Effect of I.T on Accounting System in Nigeria
Effect of I.T on Accounting System in Nigeria
1.0 Introduction
Information Technologies significantly affect human as well as other animal species' ability to control and adapt to their natural environments. The human species' use of technology began with the conversion of natural resources into simple tools.
Information technology (IT) has created significant benefits for various profession as well as deferent aspect of the world economy. The application of the networks system has shortened the lead time needed by accountants to prepare and present financial information to management and stakeholders. Not only has IT shortened the lead time required to present financial information, but has also improved the overall efficiency and accuracy of the information.
Advances in Information Technology (IT) have transformed many firms in professional services industries, but perhaps none as much as those in the public accounting industry. Once a slow-paced and conservative industry, public accounting underwent tremendous changes at the turn of the millennium, sparked largely by the rapid changes in its IT environment (Elliott 2000). Audit software and knowledge-sharing applications are two crucial components of these changes.
Automation of audit tasks and use of specialized audit software has substituted IT for labor and changed the structure of audit teams. Equally important is the use of advanced systems to share knowledge bases across different parts of the organization that has enabled professional services firms to leverage their human resources more effectively (Gogan et al. 1995).
With rapid advances in IT, numerous articles have appeared in practitioner-oriented accounting journals that discuss how to invest in IT to keep up with the current technology (Smith 1997; Zarowin 1998). The pace of change brought by new technologies has had a significant effect on the way people live, work, and play worldwide. Information technology, while an important area
1.0 Introduction
Information Technologies significantly affect human as well as other animal species' ability to control and adapt to their natural environments. The human species' use of technology began with the conversion of natural resources into simple tools.
Information technology (IT) has created significant benefits for various profession as well as deferent aspect of the world economy. The application of the networks system has shortened the lead time needed by accountants to prepare and present financial information to management and stakeholders. Not only has IT shortened the lead time required to present financial information, but has also improved the overall efficiency and accuracy of the information.
Advances in Information Technology (IT) have transformed many firms in professional services industries, but perhaps none as much as those in the public accounting industry. Once a slow-paced and conservative industry, public accounting underwent tremendous changes at the turn of the millennium, sparked largely by the rapid changes in its IT environment (Elliott 2000). Audit software and knowledge-sharing applications are two crucial components of these changes.
Automation of audit tasks and use of specialized audit software has substituted IT for labor and changed the structure of audit teams. Equally important is the use of advanced systems to share knowledge bases across different parts of the organization that has enabled professional services firms to leverage their human resources more effectively (Gogan et al. 1995).
With rapid advances in IT, numerous articles have appeared in practitioner-oriented accounting journals that discuss how to invest in IT to keep up with the current technology (Smith 1997; Zarowin 1998). The pace of change brought by new technologies has had a significant effect on the way people live, work, and play worldwide. Information technology, while an important area