering accounting over the years, but these institutions have not been

able to admit the large number of candidates applying to them to study

accountancy only 58 colleges, 58 polytechnics and 67 universities offered

accountancy as at the year 2011

Source: JAMB Brochure (2011)

This has therefore greatly affected the training of accountants for both the private

and public sectors of the economy and also those in practice as the economy is
57 | P a g e
expanding daily. The improvement in the number of well-equipped institutions

offering accountancy will no doubt, improve the number and quality of

accountancy graduates.

ii. Role of Accounting Research

Some of the factors inhibiting the progress of accounting education in Nigeria

are inadequate research facilities and non-availability of up-to-date books, as

well as professional and academic journals on accounting (Enthoven 2002;

Adewumi, 1999). Research has been defined as a studious inquiry or

examination especially critical and exhaustive having for its aim the discovery

of new facts and their correct interpretation, the revision of laws in the light of

newly discovered facts or the practical application of such new or revised

conclusions, theories or laws, (Boer, 2000; Sterling, 2003). Research in

accounting education therefore is a continuous process, as in other professions

and disciplines, which has kept the practitioners on in adapting to the vagaries

and changes in the environment in which they practice and which are brought to

bear on their existing knowledge, (Ravenscroft & Williams, 2003; Reiter &

Williams 2002;Birnberg, 2000). Research generates knowledge, and teaching

helps people to acquire and use it. It is universally accepted that part of the

obligations of the academics is to conduct research. It is equally obligatory for

members of the profession to provide sound education to its members both

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 before and after qualification, (Birnberg, 2000; Rebele, Stout &Hassell, 1991).

According to Olagunju (2011);Anao (1995) at the present level of the country’s

development, research can play key roles in further development of accounting

education such as curriculum development in the tertiary institutions and for the

profession. However in Nigeria, there has not been in-depth research into

accounting principles and practices in the face of global challenges. The results

of such research are expected to provide latest accounting techniques, new

theoretical knowledge and the discovery of new accounting packages that will

meet both local and international standard. It is hoped that if adequate fund is

provided, academics and practitioners will be encouraged to research into

different aspects of accounting (Odiaka&Nwachukwu, 2008).

iii. The Teacher

According to Adegbiyi (1997); Adewumi (1999) the dearth of accounting

teachers in tertiary institutions is profound and very alarming. This is due to the

poor remuneration of accounting lecturers when compared with what their

counter parts in the private sector earn. These institutions lack the capability to

attract accounting lecturers to the various accounting departments this is

perhaps due to the low motivation and low pay when compared with what their

counter-parts working in business firms earn.

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 In addition, lack of adequate facilities and materials has totally rendered the

teachers helpless in their bid to impart knowledge on their students. The teacher

needs an enabling environment to maintain effectiveness in their teaching

process. This will also enable him to select learning experiences, diagnose

learning difficulties and guide learning in order to improve the instruction

process. It has been observed that the shortage of teachers in these institutions

has affected the number of students that can be admitted in these institutions

(Ogbomo, 1997; Adewumi, 1999). The following are also the major

deficiencies that have been identified as inhibiting the growth of accounting

profession in the Third World; a dearth of qualified and dedicated accounting

and managerial personnel; inadequate, unreliable and untimely databases,

ineffective systems of internal control, inadequate technology and data

processing systems, poor and inefficient management process (Gharetey, 1990).

There are no chairs in most of the Department of Accounting in the universities

and polytechnics. Besides, it is not also enough to have these chairs in

accounting, it is equally important to encourage persons with appropriate

qualifications to take leave of absence to occupy these chairs (Ogbomo, 1997;

Thorne, 2010). 3.5 Funding Available statistics on primary, secondary and

tertiary institutions enrolment over the yeas show a geometric increase while

the government recurrent and capital allocations for education has been on a

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 steady decline in real terms (Anibaba, 1990;Imudia&Ojekhere, 2012). The

effect of under-funding of the educational system is what is found in the various

educational institutions today. These include the dilapidated physical facilities

at all levels. Irregular and at times non-payment of teachers’ salaries,

abandonment of capital projects and lack of physical developments in these

institutions have resulted in frequent strike by school teachers, lecturers and

workers at all levels of education, thereby causing disruption of academic

activities (Ogbomo, 1997; Otunsanya, 2003). Accounting as one of the various

disciplines in these institutions has suffered the same faith from the poor

funding. It is evident that the percentage allocated to education is far less than

the 26% recommended by United Nations Educational, Scientific and Cultural

Organisation (UNESCO) that nations should allocate to education from their

national budget. This has no doubt affected the development of education in

Nigeria, and by implication, accounting education

Iv. Curriculum

Brewer (2000); Kimmel (1995);Deakin& Summers (1975) noted that the focus

of a programme should extend beyond technical skills and emphasize the

personal capacities of students to interact well with one another, assume

responsibilities, reason logically, think creatively, embrace ethical standards

and conduct and communicate effectively. Hence accounting curriculum must

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 be structured to achieve this objective. In fact, it is being suggested that at least

150 hours of college study are needed at the minimum to mould a student into

being an accountant (Olagunju, 2011) the curriculum for the accounting

profession must produce products who have acquired broad array of skills

which include: interpersonal, communication, intellectual and other skills for

public accounting. Future accountants must also possess knowledge in

organizational administration, business, accounting, audit apart from general

knowledge and knowledge in for public accounting. These attributes are

essential to ensure that the accountants are able to use data, exercise

judgements, evaluate risks and identify and solve real world problems (Albrecht

and Sack 2000; Anibaba 1990 and Enthoven 2002). The world is really a global

village, with a lot of development in the area of technology, with so many

accounting packages and products. French and Coppage, (2000) and Albrecht

and Robert (2000) had predicted that the work and training of accountants will

change radically due to developments in theories and information technology.

However the current curriculum is not flexible enough to incorporate these new

developments in accounting standards, guidelines, theories and information

technology and this has affected the quality of graduates from the various

higher institutions of learning.

Challenges of Accounting Education and Globalization

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 Globalization has made the business world get smaller. Investors now have

access to the securities and exchange commission of countries outside their

borders. To ensure comparability of financial statements across borders, the

International Financial Reporting Standards (IFRS) was introduced.

Accountants everywhere now find it harder to remain insulated from what goes

on outside of their countries’ borders (Pounder, 2006). In Nigeria, every

company is expected to convert to IFRS between the years 2012 and 2014

(Ejike, 2012). Obviously, there is a great need to train accountants and other

stakeholders on the necessary knowledge and skills to be acquired for this

conversion. According to Fowokan (2011) and IFRS (2007), emerging markets

need to develop, implement and train on accounting standards in order to be a

part of international convergence which is necessary for a single global high

quality set of financial reporting standards to meet the objective and needs of

economic globalization. This is an immediate challenge for accounting

educators who have to be trained in order to review the necessary aspect of their

curriculum, update their teaching materials and impart this knowledge and skills

to their students. Three key implications of this situation for Nigerian

accounting educators in tertiary institutions according to Garuba and Donwa

(2011) are;

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  The Nigerian economy is still developing and needs all the contribution it can

get from the Accounting profession.

 Accounting educators in tertiary institutions are the ones who will prepare

their students to be the workforce in the globalised world. They are however

faced with the cost implications of acquiring the necessary knowledge and skill.

 Information and Communication Technology will play a huge role in getting

around this challenge. The challenges being faced by institutions are not limited

to Nigeria. There are several reasons United States schools have delayed adding

IFRS framework to their curricular (Egwuonwu, 2007). Shin (2009)

emphasized that whether United States schools are ready or not, IFRS has come

to stay. It was discovered and reported that in a survey of professors carried out

by American Accountants Association/KPMG, thirty- five percent of

respondents were of the opinion that administrators have little or no

understanding of the effort needed to make the change, seventy-five percent

were of the opinion that their key challenge will be developing curriculum

material while sixteen percent were of the opinion that their schools will fund

training for professors. Challengestherefore generally range from lack of

knowledge by management of tertiary institutions to curriculum development

and funding.

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 Factors that influence accounting education in Nigeria

Personal Factors

Many researchers have identified that the choice of accounting is influenced by

the student’s interest. For instance, Zhang (2006) finds student’s interest in the

subject and ability very important in making choice to study accounting. Other

factors like quantitative skills and intellectually challenging also influence

students’ choices. (Mladenovic,2000, Zhang, 2006).When students see

accounting as interesting and enjoyable, they are more likely to choose it .

(Saemann&Calero, 1999., Adam et al 1994., Mauldin et al, 2000).This finding

was supported by results of Jackling&Calero (2006) where intrinsic rewards

such as enjoyment of the topics in accounting influence career in accounting.

Kaur &Leen (2006) establish that students’ choices of major is influenced by

factors such as gender, race, quantitative skills, interest in the subject, expected

marketability, performance in major classes, the approachability and teaching

reputation of faculty member. Cohen & Hanno (1993) conduct a survey of 287

students who had either declared or intended to declare themselves as

accounting majors and those who had either declared or intended to declare

themselves as major in a field other than accounting. The results indicated that

non-accounting majors may choose accounting because they believe accounting

to be too number-oriented and boring.

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 Reference Group

Previous studies confirmed that referent group such as: parents, parents’

occupation, instructors in high school and friends could influence student’s

choice of major (Pimpa, 2007, Kim et al, 2002, Paolilo& Estes 1982, Geiger

&Ogibly 2000, Mauldin et al, 2000, Kim et al,2002). Family plays a critical

role in a child’s career development (Guerra &Braungart-Rieker, 1999). High

school teachers and college instructors play a significant role in students’ final

choice of business major. However, Hardin et al (2000) find high school

educators to have a relatively low opinion of accounting as a career option for

high school students.Similarly, parents and instructors had a strong influence on

student’s choice of majors (Inman et al, 1989, Mauldin et al, 2000., Tan

&Laswad, 2006). Mauldin et al (2000) investigate the choices of accounting

major and find the largest percentage of students who chose accounting as their

major during the first accounting course in college to be (41%) followed by

selection during high school (34%).They also find twelve factors that influence

the student’s decisions to include: career opportunities, interest in the subject,

instructors, money, parents, enjoyments, previous experience, life style

opportunity because of the career, challenge, prestige, usefulness in rating a

business and other students. Among referents, the instructor was found to be the

most influential factor.

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 Job Related Factors

Job attributes are the most important factors that influence the choice of career

among undergraduates. The job related include: the job itself, compensation or

security and the company or work environment (Moy & Lee, 2002, Teo& Poon

(1994).The influencing factors are job satisfaction (Paolilo& Estes,1982),

higher earnings, prestige and career advancement (Kim,et al, 2002). Lowe &

Simons (1997) study the relative importance of 13 factors influencing the

choice of business major. They find that the most important criteria influencing

the choice of major business students are: future earnings, career options, initial

earnings and ability/aptitude. Moreover, they find distinguishable differences

among majors. For example, accounting students were influenced by external

factors such as: long term earnings, initial earnings and career options whereas

marketing majors highlighted interesting subject matter and management

majors rated self employment opportunities highly. These findings support the

results that students’ choice of business major are influenced by earnings,

prestige and career advancement (Tan &Laswad, 2006, Maudlin et al 2000,

Felton et al, 1994). Noland et al (2003) find the factors influencing major

selection by accounting and information systems majors are longterm salary

possibilities, prestige of the profession, job security, and starting salary; the

influence of a professor, family members and difficulty of the subject matter are

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 rated much lower. Kim et al (2002) conducted a study on business majors

(accounting, finance, general business, management, marketing, management

information system and double major). They discovered that the top five

reasons for choosing a major were: interest in a career, good job opportunities,

“good fit” with respondents’ abilities, a desire to run a business some day and

projected earnings in the related career. The least selected reasons for choosing

a major were the reputation of the major at the university, the perceived quality

of instruction, the parents’ influence, the amount and type of promotional

information and the influence of friends.

Ethics and the Accounting Profession

As identified and scribed by Uwuigbe (2011) the principles and application of

ethics in the accounting profession is a concept that deals with the expected

behaviour and accountability of the accounting profession. As earlier stated, every

profession tends to formulate their standards of conduct in writing as ‘code of

ethics’. These codes are set to give guidance to the behaviour of the accountant as

he discharges his duties, relates with his contemporaries, his client, his employer

and the public at large. Finn, Munter and McCaslin (1994) posit that the

accounting profession has been founded on the notion that ethical behaviour is a

cornerstone of providing professional services to the client. Unfortunately, these

codes of ethics have not been adhered to in recent times. This is confirmed in the
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cases of Enron, WorldCom and the seemingly endless list of additional accounting

scandals that have aroused the public. The occurrence of these cases has led to a

loss of confidence by the investing public in the system of financial reporting and

accountability. The accounting profession is self regulating because it is governed

by its own standard and codes. These codes of conduct or ethics are supposed to be

guidelines to accountants but while the profession as a whole has taken steps to

foster ethical behaviour among its members, several unethical behaviours

identified has confirmed that the opportunity for unethical practice or behaviour by

accounting professionals exists. According to Finn et al (1994), such unethical

behaviour or activities by accounting professionals are enumerated below.

However, they are not limited to these:

• Overstating a company’s earnings and financial condition

• Willfully and extensively falsifying corporate records

• Lying to auditors

• Coercing vendors into covering up practices

• Improper application of accounting principles

• Making false disclosures.

• Repeatedly violating Generally Acceptable Accounting Principles (GAAP)

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 Teaching Accounting Ethics in Nigeria Universities

The avoidance and the prevention of accounting scandals could be encouraged

with a strong and efficient knowledge of accounting ethics as well as its

observance. In Nigeria, although the accounting profession has attempted to

respond to earnings scandal, however, there is a growing concern that ethics

and professional responsibility should become more prevalent in the Nigerian

accounting curriculum. This is evident in the proposal from the Nigerian

Accounting Standard Board to increase the number of semester hours for ethics

education and the need to educate future accounting professionals specifically

in accounting ethics. One problem with ethics education as argued by

Langerderfer and Rockness (1989) cited in Shawer (2006) is that ethics

education is often held at the philosophical level, rather than exposing

accounting students to the practical aspect. Helps (2002) also expressed the

need to integrate ethics throughout the accounting curriculum rather than as

appendage to an auditing course. As also observed by Smith and Smith (2003),

the National Fraudulent Financial Reporting (Treadway Commission) in the

United State indicated that curricula should integrate the development of ethical

values with the acquisition of knowledge and skills. All these views indicate

that there is much to be done by accounting lecturers in teaching ethics to instill

the ethical conducts. Similarly, it will be more prudent for the accounting

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 profession in terms of counting the cost of the profession’s image and

reputation to establish a singular course in the accounting curriculum, which

will address ethics for higher institutions.

2.3 Empirical Review

Very few related empirical studies exist on the subject matter of this project thus

the following empirical reviews were carried out.

Odia, and Ogiedu, (2013) carried out a research on the Factors Affecting the Study

of Accounting in Nigerian Universities. The population of interest comprised all

accounting students in three (3) universities: University of Benin (UNIBEN),

Igbinedion University Okada (IUO) and Ambrose Alli University (AAU). The

sample size was made up of three hundred (300) full and part-time accounting

students from these universities. The total number include: two hundred (200)

accounting students from UNIBEN, fifty (50) from IUO and fifty (50) students

from AAU. The data for this study was mainly from the administration of

questionnaire. 300 questionnaires were administered and retrieved from the

respondents representing a response rate of 100%. The likert scale type close ended

questions was used .The data was analysis using percentage analysis, independent

t-test and regression analysis. The t-test was used to find out if there was

significant difference between male and female accounting students in the choice

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of accounting. It was discovered that the factors affecting students’ career choice

of accounting are numerous but they can be group into personal, reference and job

factors. The findings indicate that personal and job factors such as students’

interest and motivation in the subject, job prospects and high pay, performance in

secondary school are the most influencing factors of students’ choice of

accounting. In particular, male students were found to be more influenced by the

reference factors than their female counterparts in the choice of accounting are.

The paper recommended the need for enlightenment and counseling of the students

and their wards about career choice in accounting. However, this work was carried

out among old universities that have existed for years and are believed to have kept

good record “based on past glory”

Akenbor and Ibanichuka carried out a research on the factors institutional factors

influencing academic performance of students in principles of accounting. This

was achieved through a review of extent theoretical and empirical literature and

analysis of research questions. In order to generate the necessary data for the study,

questionnaire designed in 5 point Likert-scale was administered on seventy-one

(71) first year students of Accounting/Finance and Economics/Development

studies of the Federal University Otuoke during the 2013/2014 academic session.

The data generated for the study were analysed using Pearson Product Moment

Coefficient of Correlation. Our findings revealed that the institutional factors

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affecting students’ achievement in principles of accounting in Nigerian universities

are class size, entry requirement, and access to functional library, semester

duration, contact hours, and curriculum contents. It was therefore recommended

that principles of accounting curriculum should be redesigned to meet the specific

needs of each program. Principles of accounting should be taught in small class

size to enable the instructor have a close contact with the student. Clashed program

whereby a twelve-week semester is collapsed into eight weeks or less should be

avoided. A minimum of two contact hours should be designated for each class in

principles of accounting. knowledge of book-keeping/accounts or commerce at the

secondary school level with a minimum pass grade should be part of the

requirements for gaining admission into programmes where principles of

accounting is being offered; the National Universities Commission (NUC) in

Nigeria should carryout inspection of facilities in universities’ library to ensure that

there is functional e-library and availability of modern and contemporary textbooks

in principles of accounting.

Okafor (2012) carried out a research on Accounting education in Nigeria problems

and prospects. In the work, she retrospectively scrutinized the accounting

education status of Nigeria and discovered that Nigeria lack the manpower and

technical know how to train prospective competent accountants due to certain

challenges. In her words The level of economic, social and political development

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of any country usually determines the accounting needs of that country.

Accounting education at the university level is very important because human

capacity building constitutes the major challenge of the university system in

meeting the accounting needs of the nation. The weaknesses in Nigerian

accounting education to meet the economic needs of the nation can be explained by

the low education and professional level of teaching staff. This situation is still

worsened by the brain drain of high-level graduates or even of teaching staff

towards better-paid sectors. Efforts should be made to resuscitate oversees

postgraduate training linkages, and ways found to attract bright students to

scholarly careers. There is need for the accounting bodies to be more co-operative

and collaborative with the academia, in developing accounting expertise in areas

most relevant to national economic development. The university administrators,

NUC, university accounting educators, and the professional accounting bodies

should put hands together in finding lasting solutions to the problems of

accountancy departments in Nigerian universities. Thus this work was not specific

based on any identifiable methodology. Thus the work lacks certain global

acceptability regarding the recommendations and conclusions.

Similarly, Ezeani (2012), carried out a research on the place of globalization on

Accounting Education in Nigerian tertiary institutions. It examines how

globalization has integrated the economies of countries of the world, including

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Nigeria. It addresses the introduction of global accounting standards by

International Federation of Accountants (IFAC) and how countries are expected to

adopt these standards in financial reporting. These standards have however posed a

major challenge to accounting educators, teaching content and methodology. This

study concludes that there is an immediate need to train and re-train accounting

educators. Review accounting curriculum and lay less emphasis on theoretical

methodology in order to make Accounting courses interactive and interesting for

the maximum benefit of all stakeholders. It recommends that the curricula of our

tertiary institutions should be reviewed to incorporate IFRS so that our accountants

and auditors will be conversant with IFRS guidelines and standards. In her words

she concludes thus Globalization has not only created the need for continuous

education for stakeholders in accounting but has also created a gap in accounting

curriculum which has to be met in order to produce graduates who will be the

global workforce of the future. It is important that graduates of accounting in

Nigerian tertiary institutions are thoroughly prepared to function within Nigeria

and the global economy. The gap of the above research is that the findings,

recommendations and conclusions, were based on personal assumptions and

supposed personal views rather than a well structured methodology. Thus a gap

identified that needs to be filled which necessitated this work.

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Consequently, Ezeani (2014) carried out a research to ascertain the role of ICT in

the teaching and learning of accounting education courses in the universities

offering accounting in Ekiti State. Three objectives, research questions and one

hypothesis guided the study. Thirty fulltime accounting educators from Ekiti State

University and AfeBabalola University in Ado-Ekiti, Ekiti State responded to the

questionnaire items. Data collected were analyzed using mean and standard

deviation estimates, while t-test was used in testing the only hypothesis raised for

the study. The findings of the study revealed that the universities offering

accounting education courses in Ekiti State greatly valued the roles of ICT

facilities in discharging their academic duties hence ICT facilities usage assist in

the development of life and work place skills of an individual in the work

environment. The T-test analysis revealed no significant difference between the

responses of male and female accounting educators. Based on the findings of the

study, it was recommended that accounting software packages and adequate

telephone lines should be provided for effective learning of accounting courses. In

addition, it was advised that the school authorities in collaboration with the

government should encourage or make laptops available for both the teachers and

the students for the smooth running of the accounting programme of study. This

study was only limited to Ekity state and never extended to universities in other

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states where accounting courses are offered. However, the methodology applied is

relevant for this study.

Okolie and Izedonmi (2014) carried out a research on the Evaluation of

professional accountancy education and training in Nigeria. In the research work,

they appraised the adequacy of the level and substance of the education and

training that are required to prepare and equip the professional accountants to deal

with the changing demands of the dynamic business environment in Nigeria. The

methodology involved the use of library research and a review of available

documentary evidences on the subject matter. The paper points out the previous

constraints to professional accountancy training and development; the need for

continuous professional education and training of professional accountants; the

International Educational Standards for Professional Accountants; and the panacea

for professional accountancy education and training in Nigeria. The strong point of

recommendation is that professional bodies in Nigeria should pool resources

together to establish a center for accounting education and development that is

charged with the responsibility to review and assess the current strengths and

resource challenges of the various individual professional bodies and to jointly

observe an intensive program of action that will minimize the challenges. The

professional accounting bodies should liaise with Universities in the country to

find out ways by which professional accountants who have no University degrees

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can as a matter of policy and understanding, be allowed to pursue one or two year

remedial degree programmes in accounting and related disciplines. This will

prepare them to pursue „Masters‟ and „Doctorate‟ degree to enable the

accountants understand, imbibe and appreciate the different theoretical and

empirical models which could be of vital tools. As a follow-up to the above, the

professional bodies should encourage its members notwithstanding age or sectors

of their employment, to write academic and professional books; contribute to

articles in national and international journals; participate actively in symposia and

seminars at the national level, especially on topical issues affecting accountancy

and other professions and those concerning the nation. The bodies should totally

reject mediocrity and not accept substandard training and education used as a

pretext of meeting the inadequacy of professional accountants in the country.

There can be no replacement for professional excellence. The recommendations of

this study and the findings highly inspired this research.

Okolie and Arowoshegbe (2014) furthered a research on The Challenges of

Accounting Education in Nigerian Experience. The paper reviewed the

development of accounting education in Nigeria and the challenges confronting it.

It critically examined the state of the profession and the dynamics that will help to

build implicit confidence in the Accountant his character and develop analytical
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mindset, which will assist him to provide high standard of professional services.

The objective of the paper is to identify the factors that have hindered the adequate

and rapid development of accounting profession in Nigeria. These factors were

highlighted under the section of challenges facing accounting education in Nigeria.

In addition, the need for accounting education was examined and recommendations

were made. It concluded that there is urgent need for effective training and

retraining of practicing Accountants, for adequate provision of funds for the

education sector and regular review of accounting curriculum to capture modern

trends in Accountancy.

Oyewo, Faboyede and Egbide (2014), carried a research on Curriculum Design for

Accounting Education in Nigeria. The study obtained data through a survey

research carried out in Nigeria, using questionnaire as the research instrument. The

study was conducted in Nigeria in the year 2013. Samples were selected from six-

subgroups to represent two major groups; Accounting Lecturers in Nigerian

universities, postgraduate, and undergraduate accounting students represented the

academic accounting education group; while accountants in industry, tutors, and

students of professional accountancy exams represented the professional

accounting education group. Data were collected using questionnaire as the

research instrument. Techniques in statistics such as mean, standard deviation,

correlation, regression, T-test and ANOVA were used to explore the relationships

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among variables at 5% significance level. Empirical findings were that the factors

influencing curriculum design for academic and professional accounting education

do not significantly differ they concluded that for accounting as a discipline to

maintain relevance, it has to keep evolving with the changing environment.

The limitations and the gap from the above studies necessitated and inspired this

study.

CHAPTER THREE

3.0 RESEARCH METHODOLOGY

3.1 Research Design

For this work, a cross sectional ex post facto case study survey descriptive research

will be adopted. The adoption of thiscomplex research design method is because

this project encompass both student and accounting lecturers as well as primary

and secondary data. According to Okebram (2014) a research design is a kind of

blueprint that guides the researcher in his or her investigation and analysis. It is a

format which the researcher employs in order to systematically apply the scientific

method in the investigation of problems. A cross sectional design is that which

studies or relies on a group and measures the difference rather than a change.

Similarly a case study design is an in depth study of a particular researchproblem

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rather than a sweeping statistical survey or comprehensive comparative enquiry. It

often used to narrow down a broad field of research into one or few easily

researchable examples. The data gathered was analyzed using the SPSS software.

3.2 Population of the Study

Population is a collection of all items, whether of people or of objects or of events,

that are to be considered in a given problem situation. These items refer to the total

objects needed for the purpose of drawing conclusions (Saunders, Lewis and

Thornhill, 2009 and Udofia, 2011). Thus for this study, the population are; all the

lecturers in all the universities including professional bodies examination centers.

The purpose for the adoption of two category of respondent to this work is to

validate the reliability of the conclusions to this work. The responses of the

lecturers categories compared and matched to enable comparative analysis and

decision making. While some questions are relevant to the higher institution, others

are to the lecturers in professional bodies. Thus the choice of the category of

respondents who are the major components of the educational system. Thus for this

work, 24 lecturers are the population for this study.

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3.4 Study Area

The study area of this project is Michael Okpara University of Agriculture

Umudike located in Ikwuano local Government area of Abia state. The

geographical location of the institution is at longitude 7 degree and 7 degree 05’E

and latitude 5 degrees 25’N. In the south eastern zone of Nigeria.

3.5 Sampling Size and Sampling Techniques

Sample is a fraction or segment of the total population whose characteristics are

used to represent the entire population. Okebram (2014). Since it’s practically

impossible to ascertain the views of all accounting students and lecturers in

Nigeria. A probability sampling technique and purposive judgmental sampling

was adopted for this work. Thus for this work, the entire academic staff population

of accountancy department 24 in number were adopted. The adoption is based on

the manageable number of the population. Thus the population size equals sample

size.

3. 5 Source of data and data collection method

This work will use of both primary and secondary data. Primary data according to

Uzoagulu (2011)are original data collected basically for the problem under

investigation.

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 The primary data will be collected with the use of structured questionnaire that

will be distributed to the population sample of students and lecturers as well as

interview and observations as well as personal opinion.

The secondary data for this work will be obtained from the department of

accounting of Michael Okpara University Umudike from the students’ record unit.

This is the academic performance of graduated students for the past 8 years. 2008-

2015.

The primary data for this work will be collected with the use of questionnaire. This

will be administered directly to the respondents and other data sourced through the

students past result and interview. The questionnaire to be distributed will contain

questions that will provoke responses from respondents. This questionnaire will be

designed in a Likert summation format where the responses of responded are

limited

Strongly Agree SA,

Agree A,

Disagree,

Strongly Disagree SD

Undecided UD

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with scale mark of 4,3,2,1,0 respectively

3.6 Validity and Reliability of Research Instrument.

The research questionnaire for this work is subject to verification by two

accounting lecturers from the department of Accountancy Michael Okpara

University umudikeand one from the department of Accountancy AkanuIbiam

Federal Polytechnic Unwana. The recommendations of this lecturers and

suggestions will be the bases for the preparation of the final questionnaire which

will be finally submitted to the supervisor for final approval and signing.

The instrument for this research which is questionnaire and academic result of

students are considered reliable due to the reliability of primary data and the

authenticity of the results of students from the department. The primary data

instrument is considered most reliable because first-hand information are sourced

and use. Similarly the academic performance of the students will be obtained from

the right academic authority for reliability sake thus both the primary and

secondary data for this work are considered very reliable and adequate toenable the

achievement of the set objective of this work. A re test may be conducted to attest

and validate the reliability of the instrument and the result.

3.7 Administration of Research Instrument

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The instrument of research (questionnaire) will be administered to the respondents

directly with a research assistance for the students. In addition, mailed to the

lectures through a research assistant. These will in turn be returned to the

researcher for further analyses.

3.8 Method of data Presentation and Analyses

The method of data presentation for this work will be simple tables with

percentages and charts with mean computations as well as standard deviations for

t- test analyses. Further analyses will be conducted using the SPSS software.

The model specification for the test of Hypotheses will encompass three specific

models. The students’t test, Persons Product Moment of correlation coefficient and

Spearman Ranking correlation will be used. Thesewere adopted to enable for the

test of hypotheses since each had different variable to measure both dependent and

independent variables were measured and tested,

The student’s t-test is given thus

Where t = test

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 X1 = mean of first value (variable)

X2= mean of the second value (variables)

S1 = standard deviation of variable one

S2 = standard deviation of variable two

N1 = number of values of variable one

N2 = number of vales of variable two

Decision rule

Reject the H0 and uphold H1 (alternative) if the t calculated exceeds the critical or

the t table values. However, if the reverse is the case do not reject the null

hypotheses H0

This will be used to test hypotheses 2 and 3 and 5 since they establish relationship

between two dependent variables

Similarly,the Persons Product Moment of Correlation Coefficientis stated thus

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where

r = coefficient of correlation

x = variable X (independent)

y = variable Y (Dependent)

E = sum of

X1 = mean of independent variable

Y1 = mean of dependent variable

n = number of variables Okebram (2014)

if the value of r is positive (+) that is between 0-1 there exist a positive correlation

but if r is (-) then thre is no correlation.

This tool will be used to test hypothesis 1

For the spearman Rank Order Correlation Coefficient, the formula is given thus

1−6 E D2
RHO 2
N −(N −1)

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Where RHO = Rank Order Correlation Co efficient

D= Different in Rank of each Pair of Scores

N= Number of items or scores

This will be used to test hypothesis 4 since it requires a cross sectional ex post

facto data analyses.

3. 8 Model Specification

For the first hypothesis

The independent variable of measure is

X = (independent variable) = Accounting Education in Nigeria (AEN)

Y = (dependent variable) Academic Performance of students for the year

2005/2006-2014/2015 academic session (APS)

The academic performance of students will be graded thus

5.0-4.5 = first class 4

4.49-3.50= second class upper 3

3.49-2.50= second class lower 2

2.49-1.50= third class 1

1.49-1.00= pass 0
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 n(Σ AENAPS)−( ΣAEN )( APS)
r = √¿¿ ¿

X1 = mean of accounting lecturers in higher institutions response (ALHI)

X2= mean of accounting lecturers in professional bodies response (ALPB)

S1 = standard deviation of responses of lecturers in higher institutions

S2 = standard deviation of responses of lecturers in professional bodies

N1 = number of accounting lecturers in higher institutions.

N2 = number of accounting lecturers in professional bodies

ALHI 1−¿ ALPB 2

¿
t = ALHI ALPB 2
2

√ n
+
n

For hypothesis three

The identified challenges will be rated and its mean = X1 (AEC)

The responses and academic performance of student will be X2 (APS)

AEC 1−¿ APS 2

¿
AEC APS 2
2

√ n
+
n

For hypothesis four

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The N will be the result of students from 2008-2015 which will be numbered 1-8

and their performance will be numbered in rank order.

1−6 Σ APS2
ROH N−( N 2−1 )

where

APS is the difference in ranking of the academic performance of student from the

year understudy.

For hypothesis five

X1 = mean of the responses on roles of university lecturers (RUL)

X2 = mean of the responses on role of professional bodies lecturers. (RPBL)

RUL1−¿ RPBL 2
¿
RUL RPBL2
2

√ n
+
n

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